I have recently been told I can no long scalp as a retail trader due to issues with the brokers. When I refer to scalping, I’m referring to it in the traditional sense (filled on the bid then filled on the ask and collecting spread), and am often profiting a penny per share in high frequency. Given this, is there a prop firm that would compliment this style of trading, i.e. low commissions and higher percent of profits I get to keep? Thanks for any help
what broker told you that you could not do it. I am using the same strategy, that stopped working last week. I see in your other thread it was tradestation, anyone know ways around this?
Im attempting to use prop firm tech and privileges to facilitate the same trading style. This depends however on whether there is a prop firm I can join that would be suited for this. I am also opening a futures account and attempting to trade those.
Because they wanted to classify you as a professional which then would increase data and/or exchange fees? Please clarify what issues?
i just opened a small account for testing at amp using rithmic and multicharts. i think i am up and running today actually and the mechanics of it all looks good so far. beats the crap out of some others i have tried and the rates are pretty astonishing at least to me for retail. just trying something seems to be gtg, but i am only trading futures.
No. I am registered with SEC as a large trader because of my success in scalping, but it was made clear by the compliance center at tradestation that no changes would be made or need to be made regarding my account structure. I was accused of possibly spoofing cause in scalping, I need to constantly refresh orders that don’t filled to get as many shares as possible. Leaving the orders out doesn’t work, as any orders that don’t fill after I get my first 50%+ of my total size filled will just sit there until the stock ticks against me. They don’t seem to understand how that works, or they do and just don’t like my activity as maybe it is a conflict of interest with them or the market makers that pay for the order flow.
Have you tried Hold Brothers? I'm paying .003 per share, and there is a rebate of .002 for adding liquidity on Tapes A and C if you use ARCA. I assume its the same on Amex, but I'm not sure. (I'm an old timer, so I still use ARCA). And since you are a large trader, their platform would be free. You would just have to pay for monthly exchange fees. Sterling is also an option, but for a monthly fee. BTW, I'm not an employee trying to sell you anything. I just started trading with them recently. And they are not a training firm, so there is no ridiculous class you have to pay for up front. They just want a good previous track record, a 57 license and a minimum deposit of 5K before they take you on. Payout starts at 95%. The highest I've heard of is 99%. It sounds like you would qualify for that. Just throwing it out there. Also, just out of curiosity, what routing are you using? I've seen on this site that quite a few prop traders are using EDGX.
Actually, I think Tape A includes AMEX, as far as Hold is concerned. They sent me a novel with all of the routing options available, and I went straight to ARCA. I guess I need to study up on the routing options.
Mhmm. Large trader registration is required if you are doing 2 million shares or $20 million in dollar volume a day (or 10x of that a month).