actually, i take that back. i saw the rates on their website. not very impressive.
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A Trader's Agent?
- Thread starter Andre
- Start date
Quote from Andre:
not sure what their value-add is here. they look a lot like the trading equivalent of a mortgage broker. which doesn't mean they're bad or evil or anything. ... just not clear what value they're adding.
Which is why I'm looking forward to the chat.
André
Be careful, you are posting stuff that says you haven't been around much.
So anyone sign-up with Directnet? I am interested, but it sounds more geared for daytraders. But my day job limits me to swing trading as well as some other short-term (vs. day) strategies.
I'm really wanting to know if any swing traders have been accepted by Directnet and gained access to the leverage. I assume I would only be allowed the 4x overnight amount, but that is more than what I am currently getting. Also, wanting to know if anyone knows what all the costs are. I assume the $199/monthly (mentioned on the Chat Seesion that anyone putting in < $50k, pays a flat fee) and then there are the B/D commissions (higher than my current IB rates for my volumes). But what about the capital investors (banks?) -- do they take 20% of wins like most prop firms do?
I'm really wanting to know if any swing traders have been accepted by Directnet and gained access to the leverage. I assume I would only be allowed the 4x overnight amount, but that is more than what I am currently getting. Also, wanting to know if anyone knows what all the costs are. I assume the $199/monthly (mentioned on the Chat Seesion that anyone putting in < $50k, pays a flat fee) and then there are the B/D commissions (higher than my current IB rates for my volumes). But what about the capital investors (banks?) -- do they take 20% of wins like most prop firms do?
Compounding a quick answer to your question on if the leverage company takes a portion of your profits is 'no'. You incur 100% of all gains and losses. I've done the best due diligence on this firm and they seem straight. My understanding is you will pay a one time fee of $199 to DirectNet for 'administrative' purposes and the such. I've looked at their different packages they offer and it seems that for traders like us (swing traders) that the Select package is the best. Also choosing the Rushtrade Platform is the most economical, I've toyed with the demo model and it seems good for swing trading. The platform costs $49.95/mth but if you do 50+ tickets/month you get a $25 rebate (100+ = $50 rebate) so this cost for the direct access platform Rushtrade provides is minimal. As far as the Leverage company is concerned they are based out of Garden City, NY and have a webpage at www.financialsystemsgroup.com. They charge a flat fee of $199/month for accessing their buying power (4 times capital) which seems to be fair considering the buying power you have for overnight swing trades. Seems like a fair deal, they are marking up the commissions a bit since they charge $11.95/trade, quickly looking at the Rushtrade website you'll see the highest they charge is $9.95. All in all seems like a fair deal, especially if you are a profitable trader. Any other questions or comments about this firms please pm me. There's not too mucho on this forum about them would like to hear other opinions. Ciao. Zman