I have floor trading experience and here is another opinion. I agree with the guy who says the ISE sucks. They don't often trade on their markets, but they are getting better as they take more market share from everyone else. They always faded, in the issues I traded. I was never filled on anything of any size, a 1 lot or 5 lot. A year ago they were a joke, and they really aren't that much better now. Remember the ISE is backed by some of the biggest firms and they are investing in the future. Order flow is where it's at for these guys. When the volume returns to equity options he who has the paper will be very rich. Here is how I see the floor: SLK/Hull wants order flow, especially large orders, and they are willing to lose money to get it. How do you compete with that? SIG as always seems to take large risk to get profits. Knight is somewhere in the middle. Timberhill is not as big a player, and their traders are known as "box traders", push the button when the box lights up. But, Mr. Peterfy is a genius and Timber continues to be profitable. The Timberhill traders that came and went from our pit and the other pits around us were not good. Some only traded from one side of their box the worst were totally clueless. But, again, Peterfy has always been ahead of the curve, and only uses these people as foot soldiers and information providers. Wolverine, Botta, Group 1, may well be absorbed like all of the other small to mid size firms that have fallen or given up. So let me ask you this. It looks like equity options may become some sort of oligopoly or maybe a monopoly if the ISE eats all the volume. Is this type of environment the best thing for the retail investor which the SEC always tries soooooo hard to protect? Or maybe the old system of pure competition where the market maker is fucking you all day long is a little better? Because believe me, the market maker is out to screw the fast money BD, not the 10 lot guy. Look what oligopoly, (I know this is a horrible comparison), has given us so far in the Middle East. Thats all. Oh yeah, nicholas, here's me wasting more of my time on you. How will you ever get a high school degree. Your grammar and spelling probably rates 3rd grade. The rest of your education must be comparable. Your arrogance and stupidity are embarrassing and the quality of your posts drags the whole web site down. You are in for some hard life lessons and reality checks.
1) Is Worldco a good place to start? 2) Is the assumption that you won't make money (nor really lose money if you follow instructions) for the first 6 months true or is it BS? 3) Does the fact that they only do NYSE and other places like Schonfeld & Heartland do only NASDAQ make a difference? Is it better to do NYSE only, or vice cersa? Thanks Curious W
WorldCo is fine (if you go with "Hitman"). NYSE is generally better for most traders no matter where they trade.
Schonfeld does both NYSE and NASDAQ. I am an ex-Schonfelder looking to go elsewhere. I know it has been discussed in this mass of replies, but I will ask again anyway. Any recommendations to a proprietary (as in "firm capital only") firm that is good to work at ?
hardrock made reference to this thread and I took a look and read most of it. A year has gone by and I think I got things right. Braye wasn't far off either. The ISE's growth this year speaks for itself. The addition of the BOX exchange will certainly help the move towards price time priority for US options.
Do not go to ETG. You will be made to sign a 3 year contract and will not be able to get at your money. Try Echotradeonline.com, you get the same leverage, 100% payout, after all it is your own money (the same at ETG, though they make you believe otherwise), and the commissions are about 1/2. Good luck and happy trading.
I heard Lieber and Weissman charge.03/share commission. Weissman sounds like a good and likeable guy but come on now. Watch out for any firm charging more than .01, they are stealing from you. This includes ETG. I heard they are now lowering their commissions after 3 years and millions and millions in clearing profits off the backs of their "prop" traders. At least at FNY you are at a real trading firm with experienced big traders.
I need a junior position. We can split the profit at the begining. How is it to you? We can talk. Please PM me. Thanks.
Whats up buddy. I work at Worldco. They don't teach you much, but besides that I can't complain. Great equiptment(I have 7 17" flat panels and two computers) good support and different software platforms to choose from. Look around first then take your best deal and go talk to Walter at Worldco. Tell him if he can beat it you'll trade there. If you talk straight with him he'll do the same. If you need anything his office is always open. Don't contact Hitman(no offense) he wants you in his team so he can take some profit for himself. Who needs a middleman(unless he is going to teach you something but this is rarely the case). If you have anyquestions just ask. If not GOOD LUCK where ever you decide to go.