OK to get serious with this post. From what i know, and things could have changed, HoldsBrothers was a good firm for serious traders but took a turn for the worst after pennie spreads was intraduced. When i traded prop for schonfeld i had many friends who traded customer at Holds.\ Holds had a good great fees for customers and had a great exectution platform. However, when the pennie spreads was introduced and when supersoes came out....Holdsbrothers raised their fees for customers. I belive some other stuff went down, I know in 2000, when i left the PROP to trade elsewhere, holds let go all their Chicago prop traders and some of their NYC. Schonfeld, from what i understand was looking to buy HOLDS back around the end of 1999, they where trying to recruite the "soesbandits" to come over and trade in a "scalping Division" that schonfeld was putting together. A few came over and tryed the softwear schonfeld had, but didnt like it. (I have no idea what is was because i was a position trader at schonfeld and had no intrest in the scalping). I believe the idea of schonfeld buying Holds didnt go well....and Holds was still HOLDS. However, the Holds chicago office lost 7 of the top guys to SPIKE II at the CME in chicago. I couldnt imagine Holds is any better today than back in 2000, and as far as fees go with comissions. With the way things are going.....comission fees are being driven even lower to keep clients. SEC fees are about to be raised, i belive, so this will bring down comissions as well, so its no big deal for low comissions. THey need daytraders to churn tickets period. IMHO...Intradaytrading died in 2000 and what little hope that was left for it is now gone.
Because I don't wanna sound like an advertisment...like Protrader2000. He is only here to recruit people. I am here offer my personal opinion to others, not to gain from getting people to join my group, but to each his own. later
First thing...... SEC fees are about to be lowered not raised !!!! http://www.sec.gov/news/press/2004-24.htm Washington, D.C., Feb. 27, 2004 - As required by Section 31 of the Securities Exchange Act of 1934, the Commission must make a mid-year rate adjustment to the Section 31 transaction fee rate. Effective April 1, 2004, the Section 31 transaction fee rate for fiscal 2004 will decrease from the current rate of $39.00 per million to a revised rate of $23.40 per million. This rate change does not apply to the Section 31 assessment on security futures transactions, which will remain at the current rate of $0.009 per round turn transaction. Second thing..... Hold has more traders now then they did at the end of 2001. Daytrading has not died at all..... in fact I think its pretty damn good..... and scalping has been great. Plus guys trade news, ETFs, listed, positions, scalping...... you name it they do it. Hold had a great day on the MSO news. http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/03-09-2004/0002125251&EDATE= I have a great relationship with Hold and have for quite a while. You can assume or believe what you want, or tell a story from 5 years ago about a bunch of traders that left and went to Andover, or how a branch in NJ or FL shut down. The bottom line is they are profitable, have low expenses and I believe that for the most part...... the top Hold traders realize that this is the best place to be. The only way to know this is to set up an appointment and speak with Hold directly or with other top traders and ask THEIR opinion......... Its the only one that matters !!! Banker
Interesting part of thier business plan ; some of those at Hold Brothers hold overnite. Aparently more holding than most Pro firms.
Those that have overnights have enough capital in their accounts to do so. It is not a trading strategy that is encouraged by the firm and it is done primarily by traders that are up a lot and/or can afford the risk/reward. Banker