Any prop firms offer SIPC protection?
- Thread starter inandlong
- Start date
Don't blame Tharpy. He is about as honest, straightforward and helpful a character as you could hope to meet in this industry. However I am not sure about that JWKirkland fellow (just kidding, Jonathon!!)
I went to an outstanding seminar they both gave in July, and have been studying for my Series 7 ever since, originally with the full intention of joing Echo thereafter.
I am not under contract to anyone (but I won't reveal any sources u understand), so I will say this:
There were various reasons for their moving I am given to understand. Mostly the merger has changed everything for Echo and it seems that office had many traders who simply had former personality clashes with VB head office staff.
For me, I was a bit concerned over some of the clauses in Echo's new contract, and have yet to hear satisfactory reasoning behind their inclusion. It is the only prop firm contract I have ever seen (so they might all be like that), and as trading capital is not an issue for me and I am not wanting to go to an office, it made me seriously rethink the whole protection element of staying retail.
The only thing I really wanted was the ability to bullet (and low commissions of course). Well I have just discovered that both Andover and Pointdirex offer this to their retail clients.
So, does anyone want to buy a half read, coffee stained, dog-eared & thoroughly pencil marked Series 7 course manual ?!
I went to an outstanding seminar they both gave in July, and have been studying for my Series 7 ever since, originally with the full intention of joing Echo thereafter.
I am not under contract to anyone (but I won't reveal any sources u understand), so I will say this:
There were various reasons for their moving I am given to understand. Mostly the merger has changed everything for Echo and it seems that office had many traders who simply had former personality clashes with VB head office staff.
For me, I was a bit concerned over some of the clauses in Echo's new contract, and have yet to hear satisfactory reasoning behind their inclusion. It is the only prop firm contract I have ever seen (so they might all be like that), and as trading capital is not an issue for me and I am not wanting to go to an office, it made me seriously rethink the whole protection element of staying retail.
The only thing I really wanted was the ability to bullet (and low commissions of course). Well I have just discovered that both Andover and Pointdirex offer this to their retail clients.
So, does anyone want to buy a half read, coffee stained, dog-eared & thoroughly pencil marked Series 7 course manual ?!
Funster, bullets were the reason I considered pro firm also. One gets tired of missing nice down moves because of the lack of uptiks.
Buying deep-in-the-money puts is one way to place a bullet by hand. I haven't done the homework on that but as long as the delta is very near neutral it makes sense, unless the bid/ask spread on the puts is prohibitive.
IB is working on bullets, and Cybertrader said they will have them after Sep 15.
Thanks for your input.
And guys, please remember this thread is to discuss pro firms with SIPC protection and related topics, not to question the credibility of another contributor. There are plenty of open threads to do that already.
Buying deep-in-the-money puts is one way to place a bullet by hand. I haven't done the homework on that but as long as the delta is very near neutral it makes sense, unless the bid/ask spread on the puts is prohibitive.
IB is working on bullets, and Cybertrader said they will have them after Sep 15.
Thanks for your input.
And guys, please remember this thread is to discuss pro firms with SIPC protection and related topics, not to question the credibility of another contributor. There are plenty of open threads to do that already.
Originally posted by inandlong
And guys, please remember this thread is to discuss pro firms with SIPC protection
It will be a short thread, to my knowledge, not a prop firm out there can offer SIPC to its prop traders. Only retail customers will qualify.