*****OK, with a "smile on my face" let''s do some simple math. We charge $400 per month, and give rebates early on. We charge $200 remote, and rebate that at 200,000 shares (which is rock bottom number of shares).*****
Worldco provide all of above sans monthly fee, let's do some simple math. 200K a month is not rock bottom, it is 5000 shares each way every day, at 500 shares that is 10 trades a day, something a newbie should not be doing.
*****You want to pay 1.5 vs. $400, even though you get back the $400. OK, come on in and pay 1.5 cents....isn't that easy. I will be happy to charge 50% too much.*****
1.5 is what you start with, after the first month it goes down quicker than a newbie trader's P&L. First month there is no way in the world 0.5 cent per share is going to make a difference of $400 in the guy's P&L.
***Say you are brand new, only do 20,000 shares per day (mostly openings). .5 cents x 20,000 = $100 PER DAY excess fees. Even at 10,000 shares per day = $250 per week, or $1,000 per month in excess fees. Is that what you want?***
A brand new trader should NOT be doing 20K shares per day. Period. They have to take 20 trades 500 shares a piece to generate that much volume, a newbie trader doing that kind of volume is asking to blow up his account.
Your first two weeks should be 100 shares 2 positions 10 trades a day that is 2000 shares a day for ten days, even at our highest commission rate, it is a difference of 2000 * 0.5 * 10 / 100 = $100. Throw in the ticket costs, it is a difference of $200 versus Bright. In the beginning a trader should not even think about making enough to cover commissions, with 100 shares you are supposed to practice execution/cutting losers and all that stuff, forget about making money. It is so important to develop a strong fundamental game before you think size.
Your next two weeks, assuming you are showing any progress, should be 200 shares 3 positions 10-15 trades a day. By then your commission will be lowered and eventually your commission will be as low as Bright's.
Now if you put up just 3-5K so we have something to absorb your initial losses, you will start with much lower commissions and the difference will be minimal when you first get started. BY THE TIME YOU DO ENOUGH VOLUME, YOUR RATE WILL BE AS LOW AS BRIGHT'S. Don't get suckered into false advertisement, I mean what hell, in one of Don's previous posts he talked about people paying 0.7-0.8, I mean gee, that is the lowest rate you hand out to people doing 200K a day, and you use it to compare against our newbies starting out with no capital trading 1000 shares a day? Shame on you! We hand out half a cent a share for our best traders, so take that.
As I said, if you have 25K to blow come to Worldco, I will make sure that you get a lower rate than anything Don can put up, sans the monthly fees as you should not be generating enough volume to get a rebate on those to start your career.
***Don't get caught up in the "come in with no money gambit" - it is a sham. The respectable firms who have been doing it for years, have cut back considerbly.***
We are not cutting it back, because we can afford to do so. If you have the financial strength to do it, you won't care because eventually you will get enough profitable traders to cover the losers. It is THE ultimate strategy if you can afford to swing it.
***Sure, we make some money, and we will be in business. We give the money back when asked, no 12 month "hold" - we pay 100% of the profits. We have the highest rate of successful traders that I have seen (70+ % profitable after a 1 yr learning curve).***
And 70% of the people who graduated from MIT are making at least 50K a year. What hell is your point? The first year is THE year.
***PS If we had no desk fee, then we would have many rooms of "movie watchers" who do nothing, do not add to the trading environment, and take up space...and we have enough of that already...
You get computers, phones, and office, fax, DSL (or T-1)...pretty cheap I would say.***
At Worldco, you get all of above for free. And there is no pressure to do volume just so you can get your desk fee back.
Worldco provide all of above sans monthly fee, let's do some simple math. 200K a month is not rock bottom, it is 5000 shares each way every day, at 500 shares that is 10 trades a day, something a newbie should not be doing.
*****You want to pay 1.5 vs. $400, even though you get back the $400. OK, come on in and pay 1.5 cents....isn't that easy. I will be happy to charge 50% too much.*****
1.5 is what you start with, after the first month it goes down quicker than a newbie trader's P&L. First month there is no way in the world 0.5 cent per share is going to make a difference of $400 in the guy's P&L.
***Say you are brand new, only do 20,000 shares per day (mostly openings). .5 cents x 20,000 = $100 PER DAY excess fees. Even at 10,000 shares per day = $250 per week, or $1,000 per month in excess fees. Is that what you want?***
A brand new trader should NOT be doing 20K shares per day. Period. They have to take 20 trades 500 shares a piece to generate that much volume, a newbie trader doing that kind of volume is asking to blow up his account.
Your first two weeks should be 100 shares 2 positions 10 trades a day that is 2000 shares a day for ten days, even at our highest commission rate, it is a difference of 2000 * 0.5 * 10 / 100 = $100. Throw in the ticket costs, it is a difference of $200 versus Bright. In the beginning a trader should not even think about making enough to cover commissions, with 100 shares you are supposed to practice execution/cutting losers and all that stuff, forget about making money. It is so important to develop a strong fundamental game before you think size.
Your next two weeks, assuming you are showing any progress, should be 200 shares 3 positions 10-15 trades a day. By then your commission will be lowered and eventually your commission will be as low as Bright's.
Now if you put up just 3-5K so we have something to absorb your initial losses, you will start with much lower commissions and the difference will be minimal when you first get started. BY THE TIME YOU DO ENOUGH VOLUME, YOUR RATE WILL BE AS LOW AS BRIGHT'S. Don't get suckered into false advertisement, I mean what hell, in one of Don's previous posts he talked about people paying 0.7-0.8, I mean gee, that is the lowest rate you hand out to people doing 200K a day, and you use it to compare against our newbies starting out with no capital trading 1000 shares a day? Shame on you! We hand out half a cent a share for our best traders, so take that.
As I said, if you have 25K to blow come to Worldco, I will make sure that you get a lower rate than anything Don can put up, sans the monthly fees as you should not be generating enough volume to get a rebate on those to start your career.
***Don't get caught up in the "come in with no money gambit" - it is a sham. The respectable firms who have been doing it for years, have cut back considerbly.***
We are not cutting it back, because we can afford to do so. If you have the financial strength to do it, you won't care because eventually you will get enough profitable traders to cover the losers. It is THE ultimate strategy if you can afford to swing it.
***Sure, we make some money, and we will be in business. We give the money back when asked, no 12 month "hold" - we pay 100% of the profits. We have the highest rate of successful traders that I have seen (70+ % profitable after a 1 yr learning curve).***
And 70% of the people who graduated from MIT are making at least 50K a year. What hell is your point? The first year is THE year.
***PS If we had no desk fee, then we would have many rooms of "movie watchers" who do nothing, do not add to the trading environment, and take up space...and we have enough of that already...
You get computers, phones, and office, fax, DSL (or T-1)...pretty cheap I would say.***At Worldco, you get all of above for free. And there is no pressure to do volume just so you can get your desk fee back.
