Hello everyone, I'm looking to join a prop firm in the next couple weeks. I'm a little bit scared I'm going to get taken advantage off because I really have no idea what to expect when it comes to these firm. I'll be trading remotely, besides commission rates what kind of fees should I ask about/look for? It's my understanding that the leverage I will receive during inter day in interest free, what if I take a position overnight what are the fees there? If anyone can share their own experience when they first joined a prop firm and give me some tips on what to look out for I'd really appreciate it. Thanks.
If you use the search feature you'll find a lot of commentary on this topic... just be sure you shop around before jumping in.
Some shops do charge a remote fee, usually a negligible expense. Ask about ECN charges and rebates and if they are passed through to th etrader or if it is included in your rate. As far as rates, the rate is usually dependent on a sliding scale relative to volume. Also look at the platform, there are several trading groups that are actually sub-groups of larger trading firms. Going straight to the platform provider usually means better rates because you are essentially cutting out the middle man, which does not mean a significant rate reduction in the beginning, but can amount to a large number after a year of trading. If you have any further questions, feel free to PM me or post a response. Best of luck.