Anyone can take 20,000 shares of a stock and sell it on the close and either make or lose 30k every day. I was referring to daytraders who scalp. Andover's commission schedule doesn't allow them to make shit off 40k shares a day. If they had an office of guys like that, they'd be out of business. ASSUMING this guy is such a GREAT trader, then he must be trading his own money. That means the house don't give a shit about how much money he makes. This makes your comment stupid. He can make 1 million dollars a day but it doesn't help Andover. Plus, I was referring to one office that you don't even know where I'm talking about.
You wrote,"ASSUMING this guy is such a GREAT trader, then he must be trading his own money. That means the house don't give a shit about how much money he makes." 1) Both prop and retail are a full 100% payout...so that comment makes no sense. The house does "give a shit" because they have profitable traders working there. 2)A guy who trades his own money is almost a riskless investment for a firm. Unless space is an issue, any volume from an otherwise empty desk is better than no volume. 3) Every trader has his/her own style of trading. Some take huge size and flip for pennies others take smaller size and ride for halves and points. At the end of the day, the only thing that matters is net P+L.
1) I don't know any firms that give 100% payout but I won't argue that. Let's everyone that trades prop go out and get 100% payouts. In response to your 1 and 2, why would a firm bring in traders that they can't pay the rent with? You can have all the best traders in the world and maybe worldco did have good traders since they seemed to have landed somewhere BUT if you can't make money off them, it doesn't matter! They can all be George Soros' or Warren Buffets! From a firm's standpoint, it doesn't matter. That's my point. In response to 3, every trader does have their own style but that goes to say that who cares if someone made 30k in one day. That was the example that was brought up in the previous post. Does he make 30k EVERY day???? If not, why was that even brought up? If so, more power to him. At 30k a day, that's 7.5 mil a year. My previous post was just saying that I was in an office that did NO shares (relatively speaking of course). And by saying this, this office wasn't making enough to pay the rent.
============================================== "the head trader doesn't do more than 200k shares a day! piker city i guess." ============================================== 200K shares a day not paying the rent for an office is one thing, calling the trader that does 200K a piker is a different story?
fattyasids makes no sence i know alot of firms that give 100% or 99%. i think your not a skilled trader so nobody makes you a good deal. i even bet you work for a middle man not the firm. see your problem is you think everybody in this room has your deal or walks into a firm and is offered the deal you would be offered. firms are very happy to have a person who makes 10k or more a month and only make 3k off them. if your very low risk, have a track record and they have a ton of open space then why not. the trading firms have to pay rent and to have sized down guys trading 40k shares a day is being smart. when the market picks up they have traders and you need traders to have a trading firm. also what is a firm going to do close down til market improves. think man think
you make no sense. of course, firms want traders to make money. you're an idiot for saying that i disagreed with that. and i said that i wouldn't argue about the 100% payout. i think its great that all prop traders get 100% payouts. anyone who doesn't have it should get it. you don't sound too smart. i don't work for a firm nor a middleman. i work for myself and i've been very successful. 3k a month is not bad (not great) for a firm to make but that will assume they make 3.75 per ticket on 40k shares a day. see if you can do the math! my point is: i know traders paying less than that so there's no way a firm is making 3k a month. think dude think. math is not your strong subject i see and neither is your english.
i said "doesn't do more than 200k". and i can assure you that he wasn't making 30k a day or even close to it. hmm, i think 50k a day is less than 200k shares a day the last time i checked.
how do you trade and not work at a firm. who clears for you then ? do you have a nyse seat maybe haha. if so why are you visiting andover offices during trading hours.