Discussion in 'Prop Firms' started by gibrahim, Jun 21, 2002.
Has anyone heard of this prop. trading firm?
I heard its good group of experienced traders.
Its a LLC group in Andover.
it is an andover office in up town manhatten.
i know a bunch of guys there. experienced profitable groups over there. same style as my self actually, scalping, bullets etc.
do you work there?
I just joined this firm today (I was at WorldCo). I'll keep you abreast of my experience.
Barron, you might want to add this to the Brokers list for evaluation.
BTW, Lynx is rather new (approximately 1 year) and currently has about 50+ traders. The word on the street is very positive. The firm will train you and provide whatever support is necessary to get you profitable quickly. Their rate structure is very good (better than WorldCo), and requires minimal capital ($5k).
The equipment and office are outstanding. I'm expecting my experience to be a good one here.
Anyone have a link to their website? I couldn't find anything via search engines?
What, if any, are the additional risks of joining an LLC firm like Lynx. Is this one of those "sub-LLCs" that Don Bright is always frowning upon?
My guess is that Lynx would not be as well capitalized as the parent company (Andover). But neither one of them is going to be SPIC insured so what's the differnce...either one could close up shop and say f#@% you. (Obviously, Andover would have much more at stake.)
how much are commissions? bullets? desk fees? payout %?
Well the experience so far is outstanding. I have learned more in a half-day than the three months at WorldCo.
The Trader/Manager training me is doing an exceptional job, and the software (Hammer + AT) is a better combination than Dot and ILX used at WorldCo.
There is no deskfee. Bullets are $20 per 500 shares, 1 cent per share commissions, and the starting payout is 85%. All around a better deal.
With regard to insurance, Andover is covered for each account under SPIC for up to $500k (this was covered in a clause within my contract).
The only downside for me is the commute. But since Andover has offices in NJ (Hoboken and Wayne), I'll probably transfer within this year.
Are you a retail trader or proprietary/professional? Did you have to acquire any licenses before starting to trade there?
I see from their website that Andover is an SIPC member, but for licensed proprietary traders, they are not covered according to the proprietary disclaimer found here:
"The sub-account is beneficially owned by
Andover and the securities and cash in the account are not the property of any other entity or
individual. As such, no SIPC coverage is afforded to a Memberâs Interest."
Just wondering if they have a retail arm too.
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