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Hold Bros. requires $10K up front (at least in the NJ office) and have a 90% payout and $10 tickets (all in) per 1000 shares traded. Their software is pretty good (it was developed in-house). They primarily trade NASDAQ stocks and have a good training program. Schoenfeld doesn't require a...

The entry qualifications at those firms are: 1) enough money to cover the initial deposit, and 2) enough intelligence to read the Risk Disclosure document and sign it.

My transaction costs are based on 1000 share blocks. If you charge 1 cent per share (which is a bit steep), then you're already looking at $10 per 1000. If you tack on ECN fees, SEC tax, etc. for Nasdaq stocks, then your transaction cost is around $12-14 per thousand shares. It's cheaper to...

From my experience, I'd say 60/40 or 70/30 (the trader gets the higher percentage) is highly competitive. Other companies use a sliding scale payout based on your ticket average (with a max payout of 50-55%) and super low transaction costs ($6-7 all in, including ECN, SEC tax, etc.), but even...

Well...Don IS sponsoring this forum. I guess shameless self-promotion is one of the perks...

Being surrounded by successful traders is the best possible environment for you. Make sure you pick their brains as often as they'll tolerate it. You'll be exposed to different styles and you'll come up to speed much faster than if you're surrounded by neophytes. I've seen trading offices in...

I'm not criticizing Bright Trading. They (and other similar firms, e.g. Carlin, Generic, Echo) are aligned with one kind of business model and other prop firms (Momentum, Hold Bros., Heartland, Sonic) subscribe to another. The marketplace will determine which model prospers in the long run...

Maybe some prop firms don't want to open additional shops because of the costs involved and also because the market is not that great. Is it wise to be opening branches left and right in a recessionary environment with a weak stock market? The only thing fueling this hypergrowth is hype...

I wholeheartedly agree with you, Don! Alot of sub-LLCs are backed by dubious firms that are not financially sound. When you join a sub-LLC, make sure that it is backed by an industry leading firm (like Momentum, which has a Wall Street respected management team and significant investment from...

I know traders who have started sub-LLCs. They are usually traders who left their old prop firms in search of a better deal for themselves. Nothing wrong with that! Don and other prop firm owners are against them because they view them as "traitors" and "backstabbers". Sub-LLCs are good for...

I use some post-its on my monitor to help me keep my focus. Sayings like "Don't average down losers", "Keep It Simple Stupid" and my personal favorite, "He who picks bottoms ends up with smelly fingers". :cool:

Yup, I got rocked by Klac yesterday! Tried to play a bounce. Should've stayed short but I haven't seen such wicked down moves in awhile. Thank god my max position was only 1000 shares or I'd be out homeless...

Oops! I was referring to the Nasdaq, not the 100! 52 week range was 1387 to 2328. My bad!

By the way Commisso, when did the Nasdaq get to 1088? Maybe six years ago! Are you sure you're a trader? :D

Well, if I kept positions for three months at a time I would agree with you completely! The problem is that I don't keep overnight positions. I like to have a good night's sleep! However, when the Nasdaq is up 20, down 10, flat, up 5, etc. from day to day, there isn't enough movement for me...

Hey Nwbprop, do you have any connections with big broker/dealers in New York City? I would LOVE to get into institutional trading but I lack the Ivy League credentials. I could always go back into daytrading when the market gets better. At least with institutional trading, I have the...

Don, I guess I'm afraid of becoming a newbie again. I've become quite adept at reading momentum on Level 2, although decimalization and the bear market really screwed us Nasdaq jocks over. It's true that listed stocks don't have as much noise and have clearer moves, but I feel at a...

I'm only trading Nasdaq stocks via Level 2. I've never tried options, futures or listed stocks and I only dabble in the QQQs through Island and Instinet. When I say that the market is not trending and has no follow through, I mean the Nasdaq. Am I the only one who's noticed that it's stuck in...

Nwbprop--I'm not trying to discourage you from becoming a daytrader! Personally, I love daytrading and I can't imagine doing anything else (except being a prop firm owner of course). I'm just trying to present the facts to you so you can make an educated decision. Of course, these facts are...

Quite the contrary, Don! Prop firm owners are just trying to make a living just like the rest of us! I don't begrudge them that at all! In fact, if not for my old prop firm, I wouldn't have learned to trade and I wouldn't have a modest nest egg saved up. Plus, I learned to trade with other...