E Trade - another prop bites the dust

Quote from Don Bright:

Remember, the NYSE Specialists are the consumate "day" trader, and have been making money for 200 years.
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LOL of course they have made money, the NYSE was essentially founded by a bunch of con artists as one big scam. The whole game was rigged from the start and still is rigged.
Yes, the floor has always been day trading but as of now, looking at the NYSE as guidance toward the future of day trading is simply depressing. Desperately fighting for pennies is not smth to look forward to, especially not with current trend of inflation.
 
Quote from Hydroblunt:

LOL of course they have made money, the NYSE was essentially founded by a bunch of con artists as one big scam. The whole game was rigged from the start and still is rigged.
Yes, the floor has always been day trading but as of now, looking at the NYSE as guidance toward the future of day trading is simply depressing. Desperately fighting for pennies is not smth to look forward to, especially not with current trend of inflation.
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Viable alternatives, in your opininon (for discussion purposes)?

Now that we have ECN's, ARCA, NYSE, and the OTC markets are adopting openings, single price closings, etc., it looks pretty good to me. Using derivatives adds to liquidity, etc.

I'm curious as to your opinion for continued trading success.

Don
 
so don whats your opinion of why shops like etrade prop didn't make it? they were funding traders like you and had offices like you. the only thing i can think of is there commissiosn were much lower and they couldn't support an office environment.
 
E*Trade is still open for business. They have closed only their prop business. Comparisons to Worldco do not apply. E*Trade's prop business is a small component of their overall business and as such easier to sacrifice in a general re-org, even if it is profitable.
 
Quote from RedTrader:

E*Trade is still open for business. They have closed only their prop business. Comparisons to Worldco do not apply. E*Trade's prop business is a small component of their overall business and as such easier to sacrifice in a general re-org, even if it is profitable.
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everyone knows that ETRADE is still open. The question is why they folded their prop business, if they've done so already.
 
Quote from joeyata1:

so don whats your opinion of why shops like etrade prop didn't make it? they were funding traders like you and had offices like you. the only thing i can think of is there commissiosn were much lower and they couldn't support an office environment.
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The primary reason, IMO, is that most firms, especially the retail type firms (no matter how good they may be, as in eTrade's case), they don't offer systematic and continuing training to a degree that their retention is high enough to make a fair profit and continue to grow.

The other reasons vary from firm to firm...lack of capital (doubtful that had anything to do with eTrade's decision), management, and successful traders who will allocate enough of their time to growing a Firm (so many prefer to just trade, we've been fortunate in that we have managed to do both....get pretty tired at times, LOL....but it's still Fun, and that really helps).

All the best to the eTrade traders.

Don
 
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