Please explain further: A. "WE NO LONGER ACCEPT DEPOSITS": so a trader can start trading with NO money out of their pockets for anything? B. "We trade one account only, the firm's account which is significantly capitalized": In the SEC complaint from Tuco and Warrior, both traded in one account. Do you provide audited financial statements to back up your claim that you are "significantly capitalized? C. " We do not receive any payments from a clearing firm or broker. We are a customer and PAY commissions": Tuco and Warrior were also customers and paid commissions. So how do you make money if you don't receive payments from anyone? Surely you are making money somewhere? D. "Our attorneys have studied the files and provided us with legal opinion in relation to how we operate": Do you mind posting the name and number of the attorney that rendered this opinion. Or at the very least post an opinion letter on your website from the attorney signing off on the structure. E. "At this point, Epiphany Trading's operations are structured most comparable to a conventional hedge fund": So are you a hedge fund or not? Because if you are there are certain rules you must follow like being registered in certain states, number of accredited investors, etc. If you are not one, you should be careful saying your are one on a public forum. I'm not sure the SEC would like that. Thank you in advance for answering these questions. Thank You, ITrade.
Brendan my reasoning behind my saying an experienced trader who needs millions of buying power should go with an echo or carlin or whoever is for safety reasons. if i'm knocking down 100k a month in profits i want to be able to complain to the proper authorities if i'm screwed. i want o be able to involve the sec. no offense but with your setup i'd have to sue your firm and go the civil route. i lose many of my rights being wrapped up under a hedge fund. i've been a trader a long time and i still say for most traders who need $1 mil or less of buying power they should be retail and answer to no one. but many don't have 250k.i tried sterling a few years ago due to there industry low commisisons for high vol traders ($1/1000 or less for high vol) and disliked the software greatly. i took a little higher rate and moved on.it seems like you're trying to do things right and i wish you the best of luck
A. Yes, in most cases. Otherwise was require funds be held in escrow with a neutral party, ie attorney. B. Epiphany Trading has no sub accounts, nor does it receive commissions or pay from a clearing firm or BD, unlike the previously mentioned operations. The amount of capital at a private firm is the solely the business of our partners. Trader's capital is not held at the firm. Again, we are a private firm. C. Yes, we are making a lot of profits. We receive no payments from anyone. We make money on P&l. If you read the documents, TUCO and Warrior received commissions and or mark-ups on commissions. In facts, in one case a principal was registered with the broker-dealer. D. For $650/ hour, billed in 15 minute increments, you can certainly speak to our attorney. I can arrange a call. I do believe that you are confusing something. We are trading our account, our capital etc. We will not be sharing our proprietary information of which no one is entitled to. Traders of whom are hired by us, contribute no capital to our firm. Additionally, if you would be interested in more detailed information in regards to our company, you are welcome to visit us. We will not be posting this material on our site. E. Epiphany Trading does not need to be registered. We are not soliciting funds. We do not have investors, at this time. We are operating with the capital of our partners. If things were to change in the futures, we will be making the appropriate filings. In summary, we have our i's dotted and our t's crossed, our ducks in line and have no interest in operating in the grey. We have come a long way. Feel free to get involved. Brendan P. Byrne, President Epiphany Trading, LLC
Brenden, Thank you for the response. I do have some follow up questions. 1. So do you or don't you take deposits? On your website it says "Initiate your security deposit and start trading our capital within a few days as well will provide you with a considerable amount of our money in comparison to your refundable security deposit" But you wrote "WE NO LONGER ACCEPT DEPOSITS"? When do you take deposits and when don't you? What are the terms of the escrow account? 2. You don't have sub accounts? Then how do I know what my profits are? Do I have my own account with the BD? Please explain. 3. So you only make money by taking a percentage of the profits? Please clarify this. This is very important. Do you make any money off of the trading activity done by your traders, regardless of whether or not they make a profit. 4. Do you have an opinion letter from the attorney you can at least email me? 5. You keep saying how "well capitalized" you are in this post and many others, including "Epiphany Trading, like most hedge funds are not registered. Some of the largest portfolio managers in the world trade for funds and are not registered. Epiphany Trading has more at it's disposal than most any trader on this site. Epiphany Trading is not concerned with finding capital". Please back up all these statements. Thank You, ITrade
So basically brendan what you're saying is nobody pays any base commissions and all ecn pass thrus are netted out and you make no overides on them? so if i had a gross p@l of 1000 and my net ecn pass thrus plus sec fees( are you passing thru the sec fees?) are $200( taking minus adding) thats a net of $800. so then you take 30-50% of that. much like the swift system of very low commissions then take a big part of the profit. SO EACH INDIVUDAL TRADER MUST WEIGH IS IT BETTER PAYING $2-$3/1000 AND GETTING A 100% FROM A ECHO OR PAYING BASICALLY NO COMMISISSIONS AND GIVING AWAY A BIG CHUNK. i've done the analysis and somebody trading huge vol such as 300-500k shares a day might be better off with the no commissions(if thats what epiphany is doing) and giving some gross away. as i said many prop firms can get a 50 cents/1000 rate using sterling software with big vol so the commision costs to the firm are small. all should do there own homework
1. We do not take deposits, any longer. With our recent expansions, the website might not have been updated. Thank you for the heads up. 2. No sub accounts. We have our own P&L reporting. No account with BD. You would have no relationship with the broker dealers that we work with. We have accounts. 3. Trading profits P&L, if there is no P, we do not eat. If you want a blueprint for our business model, the answer is NO. 4. No, I will not email you an opinion letter. That is something we paid for. More importantly, you operate under an alias. 5. I have no interest in backing up statements, we don't need to be specific. You are a complete stranger. If you would like to come visit, you are more than welcome. We can interview you instead. Today is Sunday, one of the nicest day in a while, here on Long Island. I need to get outside. Brendan P. Byrne, President Epiphany Trading, LLC
They admitted (above quote) they can't trade anything but most obvious momentum plays. They admitted it. So why do you think they wouldn't be looking over at your account and watch and perhaps mimic your trades. I've said it before and I'll say it again. I am not comfortable with this sleek guy Brendan watching how I trade. Not comfortable at all. I don't know any successful trader that puts this much effort into Public Relations and web operations and have time for trading.
Brenden, So let me clarify this: 1. You hire me and give me health insurance. I take ZERO money out of my pocket. 2. You train me for free. Again, I don't pay for any training. FREE training ZERO money out of my pocket. 3. I trade at your cost. You clearly stated numerous times that you don't make money on our trading and you don't receive overrides/commissions. Therefor, we must trade at cost. 4. We get paid only a percentage of our profits and are NOT responsible for ANY losses. Is this correct? If so it is exactly like the Shoenfeld model which is an excellent model. Thanks for verifying how this works.
Brendan is spelled with an A. 1. We do not pay for your health insurance. We let you participe in our group plan 2. FREE Training. 3. We pass along our costs. 4. If you have a history or profitability we may opt to hire you. If not, you can pledge money in escrow with an attorney. Yes, you would be responsible for losses. We are trying to attract talent. Again, I have to get outside. It is beautiful out. Brendan P. Byrne, President Epiphany Trading, LLC
If sleek implies sharp, thank you. I accept. However, I believe you are challenging my trading skills, which is ok. On another note, questioning my integrity is a horse of a different color. Feel free to come to our office and see what we do. However, I do not expect you to as you operate under anonymity. Yes, I do a lot of marketing. It has grown my company to near 100 traders now. Again, you have an open invitation. Brendan P. Byrne, President Epiphany Trading, LLC