I trade for WTS. I know people at Alpha 7, T3, WTS, the Brights and others in the industry from experience & I agree - if you aren't around successful traders who can demonstrate that - you should forego the option.
Whoah! I didn't know that Echo closed. Why would Don not mention that on here? Man, that is VERY bad news. I wonder what happened there. They were one of the last survivors.
The good people left echo at least 2 years ago. From the front office to the top, they were gone. And these seemed to be solid people. Echo has been a ghost for a few years now.
...and I wonder what happened with the deposits and where the managing members opened up a new shop under new name.... ..and yes! how come Don not too chatty about this..
site is down and everything...I loved them when I was with them. sad stuff. they were across the street from my condo in PHX, AZ. I could see their office building my window... they most of had plenty of traders... wonder what happened? accounts refunded and that is it?
Merged with T3 but not a merger of equals. Echo chose not to advertise, be active on trading web sites, aggressively recruit traders, offer training to newbies and in the end was left with only 150 traders apparently not enough to maintain the firm. Was a great place to trade. ps just my observations as a trader there
Why do ECN Rebates at Prop Shops claim they are going to pass along all the ECN rebates that are scheduled based on volume we/or the firm hits? I was reading the fine print on ARCA, INCA and EDGX and it's funny how we are suppose to get the higher rebates from these ECNs and we dont. ARCA and INCA are $.0023 and EDGX is $.0027 after 3,000,000 and I am not seeing this. Do you know if ARCA and INCA are paying even higher than $.0023 as I have been told? Very few of my trades ever are "taking liquidity" so why would these Props not pay out all the ECN Rebates were thrive off of? How do we keep our Brokers honest about paying ECN rebates if they have a different schedule than the ECNs are posting?
Sad to hear Echo closed down. Always heard good things about them although I never traded there personally. The list of prop firms is getting smaller and smaller.