Does anyone know approximately how much brokers bonus's at scottrade make each quarter. Was thinking about working for them because they give a 35k a year base salary to start but if their bonus's are cheap like 500 bucks or so, its not really worth it for me. I tried calling them and asking but they say "oh well it depends on alot of different factors and blah blah blah" and when i ask for ballpark they say they cant tell me. So anyone here know?
I remember your use to trade at bright. you stated that in your journals you have traded pro. so you dont want to trade prop at bright?? is it because you fill it is not stable income? or to risky? just curious
Yes I used to trade at bright. I blew out my account though after 2 months. Not totally but I did lose over 16k out of 25k. I have an income right now of about $2800 per month. It should go up to 3500 in july though. This is income that comes in whether i work or not, which is why trading seemed like a good idea. I liked trading at bright but I had really bad disipline. Never used stops, only waited for the stock to "come back" Of course i was using so much leverage that i had to elimiate my positions at the end of the day or get charged that 1% for the month for holding overnight. And paying 1% on 200k or so when you only have 25k in your account knocks out almost 10% of your account for the month just in that interest. Now im just trading with the money I have....I do have a margin account but I am not using it unless the "sure thing" comes along. Im also holding for weeks now as to help build my disipline and not panic sell at spikes. I am sure i will go back to Bright trading once i build my account to 50k or so and its actually worth it in the fees. (Bright doesnt charge interest on the first 2/1 so i would have 100k that i dont have to pay interest on) The 200 in monthly fees could then be absorbed better, if that makes sense.
You were paying 12% haircut....on top of any interest charges for borrowed money. Which means it was more like 1.5% per month. Frankly, very few traders can beat an 18% VIG.
thanks for responding.. you may already know this but you should have tried you use some type of stop loss risk management.. did they offer you some automated exit software??especially if they know you had some large losses. does radi have this function available? maybe next time is a go for you and wish you the best.
I don't know Scottrade does have their employee benefits, we get dental at least. 7 Bucks a trade, and I would like to think good service, try it out with 3 free trades with my employee link: http://www.scottrade.com/apply.asp?refNum=XRZP2524
12% haircut and what other interest charges? it was 1% per month but i never held over night so there was no haircut and no interest...just the interest they paid me which was like 3.5% There fees are like 2 to 1 overnight is free. 6 to 1 overnight is free if half are long and half are short(hedged). Then i think its 2% per year 12 to 1 overnights if you are hedged...i dont really remember, ask Don for the correct figures.
They keep opening up Scottrade offices by me. Do you need any licenses or anything to work there? Will they sponsor you?