Initially he said 3$ /1000 shares. Then they adjusted that to .03/100 to enter and .03/100 to exit. Making it total 0.06/100 shares TRADED. Also they said maximum shares preposition is 300, but you have to make a minimum of 10,000 shares traded per day. This means you will need to take about 34 positions per day, which is too much for the none experienced. One thing I hate about this forum is the inability to focus. The main question is WHAT THEY WILL GAIN from that?
Never heard of a prop firm that won't even interview experienced traders, obviously if someone traded for 5 or 13 years some of those years had to be good. Anyway, since they are backing you, the only thing you have to lose is time and you will get free training and experience out of it on their dime.
I can see why. The experienced traders would sniff out their bullshit, and run for the hills telling others to do the same... And no, don't say, "well that's so they can keep out traders who will bring bad trading habits with them." If the prop firm is worth a damn, they'd take in an experienced trader and HONE their skillset (if the firm has any skill/edge to teach lol) rather than bring on rookies with ZERO experience for hand holding, and whatever else it would take. Hope that was a "focused" enough response, btw! Good luck op! You're going to need it! Looks like we can put Summit on the b.s. list from what I've read thus far!
I asked about the disparity because it would help detail what this firm would have to benefit from having you, based on these figures, trade for them. The two figures represent a either a 10 fold increase (or a 90% decrease) in revenue stream for the company depending on the actual rate. Big difference. Most props make their money on overrides.
How did you know? Actually thatâs the exact line they used. They said âwe do not any traders that will bring bad habits with themâ I still do not understand what any prep firm will gain from day trading. I do not see any money in there. What kind of under the table things that they can do?
When I said inability to focus I meant this whole thing about Sunday after Christmas interview. Not the commission argument which is very much valid. However, what he will gain when a new wastes 2000$ every day for 6 months. After all it is not my money.
I'm sure they would say something like that since they don't want an EXPERIENCED trader smelling out their bullshit, and spreading the word. Lol! Some of these fly by nights make me laugh loudly. LOL! We'll read some small clip about them about them sooner than later. It will probably involve the wearing of handcuffs too... OP, check these outfits out, and let us know what you find out: 1. GETCO 2. Five Rings Capital 3. Jane Street 4. Hudson River Trading 5. Jump Trading 6. Optiver 7. SIG 8. DRW 9. IMC 10. Tower Research 11. Spot Trading 12. Tibra 13. Allston Trading 14. Madison Tyler 15. DC Energy 16. Louis Dreyfus Commodities 17. Flow Traders 18. Timber Hill 19. First New York Securities 20. Chicago Trading Company 21. TransMarket 22. Consolidated Trading 23. Group1 Trading 24. Trillium 25. Wolverine
sounds like they are making fake trades thru black box and to the newbie they think its real. they only pay out on winners and split it too so they arnt risking that much.