thanks and goodbye. I quit.

Discussion in 'Prop Firms' started by roadstar4, Mar 25, 2008.

  1. I'd like to thank everybody
    who tried to help me. thank you guys!

    I quit trying to open an account with a prop firm.

    The US government doesn't like my euros - pretty strange :p, isn't it'?

    I'm not rich enough (25K) for the government to have the right to trade whenever I want. Good. They probably want more control for their owners (private - federal banks). Ok. I don't like to resist things. Flowing is the right way.

    It's just that I have 5 years of experience in the US stock markets, and I didn't want to start from scratch with european markets.

    And I won't.

    I'm going to trade CFD - contracts for difference -.
    Unfortunately commissions are 2 cents per share...,
    I'm going to follow only 15 oil stocks and 11 tech stocks wich have an average price of almost 100 dollars...
    This way commissions will not be a problem

    I'd really like to thank the SEC
    because it helped me focusing on a single trading strategy.

    I'm starting with 6k dollars. Maximum leverage 10X.
    I let you know when
    I'm free to go retail.

    peace & love & sex to everybody
  2. you have 5 years of experience but you haven't even made 25k to start an account?

    ...does not compute...
  3. exactly.

    maybe you don't know that most of the greatest traders went bankruptcy before they made it.

    I'm not saying I'm one of the greatest trader,

    I'm just saying you're not.
  4. lol...says the man who can't get enough money to trade.
  5. cold


    OP its all cool and good just one problem

    most shops offering CFDs are bucket shops

    for example you will be trading CFDs with CMC markets right

    how do I know........well I kind of know everything

    if you go CMC or GCI or any other ones doing CFDs

    BTW GCI has many names in Europe, they hold primary accounts in Germany etc

    sorry bud, you are trading virtual reality game with bucket shops

    like I said........I know everything

  6. I trade with

    ticker IGG, at the london stock exchange.

    they are the big guys in the business,
    1 billion sterling market cap...

    they're the number one in the game, sort of IB for stocks - of course a lot more expensive... because it's CFD.

    but not a bucket shop for sure.

    I've tested their platform, and it's fair.

    And you can request any US stock you want above 500 millions market cap, if they don't have it on their list.
  7. cold


    yeah OP that is what they all say

    I would have to taste their blood myself :mad:
  8. Dont kid yourself, IG may be the biggest bucket shop, but they are still a bucket shop.

    From the IG CFD terms and conditions:

    "You acknowledge that when you place and we accept an Order you are dealing with us as principal and not dealing on the Underlying Market. You further acknowledge that the triggering of your Order is linked to our bid and offer prices, not the bid and offer prices on the Underlying Market, and that our bid and offer prices may differ from the current bid and offer prices in the Underlying Market. The effect of such is that your Order may be triggered (i.e. because our bid or offer price touches the level of your Order) even though (a) the Underlying Market never traded at the level of your Order; or (b) the Underlying Market did trade at the level of your Order but for such a short period that it would have been impractical to execute an equivalent order in the Underlying Market."

    This is a licence to run your stops..

    Also the mininum commision is $15 dollars per side.

    If you average 3 trades a day, you are paying $2000 a month in commisions. 33% of your account a month in commisions! WTF...
  9. Yeah, thanks for the research


    My minimum commission is 7.5$,

    they didn't lower commission per share, but as for minimum commission they did.

    And since I trade 100$ stocks, I'm going to pay less that a prop trader who trade 20$ stocks...

    Their bid and ask most of the time are exactly equal to market price, but they do not have all the ECN..., for example a market order for a NYSE stock, may go directly to NYSE even if you may find best prices.

    I can compare it to my esignal quotes.

    What you're quoting
    is for futures trading, not for stocks.

    I would never trade futures with them because you pay the spread, and you do not trade with real market prices.

    for stocks you're dealing directly with the underlying markets and you pay commissions, not a spread.
    you even have level 2 quotes on their platform.

    Obviously it's a bucket shop.

    But I think it's fair.