I would like to hear from any Series 3 Brokers out there about the state of business. I have been thinking of becoming a futures broker for some time. I know it is hard work and good salesmanship is needed (something I can do), but is it still a viable (lucrative) career ? Thanks for any serious answers.
There is a futures section down lower. Many active traders here, not so sure about brokers. Many some traders retired from the pits as well (at least that's the claim). Good Luck!
I used to be a Futures Broker. The game is not the same anymore. Your really competiting against deep discount trading vs full service commission. nobody really trades that way anymore. youd have to be an awsome trader to make it in this business imho. Even then youd need to have full discretion over the accounts in order to trade them effectively. Then your faced with the inevitable question: "if your such a good trader why arn't you trading your own money vs being a broker? just a thought.
My friend owns a good brokerage that does discount futures and forex. It sounds like they do well he drives a Bentley. They have brokers around the country too. Shoot him an email and tell him you met me in Elite Trader. My name is Roger Jackson. His email is greg.sweet@lotusbrokerage.com Take care man and good luck!
Thanks guys this is what I was looking for, from both sides of the coin. Pulse, I kind of felt that way as well but as t roger says there are people still doing it, and doing okay.
It is funny that Greg guy at Lotus Brokerage is my broker too. I met him at a the Vegas Expo. I know he does well because he has a house in Vegas and lives in Chicago but one thing to remember is he owns the company so I am sure there is a difference between him and a broker starting out.
The business has definitely changed in just the short time I have been around. We know we aren't going to get the big accounts as most have gone to discount and online brokers, but we really enjoy catering to the small guys as well as being able to service large customers. Our focus is ag risk management, so we aren't relying solely on brokerage. Not all brokers trade on their own- which has been our approach and we prefer it that way. It allows us to focus on servicing our customers. I love the business but you better be able to come up with a solid book of customers in a hurry to make it work. Provide excellent service and come up with the customers and you will be fine, but it isn't without risk. Good luck.