Capital Contribution: $5,000.00 Initial Buying Power $50,000.00 Initial Stop Loss per day: $500.00 The Trader's monthly compensation percentage payout is as outlined below: Profit Percentage 0.00 - 999,999,999.99 70% Commission rate: $0.0005 per share ECN Fees and rebates as well as all Regulatory and other exchange charges will be billed to the Trader Account at prevailing rates. Quotes are billed at prevailing rates Software charge : $250.00/ Month
That is a decent deal indeed. But it can be improved upon, on certain variables. The improvement does depend on a trader's track record, but one could get 0.0002 and 200 monthly with a slightly better payout structure.
its 70% of 250 so its more like 175 for software after a profitable payout. ie - make 10000 -> after software fees you get 6825 ((10K-250) * 70%), not 6750 (10K * 70% - 250) when i was at Title i think it was 150 but that was taken out AFTER the cut. at GMMI it's before the cut. so $25 difference in the end if that's the deal breaker for someone then i don't think you should be trading. also, gmmi has it's own sterling servers so you'll have a lot less of the problems that so many other sterling users complain about. that's well worth the extra money. especially if you use the API and like the poster above said, if you can prove you can make decent money you can raise that 70%, lower the 0.50/1000, and get more buying power and if you can't make money then you should be happy to only have to pay .5/1000 comms to learn to trade
Am I missing something? That is 0.0005 per share or 0.50 per 1k share. Is this for taking liquidity (market order) as well? Much better than IB ($5/1K for bundled) or other prop firms I have contacted. I understand the 70% cut. However it is still quite reasonable when your commission cose is high relative to total profits. Say you trade 2 million shares with IB and make $20,000, after $10,000 in commission. Under IB, you keep $20,000. Under t his GMM deal, you only pay $1000 in commission, and keep 70% of the $29,000, which is $20,300. So it all comes down to the profit per share. If your profit margin is low (say 1c per share), the savings in commission can offset profit sharing pretty easily. Am I right? njrookie
you put up small risk and they give you HUGE leverage.With your IB account you get 4-1 i get HUGE buying power because......im profitable.people always tell me to leave and get more of a payout or cheaper commissions but why would i when -i have been paid millions in profits ALWAYS on time -i get great customer service -huge bp with little risk down -a free in house news service b4thestreet.com -a discount to t-3live through gmmi -new ecn routes to the nyse floor brokers (never saw this before) -able to get up to the second moc and moo quotes live from the floor right to my computer -ABLE TO TRADE MOO AND MOC RIGHT UP TO 9:30 AND 4PM A MASSIVE ADVANTAGE AND A FEW MORE GOODIES So yes there is alway a better deal but security and having a firm help you grow to me is worth more then a few bucks good luck to all