Hi there guys, as you can see, i'm a complete newbie! I have been trading (mostly swings and options) for the past year, and decided to make the move into day trading! (used optionshouse primarily and scottrade) Since I don't have 25 k laying around lol, decided to look into prop firms! still choosing between 2! Capital Traders group and Broad street trading! So far, I'm leaning towards CTG due to the personal messages and emails from their staff, however was just wondering if anyone has an experience with these firms if they would be willing to share so that I can get a good idea on which firm to choose please. I want to deal mainly with stocks atm, maybe in a couple of years once I get a good hang of day trading, I can slowly move into futures and forex and what not, but for now at least, strictly stocks. Both of them also offer training videos and what not, so its pretty tight! Any input is much appreciated!! With regards to platforms, I was browsing through the forums upto posts dating back to 2007! I can see most people experience problems with each and every platform now and then, specially during busy days (or fed days as they are called) My current options are 1. Sterling trader Pro 2. Laser 3. Lightspeed It seems lightspeed is really quick but the first two seem more stable and fast. I'm leaning towards Laser as it looks more stable based on reviews, however most people mention there is no good API's for it, or that it links to excel or something, I'm really confused as to what an Api is, and how it links to excel! Do I even need API's ? Sterling seems to have little known issues here n there, but it seems easier to use then laser? Since I hav never used any, it seems both will be a challenge at first, so any reviews on users who use any or both of the above would really help me, and maybe you guys could advice me on what would work best for a beginner like me based on what I want to trade (stocks only, at least for now) Thanks guys!!
Did you talk to anyone from Broad Street? What did they have to say?I was looking into both firms. CTG doesnt have options capability. I believe both co mingle funds. CTG- 2.5k Broad 5k. Based on my research and posts Bright and Echo seem to be the top teir firms. Need at least 20-25k though. Echo will allow 5k, only for intra day though. 25 to 100k for options. Need S7 also. Which to me, is a good thing.
Billsafari, thanks for your reply! I was actually basing my choices on reviews from other users on this site... http://www.investimonials.com/prop-firms/ You think thats a smart idea? Also Capital traders emailed me their fees below, if you have any idea about broad street trading's fees, could you post them so I could compare them please? (i'll stick to plan A most probably since its not restrictive) Laser Platform Fee (Plan A & B) $250 Sterling Pro Platform Fee (Plan A & B) $250 Sterling Lite Platform Fee (Plan A) $170 Lightspeed (Plan A) $250 Trade Cost & Incentives Plan A - Non-Restricted Strategy Amount Of Shares Traded Fee <100,000 Shares Traded Per Month $0.0055 100,001-250,000 Shares Traded Per Month $0.005 250,001-500,000 Shares Traded Per Month $0.004 500,001-1 Million Shares Traded Per Month $0.003 1 Million â 2 Million Shares Traded Per Month $0.002 2 Million â 3 Million Shares Traded Per Month $0.0015 Plan B - Mid-Point Strategy Amount Of Shares Traded Fee Trade Charge Per Share (.30 per 1000 Shares) $0.0003 Must take scalping program and can only trade approved stocks: S, ALU, SIRI, UNG, LVLT, CIM Profit Splits Trader Firm Plan A - $2,500.00 99% 1% Plan B - $1,500.00 90% 10% Any help is once again much appreciated Thanks!
Also just to add, once again, for now just want to day trade with stocks, no options or futures or anything of that sort, just really want to get the hang of day trading! Thanks
you'll need a series 56/7 with any of those firms, that's SEC regulation, not a firm-to-firm decision. I've traded with both in the past. They're both honest and have been around for quite a while. Of the two, I would stick to ctg because they have no ticket charges like with broad street, so the commissions are dirt cheap. Wedbush clearing is as good as it gets so you'll have much more routing/software options with ctg. they had the best customer service of any prop firm i've used. I can't comment on the training, but I would lean toward whichever firm charges less/provides free training. The licensing procedure/materials are going to be similar for you everywhere - u4/fingerprinting/series 56 or 7/credit check
Thats some good information EVO. thanks I prefer to have a license so thats not a concern for me. Can you tell me why some (most) firms have a 1 yr lock up and some do not. I thought it was a SEC rule and required.
I've been with Echo for years, and I have no reason to leave. But I just got a call the other day from some company called Tradeco. 95% payout and no license needed, with promises of refining me into an "elite trader". That cracked me up. What the hell is that? Sounds like something I wouldn't touch with somebody elses 10 foot pole. To the OP: Get your license and do it right. Why not?
Here is the fee schedule for Broad Street. Not including platform or trading fees. I c&p from the my thread "what to look for in a prop firm" You 'll need the Series 56. Broad Street offers options with 5k. They seem to have a lot of fees. Here they are. Is this about average for a firm? K1 annual filing fee. 100.00 FINRA Non-member processing fee. 85.00 initial FINRA disclosure processing fee 95.00 per incident FINRA Annual Systems processing fee 30.00 FINRA US termination fee 30.00 Outside brokerage account fee FINRA monthly 25.00 FBI background check fee 20.00 initial Fingerprint fee 21.00 initial CBSX inactivity fee. 100.00 monthly Then basic admin fees. incoming wire 10.00 outgoing wire 25.00 returned check 50.00 This doesnt include platform fees. Can I eliminate any of the FINRA fees since I am already registered with them (6 and 63 expired, current series 3)? Here are some more potential fees if I want any of the following. No prices mentioned. NYSE level 1 ASE - b/a l, last quotes Nasdaq level II Nasdaq Total View US indexes BATS book Direct edge book NYSE open book(specialists order book depth) ARCA book listed ARC book OTC. I use TD and their weak tools, Level II and charts and do just fine.
The inactivity fee caught my attention. Been inactive a couple of times and never had to deal with that. And all of the annual fees on top of desk fees. Doesn't make sense. But perhaps I'm spoiled.