Am I Getting Ripped Off?

Quote from traderich:

obviously the guy is full of crap, but it makes you wonder why he is posting such a bs post to begin with. He must get a kick out of talking like a big shot.


cheers.
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He is an obvious shill, I'm waiting for the advertiser to show up.

That sounds like a Schonfeld deal, but sh*t, if you have been trading there for 6 years and were trading through 2000-2003, you would be a millionaire right now.
 
My post is not bullshit, but perhaps an exaggeration and definitely misleading. Out of 60 months, I've only had 7 or so 50k-100k months and to be honest, they came before my cocaine habit ate through every last penny. Right now (the last year), I'm good for 1-1.5 million shares/mo and taking home 5k-15k.

In November my new risk manager (and me of course) gave me enough rope to hang myself and had a 2 week string of negative 10ks, so I'm in a bit of a hole and my confidence is completely shot. I'm back to trading 500s and 1000s share lots and trying to squeeze out 1-2k a day.

I guess my original questions is answered --- yes, i am getting ass reamed with my comish. I've always let that go because of the times I'd show up fucked up, or not show up for 6 weeks at a time, they've hung with me.

But now that I'm clean, and could use those "pennies" I've been giving up, I want to have a fair deal

Bottom line, I'm good for 1million shares a month and a net of -10k to +30K. What is a fair deal (all this considered)?

Thanks you everyone for taking the time to respond to me.
 
Get help! Your habit speaks of some underlying issue there which will eventually come out in your trading if you get big enough to throw some size around. I feel for you. I'm also concerned about a shop that is obviously not watchful of the kinds of traders playing with their capital.

I wish you the best of luck.
 
Quote from jamesglsn:


I've always let that go because of the times I'd show up fucked up, or not show up for 6 weeks at a time, they've hung with me.
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Uhm, you are at an equity "prop" shop. Dude, I just find it hard to believe you are this naive. You are not an employee, you are a customer, you technically can do whatever you want. I've come in high into the office, another guy used to go smoke blunts during the lunch hour, people used to do coke with the compliance officer & group manager. I used to go to lunch with that same compliance officer and get drunk, and then come back. Go do a search on Walter Bruan, head of Worldco, the guy used to snort coke every hour on the hour. I used to take off 2 weeks off at a time almost every month, ain't sh*t they could say cause they were still making 1k-2k a month from me and I was very low risk.
Loyalty, lol, your firm has been ripping you off badly, how's that for loyalty. Do a calculation for the last 2-3 years, you could have been trading at .002-.005 a share with 100% payout. I bet your firm made more on you than you made for yourself. And for those "down" months you have had, I bet they were probably a break-even or even profitable months for your firm.

I still find this story hard to believe, if you can make 1k-2k a day with that commission and 500-1000 share lots, you are like top 5% of the daytraders out there. There are guys who are making 1-2k a day now who would make nothing with your commission.

Sh*t man, just how much coke do you do?
 
just wait guys ,, did we clarify if this guy was paying .001 or .01 , i think he said .001 and 80 percent,, which isn't that bad to the point of being rich or poor,, could do better,, but of course .01 which i doubt is crazy.
 
Quote from jamesglsn:

I've been with a NYC Prop firm for 6 years now and my terms are no money down, .001/share, no ticket charge, and 80% payout. My best months I trade 2-3 million shares a month, but my worst months can be as low as 300k-500k per month.

Mitigating circumstances are that I have some personal problems and have been known to take off 1-3 months at a time, yet they have always paid my health insurance every month and have always been willing to give me a 5000/mo draw when my acct has been negative. I have enermous loyalty to these guys for that reason, but I get the feeling that my charges are way too much.

I've had 3 losing months in the last 60 and when I'm on my game I'm good for 50-100k /month without my account ever going down more than 30k before I dig back.

All that said, am I a sucker to still be paying .01/share and giving them 20%???

Thanks for any input and let me
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Dude,

Thats sad and let me assure you that coke is no joke (as im sure you know).

I've seen more great minds and careers killed with that powder then leaves on tree's.

It's simple, JUST STOP NOW ..... WHILE YOU STILL HAVE A CHANCE.
 
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