Ok, here's an update now that I've been trading at Worldco for several months now. Gross profit = $166,000 Net profit = $94,000 (My trading style is more scalping) I have had my commission rates cut to 0.0078 cents per share. Still no ticket charge. My payout has been increased to 99.5% of net profit. My share size has been increased to 25,000 shares, 50 positions. All of this without having to put down any capital. I've been offered 401k/profit sharing. Again, this firm does not charge desk fee. (don bright, beat that!) For the amount of capital they allow me to trade and on top of that the extra incentives such as profit sharing, I TOTALLY don't mind giving them 0.5% of my profits. Granted I started with one of the best traders at the firm, but that's where my previous credentials helped me out (Ivy Grad, solid work history at major bank) I simply can't see myself trading at any other firm. It's a shame how some of the "retail" outfits that call themselves proprietary trading firms out there fool people into dropping 25k to trade and struggle with other novices...it's a slap in the face how some of them charge extra for training. On top of that, they end up paying more in commission since they are not self-clearing.
nice self promotion job.you have been trading a couple months now and you think you know whats best and that the other guys stuff isnt any good.lol
<i>you think you know whats best and that the other guys stuff isnt any good</i> It's about the numbers, not an opinion.
50x25,000=2,500,000 shares. So to gross 166k, that is an average of about 1/8th on your max allowable positions. This took several months. What happens if you have one bad day? also, is the decimal in the wrong place on your commissions, or are you paying less than 1/100 of a penny per share?
sorry rs7 but 50x25000 is 1,250,000 shares. If your shares go up a dime you make 125K, if they go down a dime you lose 125K. Why did it take months to make 94K with that much invested, and what happens on a bad day?
haha, as if he was scalping with a million shares a pop. Why do you assume that he would be maxed out with every trade?
yes, you are right...1,250,000 ...sorry i was sleep-thinking. but still, why HAVE that kind of share size if you can't really use it?
People asked me to post an update, so I did. You guys can take it any way you want. Obviously, I don't max out on my share limit each time. That is simply ridiculous. I only average around 175K shares a day. The fact that I've only had 4 down days in over 100 trading days has earned me the trust of our risk management team to have that much size available if and when the opportunity arises. (I've only had a 20+K position twice thus far). Anyway, you've got your math all messed up.