Different Deals

[marketsurfer]

Quote from IndexTrader:

Tell me...

Why should anybody pay for your "education"?

maybe they are confident in their 'system' .


surfer

 

[Mongol]

Brokerboy,

What makes you think I'm being picky? I'm trying to make an informed decision.

Quote from brokerboy:

hey there are firms in area's that will charge you a higher comm and let you learn on there buck. they want you to scalp. the thing i find funny is he is being picky. accent is owned by a major company and hammer is one of the best systems out there. he named 5 big firms he would be lucky if any of them took him for 1k down.

 

[I Missed Boat]

Quote from Mongol:

IndexTrader,



If you are looking for a sales pitch about me, there is a different answer. I have a B.S. in Computer Science and I'm about 2 months short of an MBA. I handle math and stress very well. In addition, I'm highly motivated, aggressive and I have some expereince trading options in my personal account.

Sounds like you got a good shot of making it, but I've seen people with bigger credentials crash and burn. So be careful not to get cocky!

 

[limitdown]

Quote from Mongol:

Thanks for the responses. So far, I have found 5 prop firms in this area.

Assent
Bright Trading
Schonfeld
Echo Trading
Carlin Financial Group (which appears to be Generic Trading)

Can anyone comment on these 5 based on my previous question? Also, feel free to add any I might have missed.

Echo "doesn't provide training". That includes even acquainting one with their direct access software, trading process, trades reporting processes, problem resolution or otherwise. All these are considered training, and they don't do that.

Surprising, huh? I am directly quoting one of the principals of the firm on that statement.

So, if you don't already know their software, then they don't train. If you don't already have significant trading skills, techniques and access to the latest methods, then they won't provide it either, nor facilitate sharing between their traders to the benefit of other traders.

 

[Mongol]

I don't tend to be cocky, thanks for the warning though. I'll take all the advice I can get.

Thanks for the info. on Echo.

Two more questions for all of you.

1. What would you say sets the small percent of people that succeed apart from those that don't?

2. I've seen a lot of people making reference to bullets. What is a bullet?

Once again, thanks.

 

[GGSAE]

Quote from Mongol:

I don't tend to be cocky, thanks for the warning though. I'll take all the advice I can get.

Thanks for the info. on Echo.

Two more questions for all of you.

1. What would you say sets the small percent of people that succeed apart from those that don't?

2. I've seen a lot of people making reference to bullets. What is a bullet?

Once again, thanks.

Bullets were a tool traders used to short a stock. You could punch a stock that was tanking with a bullet. It was also good for putting bids/offers higher than your current position (in the case of lousy partial fills). The NASD cancelled the use of them, so don't worry about it

 

[limitdown]

Quote from cuz:

I can tell you that Hamer was designed for one thing and one thing only.
Bullets! I am not saying it is Hammer or Assents fault that they are gone( Bullets, conversions) But there are other execution systems out there just as fast with less problems.

Bullets and conversions are GREAT, but a true trader can trade without them.
So my opinion is look elsewhere.

really good comments....

I've heard that statement before regarding Hammer.

What other execution systems are worthy of note, including the one that you're using?

 

[cuz]

Quote from limitdown:

really good comments....

I've heard that statement before regarding Hammer.

What other execution systems are worthy of note, including the one that you're using?

I like your qoute at the end..........from the commercial ,right?

LOL.

Actually, no matter what I say about an execution system, there are going to be knuckleheads on this forum that will think I am pitching.....................so I guess it's really not important.

I hope yours is good though.

 

[tdoc]

Quote from limitdown:

Echo "doesn't provide training". That includes even acquainting one with their direct access software, trading process, trades reporting processes, problem resolution or otherwise. All these are considered training, and they don't do that.

Tech support through Dan in Chicago is good. The company accountant is also in Chicago. As far as I can tell, everything else is Phoenix based. Dan can help with software issues. Joe Brunetti and Paul Cogbill can help with trade reporting processes, fees, and procedures. I would like to see things consolidated in one location again, but that is a decision for the firm. If you know who to contact, Echo can take care of any problems and questions. I am eager to see trader education happen again. I think it will.

DISCLAIMER: I have not traded actively with echo recently because of my day job. I am not a firm principal or office manager, just a remote trader with some knowledge of the firm.

 

[tdoc]

Quote from brokerboy:

my point is this guy has nothing to bring to the table. any firm that lets him start for a 1k and learn he should be happy with. if he was in the business for awhile i would say you all are right. i don't work at accent but its not a bad firm. i worked at worldco and left very fast that was a bad firm.

I agree. I don't understand how anyone can expect to come in with little or no capital, expect to be taught how to trade, and receive a high payout. If you put down a reasonable amount ($5000-$10000), most firms would be happy to provide some training. If you are successful, they benefit from commissions. If you don't put-up a reasonable amount of your own money, than the firm is taking on a lot of risk with little chance that you will become a successful, commission-generating trader.

If you truly have less that $5000, I would think it would be better to start out in an entry level position with a Wall Street firm to learn the ropes and build a capital base.