Penny per share? Please tell me that was a typo.... Also, with 10 to 1 buying power, on 5k, that would be 50k, not 100k. ..... I'm confused.
hello, I did make a typo, sorry I was 10-1, I am now 20-1, my bad...Also, yes I am at a penney a share, I usually buy 500 share lots, sometimes 1k, I used to be at cybertrader which was 9.95 roundtrip, so when I do the 500 shares, it = out...when I do 1k, obviously, I dont get a good deal...If I do more volume, I can get cheaper...I was after the low money up front with still the same retail BP i used to have with cyber...So it works for me where some people it would not...I cannot complain though....
But i thought: You must be an incredible trader make more than the average joe makes all year on 500 share lots, a penny a share and 100k bp.
I'd love to explain how you are being ripped off, but I'd love for Guardian Trading to make more money off of someone who thinks they will make it at a prop firm at a cent per share. I'm going to assume you make less than 5 or 10 trades per day. Good luck.
Well I make less than 5 a day for sure...I usally trade 1-3 times a day..... How do I make more than the average joe, from my other statements? Easy, I have caught ATI in the last few days for about 7 points, I have rode BTU and X, I have went with DO, DNA, etc....I dont trade for pennies, I trade for points....So depending on the amount per stock, that determines my shares that I buy...The average joe I would say makes 20-25k a year? Is that not true????
I dont trade with Genesis, but I noticed on Tradestation, you have to have: 1. An annual income of 50k + 2. At least 2 years active trading experience 3. Minimum balance of 30k for pattern trader accounts 4. Minimum equity of 5k for non- day traders 5. Ability to use risk capital of at least 50k This is outrageous. What happens for example, you're a full time trader right out of college and never had a real job that made 50k a year?. 2 years experience?..thats stupid, because you have to start somewhere. TS is pushing away customers by having this rule. Does Genesis have these requirements?..if so, thats a disadvantage. - nathan
I went with Genesis for a few reasons..... #1, low capital upfront... #2, 10-1, now 20-1 BP....5k gets me 100k...FOR ME, that is very very good.... #3 I used cybertrader. I put up 25k, I knew nothing about margin! I built it up to 28500 in 1 week, I had a very nice week, I was a rookie and I am still a rookie....I withdrew my profit, well about 3k of it! Guess what happened!!!??? now my balance is around 25500, I bought sina after hours 6 months ago, on earnings news....I bought 2k share lot!. I was up about 900 bucks, fast, I said, nice I can easily make 2k or more...It tumbled in 5 minutes to where I lose the 900 I was up and then another 2k on top of that,.,....Next day, margin call (maybe 2 days) cant recall....Anyways, I was a rookie....I had no clue...They said wire in more money or trade a few times a week, you cannot trade and close same day or your a pattern day trader....I said oh ok, close my account!! so they did....I went to genesis.....no nerve racking margin, well I think if you go to 1500,,...I didnt go nuts with the BP, because I had that anyways before at cyber...Just less upfront capital.....The rates penney per share, was the same as I got at cyber, basically...I was on the 9.95 deal.....so for me, it made sense, and my nerves were alot calmer and I think that it allowed me to concentrate on trading.....5k for me instead of 25k, makes a world of difference... #5, the platform is very very cheap at genesis...I work full time (management FedEx) so this allows me to trade while I can....I am just getting back into it now 3-4 days a week because of my staggered work schedule....good and bad I guess!!! I have become a decent trader in a matter of 8 months....I know some will say I am lying or BS'ing...But its the truth.....I remember asking Lescor, Brights, stevetvarek for help...I am sure I can even dig up the PM's I sent them.....I was desperate 6 months ago, I didnt get much help and stuck with my own stuff and now, about a month ago, I finally have a system where I can depend on it...Now I wont be quitting my job anytime soon, after about 6 months-1 year of profitable trading, then we will see...... #6 I know I am off topic, but the other day I posted I won more than the average Joe, I was excited and yes, that was my 1st time of a pretty big score...I am sorry to those who I offended...I am not that type of person, I was just excited....Trading is very, very difficult...I dont have the time in like most other traders, maybe I got lucky, maybe I am just lucky right now, I am not sure really....But I am using what I can and so far so good, it is working for me..... Sorry about the book, just wanted to express myself and let people know I am not a total !@#$%^
It's possible to do it in about 8 months. It took me about 6 - 8 months to realize what I needed to start doing. It's been about a year and I finally don't feel like a newbie anymore, I feel like I hae finally gone on my way to a long way of successful trading. The thing that would hurt most is if liquidity dries up or commissions increase. As long as there is liquid stocks that move and cheap commissions I know I can make money. I have also been learning Forex as a backup market and am glad to say I have been doing very well doing swing trading on Forex, so I'm considering opening up a FX mini account in the future and play around with that for longer term trades. It just takes time and patience, and determination. So many people just come in with high expectations, and I came in not caring what the outcome was, I just loved trading, and it's starting to pay off. But it is possible. I had also PM'ed a lot of the successful people that I know trade well on ET. ElectricSavant, Red_Ink_inc, FaderTrader, Steve Tvardek, Readren, and many others. So I have gotten a lot of information from trying to get advice on what makes a good trader and a stuff like that. Definately helped and provided motivation.
I appreciate all the replies and help on this thread. Also for those who have been using Genesis, besides the software, commissions and stuff, what do you guys think of the customer service and support at Genesis? Is Genesis a big firm with full staff? How long does it take for them to get back to you for inquiries and stuff?! TIA