the article is on Yahoo - http://voices.yahoo.com/proprietary-trading-retail-brokers-every-8893507.html Also, as far as I know, subgroups have no access to trader funds or account management. Registration is not done with the subgroup, but yes registration is done with the BD (I had to do this). Of course you should due your due diligence before risking any capital in the markets, however, the blatant unnecessary WTS bashing is getting a little old. Especially without claims that they did anything wrong to you. I find the information in that article to be accurate, regardless of whether a prop firm wrote it or not. Every firm has its benefits and disadvantages. Competition is good for business and if the subgroups can offer traders better deals because they take on some of the risk to provide the low rates and BP, so be it. There are A LOT of traders who will take that risk with a 5k deposit
It says on the top of the article Cap Traders Group contributed the article themselves. Face it, its an advertisement, not an article. Again, everything the guy mentions in the article but extra BP is available to both retail and prop. You seem to know about these guys. Are they a subgroup of WTS or are they not a brokerage firm as they say in their FAQ?
Besides the extra BP, some props enforce risk management (although not all of them)... many people don't like it, but it is a big help to keep down the price of the learning curve...
CTG is a group with WTS. I've dealt with them personally and found them to be very honest and not at all deserving of being bashed and there are many others on ET who have had similar opinions about some of the WTS groups like CTG, JC Trading, Etc. As for the article, it's the best I've found. The assumption is always under 25k in the account for prop firms. software section - prop firms do offer more software capabilities generally speaking, especially for smaller accounts under 25k. rebates - IBs smart routing and other retail brokers haven't fees - you can't get the same rate that scalpers and others are getting with the retail brokers. Some of these guys pay 25 cents per 1k shares with no ticket charges. show me a retail broker who will do that with 2000 in an account? education - live training and being on a floor with other traders can greatly help the learning curve shorts - can locate and find my own with WTS. nuff said. There are downsides such as deposits are unisured, there is a lengthy registration process, etc. but if you want access to that type of leverage or you want to try some strategies without investing too much, WTS programs start at $1500 deposit. Not everybody wants to risk those types of funds SgtSlotter. There are restrictions on retail accounts that traders without big cash accounts have to deal with. Some prefer to join a prop even with the downsides. There is risk on both the firm and the trader in that case, but in life there are always traderoffs. I'm very pleased with my risk manager's responsiveness and help. I've always gotten paid on time, therefore I have no right to complain about prop firms. The bottom line is: If you want to trade HFT or other strategies but don't have the equity or need the additional BP, props are a good choice and my business is with WTS for now. Mind any trader that reads this that this board is FULL of prop firms trying to solicit business. I'm giving my honest 2 cents and won't bash any firm or person that I've never personally dealt with or had issues with. I did find WTS through CTG who gave me the best rate and software fees of everywhere I called. I've traded with other props before and found WTS to be pretty on point when I need their help but I NEVER went in with the assumption that it's a job or that I would be guaranteed some type of profit. Trading is about risk-reward. Anytime you give someone capital, even if it's a large retail firm like MF Global, there is a risk of losing it. You are putting more in the market here kids. there are no guarantees. I don;'t know much about their scalping training program aside from the deposit is $1500 and the rates are like 25 cents per 1k shares. I have both a BS and Master's degree from private universities and I can guarantee you that for $1500 you won't find a college course with equivalent real-world experience in the market.
If your a successful trader then you love the prop business. If you failed than you have to blame their prop model for your failure. Hate the player (failed trader) and not the game (prop firm). Trading is a career. Prop firms are designed for active traders and retail is not. Enough of this true Prop is no money up bullsh$t. If you love to trade you dont care and will put up the cash to do it. Trading is the hardest thing out there and newbs just cant understand why the secrets of the game aren't handed over to them. Leave you ego at the door and maybe you can learn to trade. I trade with CTG a sub of WTS and the best decision I have made. I have traded true Prop and at those places they take 40% of your profits. So if you want TRUE prop then plan on giving some cash away. The model we have today is perfect. 20-50:1 leverage, 99% payouts, K1 income, No medicare/social security taxes we gotta pay.... The system works beautifully.
Agreed. Plus they need to leave their egos at the door. This is career where the quicker you realize your wrong the better. "If your wrong the only way to be right, is to cease being wrong....."