CAN ANYONE TELL ME ABOUT THE FIRM ? DO THEY ALLOW PROP TRADING FROM ALL OF THEIR OFFICES ? HOW HAS IT BEEN SINCE E-TRADE BOUGHT THE FIRM ? WHAT TYPE OF PAYOUTS AND COMMISSION ? CAN YOU TRADE LISTED ??? THANKS
I know a person trading for them their prop group. As far as I know the only offices doing prop are NY and Stamford, Conn. They only trade naz stocks, but some of their traders still do really well to incredibly well. They have a few payout plans but the basic one is paid off gross and depends on your ticket average. No commission charge but you are charged sec and ecn fees. Payout go from 20% to 50% or so. Don't know how it has been since being bought out. They have a really good trading group -- to bad they don't get to take more home.
They've downsized about 60% of their prop traders since 2000. Many of them are struggling, but some are still doing well. No listed stocks, great software platform (probably the best in the business, along with Heartland's). Good company to work for, but low payout because they are structured to train you to learn and receive a hefty percentage of profits. At least this way, you know they really have a vested interested in you. Once you learn how to trade, you can then seek a better deal elsewhere.