HLV Trading

"Omni Pro is solid, it is the only software in the NYC prop industry that trades equities options and futures. For equities it has almost every route possible, a key reason why I wanted to use it.Omni Pro has its own support group from Nexa Technologies that even takes requests to pass to their programmers for the next update. No firm can offer it free of charge unless you meet some kind of volume quota. Guess what, if you come in and trade only one day of the month, the B/D still has to pay the monthly fee."

Please...I am operating a brokage firm so I know the business better than you.....Omni Pro is cheap COMPARE TO ECHO but not the best..Pension does not have a big list of stock for you to short.......ok..

]As for your lame "bounced check" story, that happened like once and was fixed quickly. Charlie is loaded, he does not need to scam people for a couple grand."

IT DOES NOT MATTER that he is load...ok....REFCO alreay payback $430 M (nothing compare to their management of 20 Billions ) but investor will work away....this business is about trust....if you lose people trust..that is the end of it....

 

The cost of .002 is kind of a normal deal for a guy who has an office and puts up a nice amount of capital and most important has traders. The problem is how did you come up with the cost of 125 data fees. The NYSE exchange fee is 125 a month. So now your telling me Echo is losing money to bring a 100k month volume trader aboard. Why are you being so dumb? At one point you said you’re a struggling trader now you’re opening an office. Where do these retards come from?

 

nystocktrader? Are you that vietnamese so called Manager from LA? By reading your posts it seems like this vietnamese guy I spoke to in LA that claimed he was a manager. When i went to visit his HLV office it was freakign 3 desks inside a REAL ESTATE OFFICE! It was so ghetto and the guy didn't even know what the bid offer was or never even heard of ECN rebates. Anyways that is so funny how you are acting like you have your own BD. Trust me guys the guy was so ghetto looking and didn't have a dollar to his name. Anyways please don't waste our time here, I know the echo guys also and I just asked them if there was such a deal .002 with 125 software and they said NEVER. Echo charges 250 to 400 ish depending on the feeds and with a rate that low, trader would be responsible for the full software. You seem like you are lost...

 

have no idea what you are talking about??? Therefore, I am not even vietnamese.....I am Chinese Korean...My name is Steve if you wanted to ask...I had deals with HLV and Echo and some other firms if I want open office for them.....therefore, we are here to share experience about prop firm..not to involve to personal life...please act more professional....

I post negative feedback for HLV...how can I have a HLV office???? YOu are crazy.....please don't do that when you enter the trade...you will be end up a loser...that even worse... since you have no idea what you are talking about....take it easy.... :lol

 

I do not know who you are but your post is very unprofessional...it sounds like racism as well as lack of professionalism....are you a trader at all????

Take it easy...we are here to share experience...you might has a good experience with the firm that I have a neg experience..it happends every where and you do not need to get offensive about that....

If you happend to me a manger of those firm...now you know to how to do it better to keep your business running smoothly..do not react childist like that....it is very unprofessional...

 

Alright, I just happened to find this thread on the net while reading about HLV going "public" and thought i should give some firsthand feedback.

It seems like some people are getting quite emotional and hostile in these threads so I"ll say what my background is and say straight out that I lost money, i did not whine about to HLV nor do i blame it on HLV, I was a noob trader and even with better rates, I would have lost in the end. My background is that I worked in their ny office about two years ago, my first trading experience ever. I was a noob trader and I will admit that I still am, considering I have not touched a stock since leaving them a few years ago. In light of the fact that I do not know anything about the trading industry and its standards, I will just present facts below on my experience there, with no opinion. i am sure things have changed somewhat in the time since i have left, but i figured the basics would still be the same (and they are from what i've been reading on these forums and in the paper).

Here the facts:
- They do require 5k capital which im assuming is some sort of standard since i know other places have the same requirement. They took 20% of profits from first-time traders in addition to charging software fees and execution fees. The fees could sum up to a tidy sum every month, but I can't comment on them because I am not familiar with what the standards are. One thing with HLV is that they do NOT take part in any of your losses. If you lose, it comes out of the capital you put down. So if you make money, you keep 80% and they take 20% (in addition to the extra fees they charge). If you lose, you lose 100% and they lose 0%. HOWEVER, as they like to state, the cut HLV takes is negotiable and the 20% is if you are a beginner. I believe it starts at 90%, if you have some experience and a proven track record.

- Also, it seems they have implemented a system where you do not need to put up capital. Back in my time, they had started doing that and the terms were not that good, so bad in fact that I was given that option (after i had spent some time trading with them and proved my worth) and rejected it in favor of an 80/20 split.

- I believe they are still charging approximately $125 for software fee per month. The problem i had with this $125 fee was that if you go to the omnipro website, you can get it on your own for a monthly fee of about $50 (*may not be true anymore, this was a while ago*), so I did not like that it seemed to me that they were charging in excess of what they were getting charged(I didnt know until after I had left HLV).

- Another problem i saw was the NYSE fee in which you are charged $2.00 or around that for every 1000 shares traded in NYSE. With the strategies they teach, you end up trading in excess of 30,40, even 100 thousand plus shares a day and when you are using the NYSE, that fee can get very high as well. What I asked some other friends in trading about that fee and they said they had it as well, but lower, around $1.25 or something. I am not sure what this fee is exactly or why it is there, but it seemed like it was higher than it had to be.

- Another thing is that I traded some NASDAQ stocks there and I hear that it is possible to receive rebates through ECNS. In my time with them, they never taught me about rebates or told me about them so I never asked and never received. After I left and told a friend of mine about how I lost a lot of money in trading, he asked me why I dont rebate trade and when he explained it to me, it seemed as if I had been ripped off of rebates. However, I am not sure if that is true (from what he told me, you get a rebate if you are passive on an ECN on a NASDAQ stock?) since I am not exactly sure what it is or how you get it. if it is what i said in the parenthesis, then I am pretty sure I did get gypped out of rebates since I did go passive on nasdaq stocks.

- Last thing - When I left them, I still had some money left in my bank account. I had to call them multiple times in order to get my money back and it ended up taking about 2-3 months for them to finally get it to me. I think that was somewhat unprofessional.

In light of these aspects of HLV, it is not surprising to me that the place had a very active revolving door - people came in for a few weeks and would leave and not come back. I know the few I spoke with told me they had lost their 5k and did not have the capital to trade anymore.

Despite what I have said above, which paints a negative picture of HLV, I feel obliged to say what I did like about HLV (which maybe u can find in other trading firms, but I do not know as HLV was the only place I ever traded at). The training program there was superb, I learned a lot about market theory and dynamics, trading strategies and the stock market in general. I gained a broader understanding of trading and was able to gain much knowledge that I am VERY thankful for.



So that is what my experience was like, you can all take my words as you like. That is pretty much all i have to say about it and i will most likely not be coming back to these forums since i will not be googling hlv anytime in the near future so feel free to flame, agree, cry, curse me or applaud me - i will not be here to see it =)

 

I agree with you...Going to Public???? The stock value only at .001 and the Volume 260800= $260 you can own the company? who do they want to fool? Claiming trading on major exhanges? ?????
That's why they only can afford old CRT monitor and computer in small place in NYC. the firm does not have people work for them...They have Chris on the webiste pic but he works for someone else now... I heard manager could not get their commission check to pay for rent....

 

hmmm,

HLV went public, and in the new Traders magazine,

their comments were they intend to acquire other trading houses..

Hope all things turn out well....

This sub-category of the brokerage industry has been filled with too many bad experiences many traders have had.

I hope that you assemble a professional and experienced team of integrity driven managers that honor the code of the trader....as well as the licensing and financial laws....

ATB (all the best)....

 

Has anyone had a good, profitable experience as a prop trader with HLV?