Hi all. I thought I'd start this thread since I see so much discussion about ETG but little is known about them. I have seen older posts that swing from slamming them to commending them, but little concrete info is known about what it's like trading with them. There have also been posts written by traders who worked for them some time ago when they offered a salary, but nothing current. It would be nice if an ETG trader could enlighten us about what it's like working there, what the payout is, share costs, how the management is, if there are equipment costs, etc. Kind of how Hitman writes about Worldco and Rtharp (our distinguished moderator) writes about Echotrade. I also read somewhere on this thread that ETG asked to be removed from this site's broker listing and was. Anyone know what's up with that? So anyone out there with current info on ETG please enlighten us on this proprietary firm as it may help traders looking for another firm as well as newbies to either broaden or narrow their search. Good trading to all!
I used to trade with them. From a trading perspective, I have no complaints, but from a management perspective they leave a lot to be desired. As the company has grown over the last few years, the founders of the firm have delegated the day to day oversight to other people, who don't have the same perspective on the business. I think they treat the traders more like employees instead of partners and that has been detrimental to the trading environment. As far as payout goes, I think they still start traders at 50%, and increase it as you prove and improve your profitability and increase your tenure there. When I was there, some people paid desk fees and others did not. Some people got a salary and others did not. As with all things in life, everything is negotiable.
i don't think they "asked" to be removed, i think they had their lawyer threaten legal action if they were not removed. I have personally been threatened by their lawyer so it is not difficult to believe. i hesitated to post this information but if it helps others then i think it is worth it. so be very careful when you approach this company, definitely get a lawyer to read the contract before you sign it.