daytraderNYC If you were referring to me...thanks already have it. If talking to the Shadow....agree.
Rates on Crack. Call Andover and get the facts and do not believe everything you see posted. You will be disappointed if you think you will get what I have seen posted here.
I trade for the LLC at Andover in LA that DaytraderNYC is talking about. I know what is possible, but depends on volume of course. He is correct about where the rates can go, but some of it depends on where you are located. Unless you want to trade remote different rates apply to different parts of the country because of higher costs for overhead that offices have to incure. For instance rent is a lot higher in NY than say Texas. You can PM me if you wanted to talk but I would rather not talk about it in the public forum. I just wanted to back up what DayTraderNYC was saying.
I am not trying to argue, but there is a difference between a 1-2 million share trader a month and a 4-5 million share trader. I am happy with my rate and as my volume increases, I will get a better rate, but I realize that I do not qualify for a rate given to a guy that does 3x to 5x as much volume as I do right now. Agreed?
Sure there usually is a difference in rates between traders that trade that much volume. However he did say he traded 2-5 million shares a month. Rates are all relative too. If someone trades 2 million shares a month and pays 10's and the other trades 5 million shares and pays 7.5's then you both are probably over paying. Maybe not relative to each other but relative to what you can get. Also a lot of times rates are not based on if you qualify for them or not. Part of it is negotiation skills, where you live, and who you know. That being said I also think it is worth paying higher rates if you are in a good environment which allows you to make money, you are receiving some sort of training, or you are not trading your own money. Anyway just my thoughts.
Could you expand on that statement? How are you learning new stuff so fast that you would not have picked up over 90 days at another prop firm? Excuse my ignorance but I am trying to gain some insight into how these firms train new traders. Did someone sit down and show you some things you hadn't considered before, does the software there have bells and whistles that your old stuff didn't have, etc? Please expand, I would greatly appreciate it. Thanks.
still_learning: The difference is between receiving formal training (one-on-one, where a strategy is provided and your trades are reviewed daily) and not receiving formal training (you can watch and ask questions, but there is no assigned trainer). What happens with the latter (no training) is that misconceptions are formed due to limited and incorrect information, frustration sets in, then you decide to develop your own strategy. Over time you pick up some of the basics of the strategy, but it takes a long time (most drop out by then). --Ron