Theres is tons of info on worldco on this board but not much about generic and schoney...could someone tell me what kinda deals these firms are giving...and maybe experiences with trading with them...any info will be great! cheers joey
one of the principals at generic the firm has a few top traders in my opinion but their fees are too high compared to some others ... I am sure some others on elite trader can provide you with more info than I can ... good luck !
I know a couple of ex-Generic traders and their fees are extremely high (2 cents a share, I believe). Schonfeld seems to concentrate mostly on Naz swing trading but I don't know their fee structure.
Schoney charges add up to approx .015/share, Generic is negotiable / slightly higher. Generic has better trading platforms, and you will get better fills. I you are a new trader Schoney is the way to go, if your established Generic has a better payout.
Schoney charges 9/10 of a penny and gives 50% payout. The payout goes much higher when you prove you are a good trader.
Shoneys avg. cost / share is .015 after all charges, they pay out 50% p&l for the first dollar earned, then a sliding scale for big p&l producers, Generic pays out 70% from $1. Schoney is better for the beginner because of the training and Gross deal, Generic is a better deal for the seasoned trader.