Do you know what kind of track record they're looking for? What costs are there other than per share (eg some firm require to take paid courses, data fees, platform fees, etc). How much minimum deposit, and how much leverage with that deposit? Most importantly, what drawdown rules do they have, and overnight holds allowed?
Not sure about the exact numbers they are looking for. They didn't ask about sharp ratio or profit factor. I just showed consistent profitable results from other firms which have gone out of business.
No courses. Courses you have to pay for are always a red flag for me. Just a platform fee of 150/month, which I think is pretty cheap. I think I paid 400 when I was at Echotrade many years ago. They have their own proprietary platform, but I am honestly switching to Sterling in April. It's just what I am used to.
Minimum deposit is 5K, and you get 50:1 (I asked for 25 to 1, but they gave me 50 anyway). I'm not sure how they calculated such an odd drawdown number, but for 5k, if you are down something like $737 dollars in a day, you can only close out your positions, but you could trade freely the next day. And they won't let you go to zero in your account. I think you get shut down if you lose 80% of your account, but you are able to deposit more if you want.There is also a one year lock up on your funds per SEC rules.
Yes, overnights are fine, but they reconcile their books every month, so you'll get an email each month saying everything has to be closed out by the end of day the last trading day of the month, or they will do it for you. I'm honestly not sure about the leverage on overnights. This isn't an issue for me, since I am a pure day trader. Overnights are what my Roth is for.
Just one added thing. I haven't asked about options. Not sure if you're into that sort of thing, but I was thinking of getting back into Gamma scalping at some point. I'll have to ask.
I know this was long, but I needed to work on my typing skills anyway. Lol Hope this helps.
