Prop Groups are PHONIES and full of BS

Discussion in 'Prop Firms' started by trader963, Aug 23, 2002.

  1. I talked to DOMS a while ago. They were going to charge 1$ per fill, OTC, period. It was a pretty good deal. I'm 99.999 percent listed, though, so it wasn't for me.
    #61     Aug 23, 2002
  2. How close is he now? How much has he improved?
    #62     Aug 23, 2002
  3. I wish that's all I paid!! I'd kill to have 50% of my gross YTD.
    #63     Aug 23, 2002
  4. Exactly! If you have confidence, go retail!
    #64     Aug 23, 2002
  5. So true. As a matter of fact, salaries are out. Virtually no firm gives a salary. In fact, almost no firm gives a stipend or even a draw anymore. And many firms give even less vacation time than that now.
    #65     Aug 24, 2002
  6. What were AB Watley and Onsite doing?
    #66     Aug 24, 2002
  7. Yes, and it is partly based on your performace. If you are not doing well, the rules are strict. If you are doing well, the rules are much more lax. But of course, if you are doing well, you would be doing even better in retail, and you don't have to worry about how much freedom you have till you have to have a go around.
    #67     Aug 24, 2002
  8. I am not a prop trader, but one thing that I can figure out as an outsider looking in is that they are one thing.......BROKERAGE FIRMS. Brokerage firms make their money from fees. They have no other way of making money because they don't do investment banking, or sell analysis, or anything else. They just make fees. They are pure service providers. Some of them also sell training sessions, etc., but they are primarily selling you on the whole idea of daytrading. That doesn't make them evil, that just makes them a service business.

    These firms have a near 100% turnover within 3 years. That is why they are constantly recruiting and "hiring" new people. That is true across all the firms, because they are all basically the same when you get down to the nitty gritty. Some deals are better than others, but that is a matter of what your personal goals are, and no one deal is the best for everybody.

    I have been enticed to do it, but I haven't figured out how to make a consistent living by churning my account all day long. I have never made a significant amount of money without at least holding overnight. The best schemes I have seen have been ways of playing the opening, as in Don's opening order scheme and other similar schemes. That would keep me busy for the first hour, what would I do the rest of the day ? Maybe there is a reason that Don Bright can play the openings and then spend the rest of his time marketing, maybe that is truly the best use of his time. What are the people in his offices doing the rest of the day?
    #68     Aug 25, 2002