Point well taken - I've been trading for sometime retail but sometimes run into problems even undercapitalaztion problems, I took some money out buy a n income property...then took out more to buy another, then another one, then again to buy my own house, etc...Now I excecised some stock options and brought my account up a little but PDT realy screws things up if want to take quick trades...swings work Ok but not good enough so I am thinking switching back to day trading but with a prop...for leverage...but yes, I do need traiing and would acctually be in the office for a few months just trade with some experienced kids. Thanks.
Bright vs. Genesis vs. Tuco vs. xEcho ?
- Thread starter jimclark
- Start date
Bright doesn't charge .004 per share. They charge .01 per share for the first 1,000 share of a ticket, and if you do a ticket above 1,000 shares then they will charge you .01 on the first 1,000 shares of that ticket and .004 on any shares above 1,000 for that ticket. But if you only do a trade for 500 shares your rate is .01. It is some kinda profit gimmick they came up with.
The only one of those firms I haven't traded with is Echo.
Genesis had the worst leverage of the group, but also great rates especially for retail. Also a good API. I also liked the platform.
The one thing I liked about Bright's is they let you come back to the office for "training" any time you want. I never did it, so no idea how the training works, but I imagine it's great for newer traders. The boot camp was at the time very basic for beginners. The rates on average may be higher than the others in the group.
I traded through the San Diego office (now Tuco), but remote. I like Anvil a lot. The leverage was good.
Now I'm with Tuco and I don't have any complaints. Good rates, great leverage, good platforms (Hydra, Lightspeed, and I think Sterling??), good support etc. A good group of guys running the show.
Genesis had the worst leverage of the group, but also great rates especially for retail. Also a good API. I also liked the platform.
The one thing I liked about Bright's is they let you come back to the office for "training" any time you want. I never did it, so no idea how the training works, but I imagine it's great for newer traders. The boot camp was at the time very basic for beginners. The rates on average may be higher than the others in the group.
I traded through the San Diego office (now Tuco), but remote. I like Anvil a lot. The leverage was good.
Now I'm with Tuco and I don't have any complaints. Good rates, great leverage, good platforms (Hydra, Lightspeed, and I think Sterling??), good support etc. A good group of guys running the show.
Agreed, anything that can be "taught" on a blanket scale has a very short lifespan. Common sense, no? I read alot about certain strategies that work "day in and day out" on this site, yet when you read the fine print it all comes down to individual discretion -- or as some put it, to know how to "trade my way out of it".
You can label it all you want with some gimmicky name and claim some kind of "built-in" edge as a sales rap, but success depends far greater on individual experience than anything else. People don't want to hear that it might take years before any consistent profits are seen, they want to be successful in a few months just emulating the experts -- this is why there is actually little contradiction or hypocrisy in a capable or once-capable trader selling $5,000 boot camps to the masses.
Cre8UrF8 is correct.
Bright charges .01 cent a share for the first 1000 shares and .004 cent a share for anything above it each trade.
A ticket is a trade. Most traders trade clips of less than 1000 so the real commission is .01 which is worst than Interactive Brokers (.005) which is a retail firm.
The main advantage of a prop firm is if you have limited capital and you already know how to trade and can effectively use that extra leverage to make money.
Bright charges .01 cent a share for the first 1000 shares and .004 cent a share for anything above it each trade.
A ticket is a trade. Most traders trade clips of less than 1000 so the real commission is .01 which is worst than Interactive Brokers (.005) which is a retail firm.
The main advantage of a prop firm is if you have limited capital and you already know how to trade and can effectively use that extra leverage to make money.
Quote from jimclark:
Forgive my ignorance what does "They charge .01 per share for the first 1,000 share of a ticket," mean????
What is a ticket???
Just to clarify. Our max rate per share is 1 cent, and our seasoned traders and volume traders obviously pay much less than that. The .004 above a 1,000 shares on an order does apply. We have no per ticket charges. We pay for providing liquidity (pass through actually).
And, just a point of caution to all my friends on the board. It is against regulations for anyone but the Broker Dealer themselves to quote per share commission rates. Even our managers cannot quote rates legally, so if you're with another Firm, just be a bit careful on the board. This is a little known fact, IMO.
A note about ticket charges. Say a firm charges $5.00 per trade, it sounds great if you're trading 2000 shares at once, right? Well, if your order gets filled 200 shares at a time, quite likely, then you will be charged $5.00 ten times, quite costly.
BTW, Thanks to those with the kind words, always appreciated, especially here on ET, LOL
All the best,
Don
And, just a point of caution to all my friends on the board. It is against regulations for anyone but the Broker Dealer themselves to quote per share commission rates. Even our managers cannot quote rates legally, so if you're with another Firm, just be a bit careful on the board. This is a little known fact, IMO.
A note about ticket charges. Say a firm charges $5.00 per trade, it sounds great if you're trading 2000 shares at once, right? Well, if your order gets filled 200 shares at a time, quite likely, then you will be charged $5.00 ten times, quite costly.
BTW, Thanks to those with the kind words, always appreciated, especially here on ET, LOL
All the best,
Don