know anything about

Discussion in 'Prop Firms' started by smithj, Feb 3, 2001.

  1. It is on a cents per share with the minimum being a round lot of 100 shares. Final cost can only be determined at end of month based on your volume. They rebate off the base cost.
    #61     Nov 20, 2001
  2. Finally, does ETG expect a capital contribution from new traders? All indications I have so far are no, but the question hasn't been brought up directly. The website says no, just wanted to make sure.
    #62     Nov 23, 2001
  3. I did not have to make a contribution. I don't think they are requiring it now either. Ask them, they will tell you the straight skinny.
    #63     Nov 23, 2001
  4. first post, and wasn't going to say anything, but i feel i have an obligation to defend the truth, and hence, etg. ....

    newatthis is the only person posting on etg that you should listen to....perhaps i shouldn't say this, but i will. i'm glad those others are no longer there, as i would not want to be in the same room with them.

    now, whether etg is good for you, varies depending on your situation (experience and capital). whether you are good for etg is for them to decide.

    if you are a successful trader, willing to risk your own capital, then there are better deals for you (this due to the higher commission structure and 3-year contractual commitment, and the fact that you do not get 100% payout.) And i'm sure that those traders know this (i.e, newathis, who after learning to become a good trader at etg, and and after fulfilling his contract, left so he could get a higher payout. it seems they both got something out of his employment there, no??? which is how it should be) if not, and you need training, a professional environment, patience from your employers, and have the confidence that you will become a sucessful trader but just need an opportunity, then it may be for you.

    someone mentioned something about fleecing newbies. but come on now, you do not put up any money. what exactly are they fleecing you of? how do they have 20 plus offices, with one a block from wall street?? simply from rebates? don't be ridiculous. simply the fact that they are partners (real partners), which is also listed on their site with spear, leeds, and kellog, and which is now owned by goldman sachs, should give you some confidence as to their reputation.

    75-85% payout, no salary, you do not pay for your losses, plus a 3-year contractual commitment. i'm not revealing anything not made clear on the website, and quite frankly, would not do so.

    is it fair to require a 3-year commitment??? they train you and are willing to put up with your losses for a period of time until you learn how to be a good trader, and i think everyone agrees that in the overwhelming majority of cases, that it does take time to become good. in return, they understandably want a return on their investment. would they be in business if they let you learn on their money by eating your losses for six months, then let you leave to another firm with a higher payout??? of course not. they offer you a good opportunity, especially for newbies, or those with a modest amount of experience.

    if you are experienced, with capital, then you can get 100% of your payouts, but must cover all of your losses. which person are you???

    if you are the latter, i'll throw out a firm called domestic securities, with whom i interviewed with, but declined because IT WAS NOT THE DEAL FOR ME, as i am young and was financially strapped. But, it may be the deal for you. they are somehow related to all-tech trading. you get rock bottom comissions ($1.00 per trade for 100-4,999 shares), which can be well, well, below a penny a share. there is no interview process, but it's more like you are being sold. why? because, there is a tradeoff. you cover your losses. the payout is 50%. if you want training, it costs you 3k. you can start by putting up 5K. which place is for you, etg or domestic??? IT DEPENDS......why is there no interview??? this firm cannot lose. no, they do not make money from your commissions generated, like some other shaddier outfits. but, if you become good, they participate in your profits, while if you lose, it costs them nothing. etg can lose, as you put up nothing, so there is one, as there should be.

    then there is bright trading (i did not speak with them). from what i have read, 100% payout. must put up 25K. must pay 1k for training. commissions are ok at 1 penny a share, but certainly do not match domestic at $1.00 for up to 5k shares. is this the deal for you???? clearly, this firm cannot lose either, as they make money solely from your commissions, which comes right out of your draw. it is not for me, and hopefully you can realize what was, what i did, and what i am happy with..

    good luck to all of you, no matter which route you choose.
    #64     Nov 27, 2001
  5. Bryan Roberts

    Bryan Roberts Guest

    just want to make one quick point after reading the previous post. you might want to re-read the title of the thread, it doesn't say anything about time parameters. what myself and others that you discount so flippantly are sharing with this board are "our" experiences!!!!!! if etg is offering a much fairer deal now then great.....feel free to share that as much as you want but please stop antagonizing others in the process. etg has had to change their "deal" quite considerably in order to still compete. Three or four years ago their deal was terrible and they used harsh tactics to intimidate traders in order to try to keep them. i know if i was just getting started in the business i would want to know about the scare tactics employed by ETG in order to intimidate their own traders.
    #65     Nov 27, 2001
  6. Thank you for clarifying what I was trying to say among all the sniping. One last point. Of all the firms I talked to and the two I have been associated with, ETG is the firm that cared the least about my trading volume and cared the most about my profitability. They wanted me to develop a long-term business.
    #66     Nov 27, 2001
  7. Please check your private messages. I sent you one yesterday.

    Thank you!
    #67     Nov 28, 2001
  8. I know this is an old thread, but I am new to the board and since I know something about ETG I figured I would share it. I have been with the firm for a little over 3 years and I can only speak for my own experience. My situation coming out of college was this, I wanted to trade and thought I would probably have to clerk or be an assistant for a few years before having the opportunity to do. Dafugginman said it as well, what ETG offered was an opportunity, and that is all I asked for. At ETG I learned solid principles of trading, and have found them to be invaluable to developing my trader business. I came into the business knowing nothing (and knowing that I knew nothing) with an open mind and willing to learn. I read a quote from Ed Seykota the other day that said something along the lines of longevity being the key to success in trading. In my own experience, I have found that application of the method of trading taught by Bob Kanter will give you the tools to build a long lasting business. When I first started at ETG I knew about one other firm, which has a higher payout and lower commissions but the training was nonexistent, so I opted to go with ETG.

    That was my situation. If you are established and simply looking for a place to clear there are better choices from an economic standpoint. At this point in my career I am established and have chosen to stay with ETG even knowing about other firms with better commission structures and payouts. I have done this for a couple of reasons: 1. I have faith in ETG's risk management that a few 'rogue traders' won't blow the firm up
    2. I have been able to take away money from my capital account to buy an apartment. If I were trading my own money this would affect my buying power, but I don't have to worry about running out of capital
    3. To me, I view the the percentage of profits that I give to the firm payment for the leverage, the ability to use the firms capital. To make this worthwhile to me, I have always been pushing myself to get bigger, and I don't think I would have had the same push to get bigger if I were just trading my own money. Basically if I wanted to increase my payout, increase my size.

    I know this has gotten a bit long, and that my reasons for staying at ETG aren't unique to ETG, as there are other firms that provide you with firm capital. I find the environment to be professional and am comfortable in it, which is also why I have stayed.

    That's my experience with the firm. I know there are people who have had different experiences with them, but for me it has been a positive one.
    #68     Dec 3, 2001
  9. Bob Kanter is a sharp guy and has helped a lot of people. He has maintained contact with us "Brights" whenever there was something going on in the industry that we should all be aware of. You won't find any bad words about him from our end. We have traders from there, and I am sure he has some of ours...sometimes different business models attract a different type of trader.
    #69     Dec 5, 2001
  10. No 3-year contract committment
    No salary
    75% payout, will negotiate higher payout based on performance after 6 months.
    Available capital strong, but not in the top 3.
    Will allow you to employ your own strategies (scalp, position, etc)
    Will allow you to trade multiple products based on experience.
    Will allow remote if you show consistent profitability
    Competitive rates (most firms are now at the same price)

    From what i've seen, ETG is more of a professional's firm, where ex-MM's and ex-specialists go to trade.

    Their only real concern: Trade size based on individual liquidity
    #70     Dec 17, 2001