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This is honestly the dumbest debate ever. For system traders you need to backtest. To run a system without backtesting is foolish. For discretionary traders backtesting isn't necessarily needed and in many cases impossible. Can we end this debate and not hijack this thread anymore.

I just noticed Eric Scott Hunsader is also one of the people interviewed in Traders Of The New Era. He has been one of the people most against HFT. I am interested in reading his chapter...

From the Amazon page for the above mentioned book: "Now traders at all levels of expertise can learn how tap into Halsey's unique approach to investment success by drawing on Fibonacci retracements (Fibs) within a series of measured moves across multiple time frames." Ha...I'll pass.

I haven't read the book yet (just ordered it today) so I can't comment yet on what the traders in the book were referring to. It is very difficult to backtest a setup that a discretionary trader is looking for. For a systematic trader you need to back test but I don't believe you do need it...

Bright Trading is the only firm that allows overnights.

I trade every day. Prop for my intraday trading and retail (TOS) for my swing and longer term trades.

Preaching to the choir!!

Whatever! I guess I am either an idiot or am consistently seeing "very rare opportunities"

I think you are right....which is a shame because it's not even that hard. It's only 100 questions. Plus, JC has a live online 56 review class which they hold regularly.

Not that it's any of your business but I easily supported myself being a full time day trader. And that is with a mortgage, student loan, car payment, and plenty left over for a decent lifestyle. Who cares if there is 1 choice or 20. The bottom line is there are choices but the only reason...

No. It's not. Those are 3 good choices.

Only other 2 I consider legit are JC Trading Group and Chimera.

There are a few recent threads about US traders overpaying and getting their funds stolen by offshore firms. So, general question for US traders trading at offshore companies: Why don't you just take the 56 and trade at a real, legit, regulated firm and get reasonable rates: Possible...

.005 is a fair rate for a trader doing minimum volume. Once your volume increases you should ask for a lower rate. The OP traded 160,000 in one day and is paying .004. He will never make money over the long run. He has to make $20k a month just to break even!! Seriously!! If he breaks even...

All US traders must have a Series 56 (or 7) to trade at a registered (read legitimate) prop trading firm. If you are a US citizen and the firm doesn't require one then it is an unlicensed and unregulated company and I would be very careful. The 56 takes 30 hours to study for and then you...

Dude, You are paying way too much. .004 is a rate for someone trading 160,000 shares a month...not in a day!!! You should be paying 1/2 of that. Furthermore, you are paying .003 to take. Most prop firms have dark pools where you can take liquidity for half of that. Do yourself a...

Trade-Ideas will do that. Along with JC Trading you should be all set.

Total rip-off!!! Call JC Trading Group. You will pay a fraction of that.

Excellent post!!!!

No one has heard of them. Call JC Trading Group. They are very well known and extremely reputable. They have been a sponsor here for years.