rope777, i was just wondering when you interviewed with echo, the information you listed above does not match my research. you said they allow $0 contribution and a 50/50 payout and a minimum of 500sh bullets......i wasn't aware of these policies. maybe their policies have changed, i am just curious.
Bryan, I interviewed at the Wall Street office a few days ago.The ofc just opened recently.They are looking for people trading strictly prop and also people who want to trade their own money.I dont know if the prop deal is available in all echo's ofcs,maybe you can call them or Rtharp can shed some light on it,good luck
Rope... You have to take the Echo offer...it is the best I've ever heard of, especially for someone new to the firm. Really! Best regards, Jim
The fingerprint is part of the NASD/SEC registration and the paperwork is their lawyers keeping busy. Anywhere you go it's the same. IMHO the best if you don't put up a dime. Let them take a risk keep half what you make and learn as much as you can. If you have to put up money it's not worth it. I have done that, been there - the added margin makes futures the same risk as stock trading - so what is the big deal ? Also you can impress the girls that you are a trader.....
This is for Robert and anyone else who has traded professionally: Does Echo, and do pro firms in general, pay interest on the member contribution? The echo paperwork says no interest is forthcoming, but I've heard otherwise. Input appreciated.
Hi Guys Back from Online Expo..... now to address all of the threads here: Echo is not a proprietary firm. Some of the managers and others doing really well HAVED grubstaked traders but usually you must supply your own capital. It isn't policy but there are traders doing it. I personally have 4 guys in mind who I am going to lend them $30,000-$50,000 or so,and train them-- in about a year after the La Jolla office has some positive energy going on. I'll do a 50/50 split for a year or 2 while training them then they are on their own with coaching here and there. The minimum bullet size has been reduced to only 100 shares for another poster's info. The monthly desk charge is $600 per month which is rebated after doing 1,000,000 shares. Remote traders pay about $300 per month They type of style taught depends on which trader is teaching it. I trade about 6 systems and teach traders who will be under me what I do. I would encourage traders who are successful though to eventually visit other offices to learn new strategies. Aldrums: no the 150 pages isn't meant to be impressive. It is a booklet talking about the risk controls the firm places on their traders in a drawdown. (they will force you to cut back your size the more you account goes down till you are out of a drawdown. It is just a fact. Well it takes over 1.5 million just to open an account with any of the clearing firms offering professional margin. Echo pays interest on money in account so does Bright for that manner except for 25% of your account which they hold for a year and keep the interest for themselves. (Bright's golden handcuff policy) I'm not sure about all of the other firms. rtharp
unless Bright changed their policy in the last couple of months I don't think that they pay interest on deposits. if i am wrong about this please correct me. i do believe that echo does, i think even etg pays interest on positive account balances(they more than make it back with all their fees and cut of profits).
Bright pays interest on everything except the reserve account which is 25% of your profits. Profits are calculated when you actually make a withdrawl, so that is when money is moved into the reserve account. If you don't take any money out until the end of the year you will receive interest on all of your money. Of course... at Echo this isn't even an issue. Fletch
can we hear from some that have opened accounts with ECHO since the lower cost and account balance promo started.Have you been happy with service and software etc.What are total costs,exchancge fees ecn fees etc.Do they provide the full package quote/charts order entry/news.Thanks in advance.