Looking for any information or insight on this prop firm. They are a newer firm based out of Montreal, Quebec. I spoke with the recruiter and by the sounds of it they similarly structured to that of Swifttrade. He said there are no commissions (if you trade in house) and you get full liquidity rebates. You only have to pay the ECN and SEC fees. Your payout is based on a percentage AFTER you have made $3500 for the month (net I think). I think you have make $5000 at Swifttrade before you get paid. If you trade remote they make you put up $10K. They are affiliated with Etrade and use Lightspeed software (which I have no experience with). I am a little wary because they said they do not require any licenses and they are a privately held firm. Any thoughts? their site is www.proptrading.ca
was' nt that the software that momentum securities and tradescape boys used ... it was similiar to the watcher software if I remember correctly
The deal is that all pass-thrus are paid by the trader. These come out to be around 0.35 cents/share and 1.5 cents/share for bullets. The payout percentage ranges from 35%-50% depending on the trader reaching certain performance levels. They trade out of E*Trade Professional Canada. It's a pretty good deal. As far as Lightspeed, I think it's one of the best platforms out there. It's catered to Nasdaq traders but they've been developing some good NYSE functionality through SuperDot. Lightspeed caters to Nasdaq traders but they've been developing some good NYSE functionality through SuperDot.
I couldn't help noticing your handle...are you in any way affiliated with them? Also, how does that 35%-50% 'sliding scale' payout work? Axe
Not affiliated with them. My nom de plume came from the famous 80's chop socky kung-fu flick, "The Kid with the Golden Arm". As far as the sliding scale, I believe that if your net profit for the month is $10K or less, you get 35%. The 50% kicks in when you reach around $40K net for the month.
I happen to run GMMI. To set the record strait we offer a 35-50% payout depending on your P/L.Since we DO NOT charge per trade or per share our traders are able to make daily profits.We cater to guys making 10,000+ gross per month currently but are paying just to much in commission.Furthermore we give FULL rebates and charge our cost for passthrough's.We have traders doing 800,000 shrs a day and are actually making commissions(after rebates)+ their profits.Its simple we BOTH make on the profits.I have seen to many good traders who pay 5000-25000k per month on commissions and the only one that makes is the house. We have both in-house and remote traders. Rob
FYI, Swiftrade changed its payout structure recently. Traders pay pass-throughs and fixed costs (software, bullets) and then receive a percentage of net (sliding scale, starting at 35%) from the first dollar.
kmow the firm to well.Problem is there system is garbage and the payouts change daily.There payouts changes as a result of mine.I DO NOT CHARGE PER TRADE OR SHRE.There is a big difference between them and me.Finally i treat people with repect something that PB knows nothing about. RG
So what do the trader's fixed costs end up being per month? What do they charge for bullets? What software do they use?