Looking for Prop firm / Simplex?

Discussion in 'Prop Firms' started by l12, Sep 7, 2006.

  1. l12

    l12

    I'm a daytrader looking to trade with intraday leverage and low commissions. I have $40k of my own money but I would like intraday leverage of $200k.

    Simplex seems to be just what I need but I have a hard time trusting my money to people with a somewhat amateur website with misspellings. The fact that the e-mails are from thinkorswim is reassuring I <i>guess</i>...

    I have in the past traded with Morgan Stanley and I don't know how a firm like this works as far as taking money out, do they have debit cards/checks/ATM access? That's a minor issue though.

    I would love to hear any comments from anyone with experience with Simplex or who knows of any similar firm that may suit my needs.

    Many thanks in advance,

    Michael
     
  2. Are you willing to obtain the necessary licenses?

    Don
     
  3. l12

    l12

    Certainly I am willing to if it provides some kind of cost or other significant advantage.
     
  4. l12

    l12

    Let me make the amendment that I would like $400,000 leverage rather.
     
  5. How about $4 or $5 million for approved traders.? Money is not a problem, just how it's used. Many of our (500 or so) traders use several million with $50K or so in their accounts.

    Don
     
  6. l12

    l12

    Apparently I must be a subscriber to read that first article.

    I appreciate your answering my questions and I have read through your website. You do seem like a fine operation and although I do not have much interest in doing the Series 7 I would gladly do it for the peace of mind of being with a good company.

    But it does ultimately come down to money, so I wonder if you can tell my what your commissions are for stocks, if you trade options and what those commissions are, and what the cost of holding leveraged positions overnight would be. Also what interest rate do you pay on funds held in cash?

    Thank you,
    Michael
     
  7. some firms that i've heard good things about.

    Echotrade (echotradeonline.com) - need license

    Genesis Securities - no license needed, lot of elite members have accounts here

    Cy Group (www.cygrouponline.com) - friend trades there heard lot of good things

    Assent (http://www.assentclearing.com) - no licenses needed, not top choice though imo.
     
  8. Read the second article, it is the complete draft.

    Feel free to call me. 800.249.7488 about the rest. Mid trading day is good, or right after the bell.

    Don
     
  9. Are you looking at trading primarily equities? Stock commissions are pretty low across the board and firms are all competitive on rates. It's all the other stuff that will be the deciding factor. Buying power, haircut, interest rates, software, and of course the firm's reputation. There are too many good firms out there to put your money with someone you don't feel 100% confident in.
     
    #10     Sep 8, 2006