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....both very small, both in NY.... Sharpe Capital (which ultimately had other problems) WJ Bonfanti (NYSE floor broker who tried a day-trading desk) ...so the good ones left are ?? Bright Echo Schonfeld ???

if nothing happens elsewhere.... get a job at one of the bars near the exchanges - 400 s lasalle - (used to be Jesse Livermore's but that has changed)..... tell all the traders that you want to be a clerk. one of them will give you a chance. the thing is tho....the floor business is...

if one is to trade thin stocks - then one has to be prepared for the WIDE ranges - so, if the entry point takes into account the 30 - 50 - 70 cent (???) swing - and is prepared to wait for the swing back..... if one had a way of getting in at a "good"time - because they were so focused on...

Alex helps him out now if he doesn't answer...

Echotrade has a full-time, very professional risk management department. They are extremely vigilant and always on top of orders, leverage, various exchanges going down (arca for example, outstanding orders etc. One knows at all times - intraday - where they stand. At the moment, Echo is...

I trade at Echo and have substantial equity there - and it is my understanding, from my own and some helpful due diligence by others, that PAX is extremely solid. Furthermore, the risk management at Echo is excellent - as I have been a recipient of it more than once! For example, just...

gotta love that.... and gnomes posts.... thanks,

It is true that at least one trader at Schonfeld Chicago made 7 figures in 96 - the year I sat in the room with him. It is also my understanding that there were a handful in NY who did the same thing. 97 was a better year for that trader - and it is my understanding that he did in fact clear 1...

Rearden - Thank you. As the thread started, it was a simple honest question from someone working hard at daytrading again. It used to be inspiring to sit in that room as well as to hear some of the guys from NY. I just wanted to hear about other people's experience. Anyone who knows...

ertrader... I left schonfeld in late 96 because i was offered a job in NY as a large nasdaq market making firm to run my own desk. My friends at Schonfeld continued to talk to me and tell me what was going on. So I was not fired neither was I making that kind of money - that is why I took...

thanks .... i appreciate that answer greatly! The trader was at Schonfeld so..... his personal risk was minimal and they watched everyone like a hawk so..... Good to know it is still being done.....

Yep... in 97

Hello everyone - This is one of those questions that those who really know aren't going to tell and those who don't....well....but I am going to risk it anyway. I have traded at ETG, & Schonfeld (93- 97) and now I am back full -time. I used to know day traders that were making up to a...

As someone who left that used to be elite prop firm to run my own daytrading desk within a larger market making firm - i can assure you that the way prop firms make money is commissions - plain and simple. it isn't any more complicated than that. Maybe Schonfeld/retail would be a good...

...well you know the old saying 'if it aint broke....' good luck....

thanks ktm!

Yes that is one way around the problem. What happens the other 20% of the time? Do you trade full-time?

What exactly is a 'no action letter?' and did SS start out back in the early 90's with the same model as Bright etc? DKS

Zorro's original post is, if not universal, is certainly familiar to a large percentage of new, moderately experienced and even traders who have been successful for many years. Even traders like that have been known to be successful for long stretchs of time and hundreds of thousands, if not...