Some bad information. There are no commissions, and no rent during that month of non Series 7 period. A simple flat fee of $500. Don
Hi Don, Wow, Trading for a fixed fee in the first month? Software and desk fee included? The deal seems to be getting better day by day. What's next? Free trading w/o any risk capital!? I like the free market competition. But seriously, I am more concerned about a clear trading direction so I know my efforts won't be wasted. A small fee here and there as "tuition" or "homage-fee" does not quite concern me at this point. However, I do believe a low commission schedule is a must to increase my chance of success and survival in high frequency daytrading. My impression is your commission charge is on the high side for starters. My disliking of the Series 7 license is to avoid increased trading overhead- speaking from my experience with retail account charges. I just don't want unnecessary financial expenses in the early stage of trading. Less pressure and stress that's it. I like the logic behind the opening order strategy and that people are actually trading it with > 70% success (rough estimate from the posted pnl ). I believe in pairs trading for longer term trading. I know little about the success rate for intraday scalping using pairs trading approach. Daytrading with no positions at the end of the day is what I really want to do. T
Thank you all for responding. I will look around for one more week or so, and will kick off my prop trading no matter what. Hope for the best. T
That's fin, daytrading and ending up flat...it's just that, more and more, the traders are migrating more into other techniques, while perhaps leaving the daytrading running via an automated program, etc. Whatever works for you...a traders "comfort level" is the most important thing IMO. Don
You can trade options if you are on the Sterling platform. They also offer HydraTrade and Lightspeed, but no options on them (as of yet anyway).
That's a good change that wasn't there 2 years ago. Can a trader choose not to take his Series 7 and continue paying the simple flat fee of $500?
Maybe at Bright, due to the restrictions your firm places, but throughout the industry there are absolutely ZERO advantages to getting Series 7/55 licenses. Only disadvantages. Firms don't want traders taking out money every week or so, especially trying to take out the day's profits. Rather have them keep some kind of balance. Also, sporadic requests from 100s of traders is not something a firm wants. It's wise to keep it orderly by specifying dates for requests & withdrawals.
I guess with enough traders if people are asking for wires and checks daily it starts to take up a big chunk of the support staff's time. I'm sure it's just to make the process more efficient for them.
Fully agree with you - that's why I was questioning why Tuco allows only monthly withdrawals when weekly withdrawals would be more convenient for the trader. FWIW, Bright allows traders to withdraw funds twice a week.