now rates aren't everything but are you trying to recruit for Icapdirect.com ? New traders give up 60% of their profits and pay .01 per share plus pass throughs. You have got to be kidding!! not too competative at all Stocktrading.com is Bright read around this board to learn more about firm and go to their offices. Might be a choice for somebody. but the other firms are retail which means no bullets, no use of firm's capital and so forth which is a very different game Please don't come onto this board and on your first post try to slam a competitor, while promoting your firm. Robert
First of all, Andover has a 500 share bullet minimum nationwide. Therefore, Lynx has to have a 500 share minimum on bullets. Second, I've been in this business for a long time. It does not matter what new traders pay in commissions. Those traders that come in to this business and worry more about commissions than actual training and making money are the least successful, by far. Third, there are a lot of users here with more than 1 handle. Why? To bash other people/companies and at the same time, not hurt their reputation on elitetrader. These people are not very hard to recognize. I bet this mm.... guy is one of them. -my 2 cents
Even though traderxp has it in for me, I have to agree. If the commissions are reasonable, somewhere in the 1 to 1.2 cent range, then new traders shouldn't complain. Think of it as, instead of paying several grand for a training course, you'll pay for it in the commissions in the beginning. This way, if you're not happy, you can leave. If you pay the couple of grand, and you hate it, well, you're out a couple of grand.
Why should trainers be conpensated? The firm is already being compensated by having an additional trader generating commisions. Firms should share things with you for free. I liked Taleb's book "Fooled by Randomness" and it helped me a great deal, but I'm not going to send him a cut of my profits every month (and he's not going to take any of my losses)! This is a individual sport, you win (or fail) based on the lessons you learn (or don't!) by RISKING AND LOSING YOUR OWN MONEY, not the "classes" you take. Give that "training fee" to the market instead, call it a loss, but then REALLY INTERNALIZE why you lost it. That will make you a better trader.
Your Comment is profound, It takes time, passion and dedication to pull profit from these markets......The easy money was over when all the retail chumps lost their capital. Now, the Warriors battle each other for the take. Back to Darwinism.
Just wanted to post a reply as to comments I read here, and clarify points of interest. regarding mrktwiz's post: "do you know what really happened at Echo or just guessing, not trying to be argumentative...but I am looking at three diffrent prop firms and Echo is one of them, I be very interested in knowing what going on, especially since rTharpe left." Well does there have to be something happening at ECHO, other than a merger, or just maybe something has changed or is happening that is different for those traders who left? Just a thought I had while reading this post. Food for thought. regarding theshadow's post: "ECHO got too big for their britches ... LIke typical firms who develop an attitude after making some $$$. They are looking to scoop up more $$$ for themselves." Again that is an interesting point of view. But, maybe just maybe there was a merger because as "our industry is broken in half ... or more than that" a merger is a means to survive in today's market environment. Yes, that is a different view than yours as to ECHO got too big for their britches. I would suggest that in a few years time, maybe even in a few months time, there will be more trading companies that will have to close. Who knows .... just a thought. Let me tell you about my experience with trading at ECHO. Even since the merger I could not be more happier. My rates came down (a lot) and the service in the front office has improved. Wow! I have had a positive experience with this merger. And, I am sure that there are many more like me with ECHO who can say the same thing. Individuals, like companies, take action in life to better serve themseleves. However, for companies who want to stay around in this industry, they keep in mind the best interest of their traders. Yet, traders can choose to take themselves to another company be it because of a merger, personal problems or whatever. And, yes that is my 2 cents worth on this topic. Patrick Quigley Echotrade trader
JWK, Glad to hear thats Lynx's approach. Just one question: Why have weekend seminars then? I got a call from someone at your office this past week informing me of a seminar for $1K Nov 2 or there abouts. I don't quite see why this would be necessary if mentoring was in effect.
Probably, because like most other firms, once you get too big, it's easier to make money off the seminar, and then sit back and collect money as the day trader churns. Or you don't have enough good trainers, and want to continue to grow, but just can't offer the hands on training you were once able to do.
I just stated the reasons why someone would setup a pay for training program. Be careful about making false accusations about facts you don't know. Read my other posts, I have actually said nice things about you guys. Your clarification of the workshop, proves my assumptions wrong. That's all you needed to do. I've also recommended the SD office to inquiries for Souther Cal offices. So don't attack me based on traderxp's false accusations.