you should do your homework. if you want to join a prop firm, shop around. my recommendation is cygroup only bc i haven't had any problems with them past 3 yrs.
that is a good point, i dont put rate as priority when selecting firm. more is the support, is someone going to be there to listen to my complaints. someone there to get me out of trades during emergencies etc.. Cy i know does a good job, seems to have good reviews from their members. Also for me is how quickly they update software etc. and breaking trades quickly and efficiently if need be..
Trading at a prop firm gives no benefit to trading at a retail firm. These prop firms are designed to churn and burn undercapitalized traders while selling the dream of instant riches. They charge exorbitant desk fees, typically 250 per month, plus thousands of dollars in training fees for classes. Then they let you leverage a 5G deposit 10 times or more. You might as well just open a futures account if you have a small amount of capital but you know how to trade.
that is a good point, i dont put rate as priority when selecting firm. more is the support, is someone going to be there to listen to my complaints. someone there to get me out of trades during emergencies etc.. Cy i know does a good job, seems to have good reviews from their members. Also for me is how quickly they update software etc. and breaking trades quickly and efficiently if need be....... Best point so far!!!! Some interesting reads in this thread, But if I may add some important aspects for a real day trader the most important factor should be reliabilty of your platform and communication with broker/firm, I can not tell you how many times I have been on hold while my system was down and watching a good trade turn bad. Retail firms a famous for their lack of service only because the bulk of their business is from retail investors not day traders. And they don t get the sence of urgency you might have when on the phone with them. That was the main reason I joined a prop firm don t get me wrong the leverage is a bonus as long as one knows how to use it and not abuse it. But if you are a good trader and consistantly make money a prop firm is the only way to go there are so many advantages I can't begin to list them all. Taxes and accounting become way easier, Normally trade with a group so you are not alone, lower fees with the right firm, always a better platform and most of all customer service they are always there. The biggest component to look for when selecting a prop firm in my opinion is pay out I work hard for my profit and do not like giving it away so I am with the firm with the largest pay out commission are just part of doing business If you can not make half a cent in trade it most likely was not a good trade to start with and your time as a trader will most likely be short lived. I say prop firms all the way!!! Trade well friends, B
im currently on the market for a new broker that uses sterling and stumbled upon this thread. Is "efficient executions" still around? those rates seem ridiculous and on another thread a link was given but the site has been closed down. Did they go out of business?