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By the way Don, I appreciate it. Some belligerent traders here seem to like to have a prominent target to criticize, but as a remote trader with a small group outside of communications with management and other traders, I don't get information like this or other exchange/trading news as easily.

10 year suspension from exchange membership? I wonder who this is. I hope some shit like this doesn't go down with my firm some day. No way to know ahead of time.

Doug Kass seems... unaware that there are not 90 months in a year.

A regular 3:1 ratio is very encouraging, especially if you're trading liquid issues (so it's scalable). Keeping a consistent $15/1000 or $20/1000 ratio is all you need to be nicely profitable. 10k shares a day isn't a huge killing for a prop firm, but if they get a sense that it's a start...

Yeah, I kinda assumed that but never get good confirmed info. I've seen .001 for SDOT charged to management sub-LLCs at a firm that wasn't self-clearing. Rates varying from 0 to .003 for ECNs. I just assumed .0015 covered average costs and profits to the larger prop firm.

1. 20k gross after a year is incredibly slim, so I wouldn't think the firm would be too concerned about losing that trader. 2. That trader will probably never make a dime on those rates and payout (with fees!). It's really just a matter of how long it takes for him or her to get sick of it...

Have you seriously heard of any firm trading the markets patenting anything? Imagine the legal consequences of that. Best you can do is patent code or software. These non-competes have nothing to do with that. The standard prop firms like Assent, Generic, Genesis offer the same things...

Let's say the firm teaches him how to tape read, i.e.: buy when size steps up, sell when size steps down. Pretty much the standard 2001-2002 technique that all these chop shops use to generate commissions, that they can teach in a week, and you can find in a few threads on ET. Either that or...

Avoid at all costs. Do not sign that non-compete. What they will do is charge you huge commissions (like .008 - .01 a share) and keep you as an indentured servant. You will learn a technique that will probably generate 40,000 shares a day or more after a few months. Their costs are around...

An unfortunate state of affairs with that bonehead continually doing the precisely wrong thing in every chance he has. I highly doubt he's going to nuke anyone. He needs the show of strength as his regime is collapsing, and probably wants the nuke to mainly blackmail the U.S. for more aid...

I haven't heard a single word from my firm, so I don't know, but I can't believe this will end up happening. It would be too destabilizing to the markets to drop volume by 70% by hamstringing licensed day traders.

I trained some friends. One family member wants to learn, but I can't teach him unless he becomes obsessed with it and spends all of his time rethinking the normal comfortable mindset, which would not be good for anyone. So I try to complicate everything I say so he gets the idea it's better...

Couldn't get the poll to work? My guess is that the majority, population-wise, will be index futures day traders who trade small moves. Followed by retail traders and mechanical traders who use all types of TA, then prop traders and new guys hired into chop shops who pound on keys all day and...

Have to get 3rd party charts. Echo's charts are awful.

Of course not. The established prop firms will find a way to redefine their structure, if anything ends up happening at all. They've just been pushing the boundaries a bit too far in the recent past to get by without some response.

LOL

Obviously I can't say which ones but it was common, and I think it had something to do with how accounts were designated -- they were prop firms that were bypassing the licensing requirement for certain kinds of leverage. It may not be a legitimate legal issue, I just remember management of...

Without a doubt it will be bad across the board unless the standard prop firms find a way to legally tweak their arrangements (and I'm sure they will). I think you could see this coming a year ago though. The whole retail accounts with prop leverage thing was a quite noticeable...

Well, cynicism often disguises itself as a rational assessment of reality. There are too many people who make money day after day and their account equity does not have within a random distribution pattern. That is all the proof needed right there. Just because something does not appear to a...

That is very interesting. I hope we hear more about how/if this gets implemented. I remember reading that Green site a year ago or so. They seemed to be the only people really keeping track of this kind of issue and knew their stuff. I'd also been suspicious when I heard about firms...