I do so for the low commission (but with a portion of PL taken), as my strategy bases on scalping/rebates. You think there are any DMA brokers able to offer $0.0002/share?
Hi Robert, thanks for the reply. I am actually familiar with Lightspeed already. The traders at my firm either use Takion or Lightspeed. However, I know of another Prop that uses Fusion and I am interested in how it works.
I am not with WTS. I am at a different Prop. But thanks for letting me know your thoughts about Sterling.
No, no retail or institutional broker is going to offer you 2 mils unless you are a BD and offering a ton of volume. Just curious, what % of your Profits do they take? Do they have other costs that you would not have to pay with a customer account that are material?
Try contacting Sterling Tech-https://www.sterlingtradingtech.com/products-and-services/platforms/stt-fusion/ I don't think they have a free demo.
if i get a DMA broker to offer 0.0003/share, i will open an account with half mil and promise at least 80k shares traded a day. no other costs at a prop shop besides standard software charge and a 10-20% split. lightspeēd chares $1/1000 at its lowest tier, which is too high for scalping
I'm not trying to get you to switch. I understand why you want that rate. Now I would like to show you why no broker will offer you that. 80K per day is around 1.7mm per month*.0003=$510 in gross revenues per month before all costs of doing business including variable costs like clearing/execution and then the cost of service, support and compliance. This is why prop firms have been disappearing for 10 years, unless they have a second revenue source. Those sources of revenue are typically desk fees, eduction and chat rooms. I'd be surprised in 2020 if there are more than 2 to 3 JBO equity prop firms left in the US.
then a PL split model makes more sense to me, as paying out $1000 commission to a broker regardless of my PL sounds like a fixed deadweight cost
So when you place an order you get double fill? Or you try to sell long position and when placing order nothing happen? In some prop on stocks with SSR they allow to close long position only on uptick.