I know some of these sub llc's will let you in for $5,000. I guess it comes down to trader's comfort level as well as other pertinent factors such as platform, environment, etc. 10% chance of losing 5k assuming prop firm has less regard for risk or undercapitalised or 3% chance of losing 10k or 25K with the other more established LLC's Me, I keep mine in SIPC, coz I might be able to recover if one of these 2-5% events happen in any prop. Good trading
I agree with what Ron's saying, a lot of times experienced traders would not have the time nor the patience to show you the basics that they expect you to have already when you approach them, so mostly traders would observe and try to pick up the techniques they are using...many times however this doesn't work because just watching a trader trades will not reveal to you what goes on in their minds...why did he do this and why did he do that? so it's better to get some formal training because you at least will learn the fundamentals from instructors...think about it, you can't be Michael Jordan by watching him play and just try to copy him right? it's all about perfecting fundamentals and then developing your skills and experience as you go along...trading is 99%mental, 1%physical (clicking the button), so knowledge is your weapon, the more you know about everything, the sharper you are and your trading will reflect that. I can't recommend any instructors for you because I honestly think that is not one out there I've seen that do the job right...they are usually out to get your money because they just tell you what to do, saying things like "Trade our way, stick to our rules, and you will make money, if you don't then you won't"...I think that's just BS because if their system guarantee success, then why the hell are they teaching instead of trading? If they make money off trading, there's no reason why they would share their knowledge with competing traders...it just doesn't make sense...I have yet found a company that does education and training for traders that concentrate on the fundamentals instead of telling you what to do and how to trade. Like I said, you can't just copy Shaq's style if you don't have his size (ie: buying power), and you can't copy Kobe if you don't have his flexibility (ie: low commissions)...everyone is his own player. Good luck hunting for a coach, peace
Don Bright also warned us about your firm, the one I am also with ECHOTRADE. He says to watch out if a firm will not show you their books. When I joined the firm, I asked to see the balance sheet and this was denied. Why is that? If things are so great, how come this has never been disclosed to me? Is it not true that "Bryan Roberts" = Jeff Dewit, the CEO of Echotrade? That is what the rumor is. Don must know this, that is why he has your name in "quotes" all the time. I have been asking questions about what has been going for a while and still get the run around. I even spoke to you, Mr. Dewit on the phone not to long ago promising Echotrader II because my Sterling keeps going down. It has still not been released. What is going on? When is echotrade's funds going to be released?
I heard some of echotrades offices were franchises too. I visited the boston office and that is what they told me.
AirSpeed: Unfortunately, this is proprietary information. What I would suggest is that you consider trading at a prop firm to learn these techniques and the proper way to trade. Afterwards, you always have the option to trade from home. This would, of course, require taking the Series 7 and 55 exams (and possibly the 63). IMO, if you're serious about trading as a profession, this is the best approach to ensuring success. Let me conclude by saying that there are many successful traders who have learned on their own, without going to a prop firm. But their numbers are small in comparison to all those that have failed with that approach. --Ron
Your answer Mr Roberts: I think this answered Bryan Roberts question earlier in the thread. I have also met the CEO of Andover here in the office and he is good friends with the owners. I think he would not want to lose his largest listed prop desk in the organization. Besides, if you do not want to be a part of the LLC you can still join by becoming a retail trader with full SIPC insurance. Do you have that option at echotrade? LB
LOL LOL LOL.... sorry, sherlock!!!!! guess again. It is just my personal opinion....i don't always agree with Don but i think traders need to be aware of the differences of being in a sub llc. i doubt that Don has mistaken me for Jeff (i'm much meaner than Jeff) but I am flattered that you have spent the time necessary to ponder my identity!!!!
If i was at a sub llc like Lynx you better believe i would go retail!!!!! as far as Bright, Echo, Lieber and Weissman and a few other's that are mentioned on here....i would feel very secure on the prop side. i am sorry for sounding so negative about sub llc's but it is just my personal opinion...if you aren't bothered by it then great....i wish you the best. now go enjoy some football!!!!!!!!!
granted it was a while back, but Don wouldn't show me his books either. i too remember the days of Bright bashing LLC's but when they switched over they changed their opinion and i think that's when they started promoting showing their books.
Thank you for your concern, I am not worried about it. It does not seem to bother the other 75 prop traders here either. I just met some guys that just joined the office that quit the echotrade NY office and I doubt it bothers them either. If you are happy with where you trade, why are you interested in attacking where I trade? Am I to start posting on other firms disscussion groups to criticize them also? How can I comment on echotrade when I know nothing about them? All I know is that there is a small presence here in NYC. If you do have legitimate questions about Lynx, the owners will be glad to answer your questions. Good Day to you. LB