has anyone heard of this firm, i was offered a remote pos. with them the offer was .007 commish all in, no software fees, 10:1 lev with a 10k min of my own funds, the software is tradstream pro, and i reeived 100% payout. does anyone no of them?
What would you need to know? You check their balance sheets, their clearing firm, be sure they're not a "sub-LLC" of another firm....and then, of course, check their SRO (Self Regulatory Organization) to be sure that they are actual exchange members rather than an "introducing broker" via NASD or something (this is not necessarily a "bad thing" but does raise red flags).... Same information that I have advised everyone else to look for (and to "look out" for)..... If you would like assistance in evaluating any of this information, feel free to PM or email me. Don Bright
thanks don, i'll see if i can get the info and get back to you if something doesn't look right. i'm guessing if they don't give up that info, forget about them.
They may surprise you and actually be a good firm. My comments are not meant to be critical of anyone. When I teach at the Colleges, I make sure that all the students learn enough about the basics in any (any) type of business venture that they may get involved in. In our business, the need for "due diligence" is magnified 10 fold. All the best... Don
I m very familiar with tradeStream Pro...great system for the money although, its defintiley no real tick....where are these guys out of??...thats a pretty good offer ...but i have to wonder how long they are going to stay around making offers like that..
Somehow NorthWestern Trading and DirectNet Trading are related -- possibly even run by the same guy. Both companies are in the Washington (Redmond/Issaquah) area. I have been talking to them for awhile trying to get an account setup. I just faxed them the final docs tonight and waiting to see if the account is actually setup. TradeStream does seem to be decent software and they have an office both in WA and Dallas. Also, they charge a monthly leverage fee $199/month for their "Select" account -- 10:1 daytrading leverage). PM me if you are interested in hearing more and to let me know about your experiences with either company.
I think that Direct Net may be the group (seemed like nice people) who are duplicating the "direct quote" service, or similar. Where they act as an "agent" of sorts to place traders with firms. I believe I spoke with David B. of Direct Net, and (as I said) he seems like a good guy. His idea is to be a "placement service" for traders with needs....point them in a direction that may work for them. Still haven't seen anything about Northwestern ...perhaps they'll be at the Expo. Don
Make sure there is no minium share size. What I mean is they might give you 7 dollar commissions on 1000 lots or whatever but they will write into the contract that the minium "ticket charge" is 4-5 bucks on all trades under 500 shares or something. In otherwords if you partial out of something you can get charged 5 bucks for a 100 share execution. You might go into it thinking ahh, I'm only gonna trade 1000 lots but partials happen all the time, if your getting screwed on partials it can add up quickly. Also you want to ask questions about bullets, and make sure you have access to NYSE openbook (additional charge), and things like that.
I have family in Issaquah..I'll ask my cousin to check them out...I had no idea their was anyone in that area. Interesting..... rttrader1 -
Now, be gentle....no "violin cases".....I hear you Redwood guys are pretty tough.... I hope to see you guys when the "families" meet in Las Vegas near expo time. Don