Broad street had THE HIGHEST commisions 9.5/1000 that's 18 bucks for a round trip! Then they stick you with the shittiest looking platform and charge you 250 bucks a month, then, your money is locked up for 3 months, however if you need handholding this is the place to go. Guy calling out trades is good just do not piggyback do your own research, remember he makes money when you trade so he will not shut up calling out trades throughout the day even if they're landmines
I have dealt with Benchmarq for quite some time and have never had an issue. They have some of the best technology I have ever seen for their prop traders
i trade with broad st and i will tell you its not 9.5/1000. Only for the dead beginner it is that rate. They are extremely competitive and even have flat rate structure for extremely heavy volume traders. also, there is not a 3 month lock up. its just an early termination fee if you close within 3 months. after that you're golden. anyway ..there are lots of great firms out there and you have to pick the one that's best for your strategy and personality.
AMR Capital...been around since '99, well capitalized and great talent. They still have the insight platform.
LOL I remember one month @ broadstreet I paid over 1.5k in commissions and ECN fees with a 200$ loss. I was a newby back then, so I only traded 100 to 500 shares, very seldom 1k shares at a time ... of course with that amount I would have never reached their "high volume trader status" ... therefore IT'S A TRAP for new traders! How is it a trap you ask? I will explain so hopefully this won't be erased by the mods, this way anyone considering trading there can be informed: Well, right off the bat, as soon as you open up your account you are down 250 bucks in platform fees ... in my opinion, this platform looks and feels exactly like laser, but laser is free ... Then, as a new trader who should not be trading big size, you are probably not going to reach the 150k mark to lower your commission to 7/1000 (which is still one of the highest in the industry), therefore you will likely be stuck paying the normal rate. But even 7/10 is a lot. Add ECN fees, and some bad calls from the head trader that you followed and you are toast. An experienced trader trading high volume would probably not even think of going there. But if there are any out there feel free to respond and give a reason why you trade there. On a good note, the head trader calling out trades scores good trades at times, he is great pre and post market, and during earnings season. They have a 2 week free trial so you can see if that's your style. The guys there are willing to help, good attitude. They do refund your money if you decide to leave (250 I think if you leave early ... add another 250 for the monthly platform fee and you just paid 500 bucks) Good educational structure, I paid for 2 classes and they were informative, they won't make you rich but it will give you another experienced person's perspective on the markets [you can get it in a book of course but this guy practices what he preaches on a daily basis and you can watch it live, of course that is if he is really trading the stocks he calls out]
wouldn't it be nice if the entire prop industry was given an legislative enema and started over from scratch? it's so damn tiring reading all these posts about all these prop shops and how their software sucks, the commission rates different everywhere, useless leverage amounts requiring a ridiculous amount of risk capital, no technical support, and management claiming to be these magnificent traders but now sitting behind desks trying to make a living off deposits and non-existent commission income because their business models are fundamentally flawed towards a trader's failure? someone please explain how some "kid" dropping $5000 into a cbnx firm or even a s7 is going to be able to make money trading in any of these places? they can't and they won't. yes, there are some great shops out there, and i know who they are, and why, but the ones that aren't being discussed here, those are the ones making the real money. i know i'm not going to sign a $10,000 check over to some flybynight prop shop with no proven record, and questionable sec filings - if they even have them - to confirm it's financial stability in paying back my pnl and deposit if i want to leave. and surely you jest i'm going to invest my own money on hardware upgrades and software development when i'm paying them for the privilege of holding my cash to pay their mortgages. not especially when i'm doing 1M shares a month and could set up my own firm "direct"ly. that's where the real "edge" is. and it isn't the deposit i'm concerned about, it's more where i'm working every day and why. i shouldn't have to ask why am i here and where else can i go to do this? when i'm trying to make a career of this job instead of being viewed as a gambler and sucker by traders more experienced and better than i am when i should be learning from them, not condemned for my ignorance. i speak theoretically. i'm no rookie. i've been through all this bullshit. and if i read one more posting about a genesis or otherwise with their bullshit training fees to trade their capital. makes me want to pack it in and invest in real estate. at least i know where i am now, i won't be reading about my broker failing in a month when the reform bill passes... tiring indeed.