Anyone been successful with Generic?

C

CommercEngineer

After success in getting back into the market in April after taking a leave in Jan 01, I'm thinking about moving from my retail account to a Prop trading firm.

Generic has made me a rough offer. I haven't gotten into the fine details yet.

Basically, it's 5k or 10k down for control of 250k or 500k. They would get 20% of profits. Didn't talk commish. I figure it should be reasonable.

Anyone have any words for me as far as their experience with the firm, the industry in general or things I should get in writing before starting?

Thanks
 
Quote from CommercEngineer:

After success in getting back into the market in April after taking a leave in Jan 01, I'm thinking about moving from my retail account to a Prop trading firm.

Generic has made me a rough offer. I haven't gotten into the fine details yet.

Basically, it's 5k or 10k down for control of 250k or 500k. They would get 20% of profits. Didn't talk commish. I figure it should be reasonable.

Anyone have any words for me as far as their experience with the firm, the industry in general or things I should get in writing before starting?

Thanks
More...

Only way I'd take that deal is if you could trade commission free, or close to it.

Putting money down and only getting 80% cut is a bad deal.
 
Be careful

1.) Leverage is a double-edged sword
2.) Rember they are not in the business to help you, only make money when you trade. the p/l structure is to make you feel like you are a partner with them.
 
does anyone here have the ability to name some

prop firms that give 100 % payout as mentioned?

I thought with up to 100 X B.P. intraday
the best deal is 95 % payout ?

plus one wants to be with a firm that at the end of the day ... is going to be there without problems in
withdrawing funds and with star traders to learn from ... and with ability to trade futures if needed.
not many firms do this or have this ...

:)
 
Quote from SethArb:

does anyone here have the ability to name some

prop firms that give 100 % payout as mentioned?

I thought with up to 100 X B.P. intraday
the best deal is 95 % payout ?

plus one wants to be with a firm that at the end of the day ... is going to be there without problems in
withdrawing funds and with star traders to learn from ... and with ability to trade futures if needed.
not many firms do this or have this ...

:)
More...
I don't think its legal to give 100% payout
 
OK.

Here's my line of thinking and maybe I'm 100% totally wrong here:

I'm not a newbie to the market, but I know I still have a lot to learn. By giving up some equity in my profit to the office manager, wouldn't he have a vested interest in seeing me doing well and not being another idiot churning and just generating commissions?

I know that the office manager and some of his better traders are going to take time with me and show me their systems. It's not like I'm going to be in a box. I can't really put a value on that.

I also know that this was an initial offer and everything in life is negotiable. I will take the rates I see posted here as a guide of what to expect in a future discussion.

Thank you everyone that has posted.

Quote from SWScapital:

do not accept anything less than 100% payout when you place a deposit.
More...
 
You must log in or register to reply here.
Back
Top