Evotrader 2 good info Any personal experience with any of the overseas props? i know the vtrader in chicago . Are you referring to someone else overseas?
OK, thanks Evo for helping others, and showing sanity where there often is none. We, as a firm, have simply evolved with the idea that we need to keep traders making money, or they simply go away. We don't have the massive group of "newbies" if you will, back when everybody wanted to be a trader. Our new people are better educated about trading for the most part. Makes this much easier. I think I noted that January was our best profit wise for the traders in some years. Things are really looking good for 2012. Maybe we trimmed down somewhat (no fat jokes guys, LOL).... and we do have fewer total people, but when we have good success numbers, especially right after our Retreat where our $million traders came here, on their nickel, to share with others, it makes me feel good for orchestrating that every year. As far as reg's go, no big deal. We had a one page "contract" for 10 years, then the SEC asked that we become a LLC, ok. They asked for other stuff, we complied. Not easy, not cheap, but we keep our reputation and trader security. Dont' get me wrong, I sometimes privately ask "what they heck are they asking this or that for" during our every other year review, but we always pass. Sorry if I seem to hijack the thread, not my intent, just saw my name, LOL. I know nothing, good or bad, about the above mentioned firm guys, so no more PM's LOL. All the best, Don
Hi Don since you have traders that hold for short time frames & use different strategies which can be quite profitable for the right traders How many traders in your firm would you say earned over 250 k last year ? Any of your individual traders actually earn more then 1 million last year ?
Yes, we have $million traders. We have several well over $250K. I have one making over $200k for January this year too. The total group, of active traders, is down, but percentage winners is way up. Now, just for fun. Please ask other Firms' for the same response. My friends at Echo, Generic? Even the "other" firms. People are making money, working harder to make it, but making good money nonetheless. Don
ok. sounds like you may have about 3-6 traders in each income category Not many traders that are earning above 250k per year . most probably earn under 100k per year I asked since you have your finger on the pulse & have a majority of seasoned traders vs others
hitnrun, I can also vouch that I know multiple 6 low to mid 6 figures and a few 7 figure traders. there are also a few independent brokers that have their customers accounts through the SIPC insured FINRA broker-dealer of WTS. I know at least a dozen 6 & 7 figure independent investors / traders. On WTS's floor there are a few 6 figure traders. even one or two scalpers earning 6 figures. There's always people making money. even if 90% fail, 10% still succeed. The retention rate is about on par with small business success rates.
I agree . their are some consistent traders that make good money every year Their are usually a handful of traders in most props that make 100k per year I was interested in what don had to say & they do have some heavy hitters I know of a few that make 2-3 million per year but those guys are stars & rare to find that actually trade their own money & are discretionary traders
I don't think he is talking only about rebate traders ? scalping is a not only for the rebates wts does have all different type traders so they probably have some 6 figure earners
Don definitely has good quality traders. By what he offers, you can tell his business targets professionals who make their living off trading or supplement other income. A lot of traders (myself included) also run other businesses on the side. A lot of firms have good traders. I know a few at WTS that make in the mid 6 figures. hitnrun is correct. Scalping is not rebate trading. Rebate trading can draw 6 figures but not by manual order entry. You'd need to scale it up and automate the strategy. Capital Traders Group is in the same building as WTS and they have a few guys with decent blackbox/graybox for adding liquidity. If these guys can run this, I'm sure Bright has got traders running some really interesting automated strategies. I've spoken to Don about this. WTS has an edge in that they're clearing with Wedbush and probably have a flat rate to trade all those really high volume stocks like BAC, S, SIRI, etc. They're probably paying a flat clearing fee for those symbols which is why they can offer the blackbox/rebate traders 30 cents per 1k shares.