Some questions from newcomer

Hello, pro traders and would be traders.

I am new here and would like to find some friends to chat about trading -)
A little bit about me. I am moving to US since march 2014. My knowledge of English is a little bit limited (Russian is my mother tongue), so sorry for grammar and other language related mistakes that I'll do in the near future.

From trading viewpoint. I have two years experience as profitable forex trader (trading at home). I would like to become pro trader in US. I did some study of US security industry. (Completed series 3 and series 34 examination)

And now the questions.

1. As I understand from the forum two companies are sponsoring for series 7 exam e.g. Bright and Echo. As well WTS requires series 56 exam.

For some reason I was unable to find web site of Echo. The only site that was found
http://www.echotradeonline.com/home.html – but it's contains telephone and e-mail. That's it. No additional info. Can you direct me to echo web site?

2. What is charges for buying stock in prop companies?
For example let say I am going to buy 100 shares ten times is it the same as to buy 1000 shares 1 time from view point of charges? E.g. if exist minimal fee for the deal?

3. If exist minimal requirements for amount of shares that trader can buy e.g. is it possible to buy 1 share or 100 shares would be the absolute minimum?

 

What country are you from and what is your residency status in the U.S.? Unless you are a U.S. citizen or permanent resident, it's going to be very difficult to register with any of the firms you mentioned. Some, such as WTS, have international arms (www.wtstrading.com) for those who are outside the U.S.; However, they do not require any type of licensing to my knowledge.

Also, are you looking to trade forex or strictly equities? Forex leverage is very easy to obtain with retail brokers.

As far as EchoTrade website, there are rumors they are merging with T3 on the boards. Nothing official has appear so it's been all water-cooler talk for now. Although, I would point out their website has never been put together well. All around, they have great reviews.

 

Thanks for quick answer. Actually your are the first man that answered me and it's very nice -)

I am from Israel (was born in Russia, but that happens many years ago)
I'll have permanent resident status since march 2014 and I'll be in the US. (going to Florida actually)

I would like to trade equities (mainly stocks and ETF's). I don't think that I'll want to trade forex with US based company (too many restrictions exist in the forex area for US based companies)

Did I find correct EchoTrade website http://www.echotradeonline.com/home.html or they have some other website?
For some reason I found very good reviews for echo and not so good reviews for T3.

 

T3 charges fees for education and their services have those fees already prices in so if you're looking to get low rates, t3 isn't for you. If you need your hand held and want somebody to teach you everything from A to Z (or Alef through Taf, T3, SMB, Alpha 7, Maverick Trading are around. With them, you pay for educational courses and trade firm capital so your money is non-refundable and does not act as a deposit of any sort.

EchoTrade, WTS, Bright, Etc function more as brokers. They compete to provide lowest prices for execution and access to leverage while T3 competes to provide quality educational products/services.

The licensing process is fairly expensive in the US (upwards of $2000 for a series 7 and $1000 for a series 56). Some training programs run 2-3k in total and let you trade once you complete the training. The models are different.

 

Well, I do have some knowledge of basic stuff. More than that I have more than two years experience as forex trader. I believe that trading is trading – limit orders to buy and sell, ability to trade in high leveraged environment, money management, etc... All this things are similar in forex trading and in equity trading. Of course the differences exist, I just have to study the differences.

One of the things that I am trying to understand is trading expenses. So T3... kind of out of the picture for two positions 1. Education (I do need the education, but not for beginners) 2. Execution prices

“EchoTrade, WTS, Bright” - looks better.
By the way do you have some example of execution prices in the above companies? ( EchoTrade, WTS, Bright) I would be glad to have some reference to study before I'll contact those companies directly.

And btw series 7 exam looks as better option than series 56, from employment view point... I guess after two years that you hold series 7 license, it's possible to search employment in banks or brokerage companies.

 

My friends at Echo have closed, no rumor.

And, we too have an excellent training program(s). Check with Rob Friesen for more info: robfriesen@brighttrading.net

Don

 

Evo,

What firm charged you $1,000 for the Series 56?!?!?

JC Trading Group only requires $300 total. The breakdown is $200 for the exam and $100 for finra registration. Why would it be $1000???

 

You should contact the firm and make sure your registration will be accepted by their SRO. Each has different naturalization/residency requirements for registration

 

I don't know where you're getting that information but it is old. JC traders are registered with WTS (whom I trade with). The registration fees are now $600-700 without the book which is another $150-$200. On top of that, if you fail, it is over $200 to retake the exam. It costs double for the series 7. The registration and exam fees for both are also set to increase in March 2014.

There are other costs associated such as fingerprinting fees, etc. the $300 figure is probably a low ball to try and appear cheaper than others.

I agree with Don. If you have the 25k deposit, his firm is your most reputable and longest-running firm around.

 

Did they merge with T3 or close down?