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EchoTrade or Hold Brothers
- Thread starter BoSoxFan
- Start date
Quote from dve250:
Yeah but how about a trader who has a strategy that makes money but doesn't want to <I>risk</I> a deposit that size when they can go elsewhere and only <I>risk</I> $5k. For that size deposit I would open a retail account and have the SIPC coverage that Don doesn't provide.
A couple of points to make. It's up to the traders as to how much money they "risk" of their account, not us. And, SIPC does not cover enough to really matter to our traders, that's why we place $10million (minimum) cash into the traders side of the LLC.. just for their comfort level.
For $25K, retail, you are still extremely limited in what you can do.
(Not being argumentative, we've addressed these issues many times in 30 years, and "to each his own").
If you can work your strategy with $5,000 then please go ahead, make some money, be a long term trader...that's what's all about in the long run.
All the best,
Don
Quote from Don Bright:
A couple of points to make. It's up to the traders as to how much money they "risk" of their account, not us. And, SIPC does not cover enough to really matter to our traders, that's why we place $10million (minimum) cash into the traders side of the LLC.. just for their comfort level.
For $25K, retail, you are still extremely limited in what you can do.
(Not being argumentative, we've addressed these issues many times in 30 years, and "to each his own").
If you can work your strategy with $5,000 then please go ahead, make some money, be a long term trader...that's what's all about in the long run.
All the best,
Don
Don,
If a trader is willing to trade remotely would your company be
1) willing to bring down the minimum to $5k?
2) Still give that trader access to all of Bright Trading's education tools?
My rationale is that if a trader has his own set up at home--thus lowering the co.'s cost, this will bring down the mini requirement.
Just a thought---
Quote from BoSoxFan:
OK So i've spoken with both Hold Brothers, AKA Xerxes Trading LLC and EchoTrade. From what i gather these are some of the rates for both firms:
EchoTrade
--.005/share --till you're doing 15k-20k then it goes down to 4/10 of a penny
--$365/Monthly data feed
--100% payout
--No Training or mentoring involved
--With a $5k deposit you get 20 to 1 intra but NO OVERNIGHT
Hold Brothers
--.007/share---price goes down as your trading volume increases
--$240/Monthly Data Fee
--Payout based on volume
--Have mentoring, ie training through marketraptor.com
--With a $5k deposit you get 60 to 1 intra & 4 to 1 overnight
OK so those are some of the important points i got while talking to them. So can someone please help me decide on who to go with?? Please feel free to submit your experience with each or both firms...or any other pros/cons i might've left out.
This will be my 1st prop firm, and although nothing is guaranteed in life, i'd like to make the decision that will put in a position to suceed. Thanks everyone.
Check out Erik Kolodny
Quote from BoSoxFan:
who's that?
Erik Kolodny is a master day trader with a massive following. He provides morning research, online trader chat, daily watch list etc. He uses the Sterling Trader Pro.
www.ErikKolodny.com is his blog. His methodology is extremely consistent.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=148876&perpage=6&pagenumber=1
Quote from BoSoxFan:
Don,
If a trader is willing to trade remotely would your company be
1) willing to bring down the minimum to $5k?
2) Still give that trader access to all of Bright Trading's education tools?
My rationale is that if a trader has his own set up at home--thus lowering the co.'s cost, this will bring down the mini requirement.
Just a thought---
Remote traders do have a lower cost basis, but that has nothing to do with initial capital requirements, sorry. Probably 70% of our people trade remotely.
Don
What about
90% pay out
.007
.0003 - ECN
$75/month for software etc
great 1-1 hands on training
50-60% success rate within new people
$5K minimum
50-1 leverage
series 7 needed.
What do you guys think of this for a n00b? it sounds good to me because I need hands personal training and I don't feel like dropping way more than $10K, let me know what you guys think
90% pay out
.007
.0003 - ECN
$75/month for software etc
great 1-1 hands on training
50-60% success rate within new people
$5K minimum
50-1 leverage
series 7 needed.
What do you guys think of this for a n00b? it sounds good to me because I need hands personal training and I don't feel like dropping way more than $10K, let me know what you guys think
I was Echotrade for awhile. My complaint is that the training was poor.
I'm not going to lie to you, I learned a few things about trading while I was at Echotrade, but ultimately, I wanted to trade my own style (with over 25k I switched to IB and do it from home now).
If there is no training from the firm, honestly, all you really are getting is a retail trading account with 70 to 1 leverage, and, getting charged a bunch of fees, and a relationship that doesn't really mean anything.
I'm not going to lie to you, I learned a few things about trading while I was at Echotrade, but ultimately, I wanted to trade my own style (with over 25k I switched to IB and do it from home now).
If there is no training from the firm, honestly, all you really are getting is a retail trading account with 70 to 1 leverage, and, getting charged a bunch of fees, and a relationship that doesn't really mean anything.
Quote from EliteTraderNYC:
I was Echotrade for awhile. My complaint is that the training was poor.
I'm not going to lie to you, I learned a few things about trading while I was at Echotrade, but ultimately, I wanted to trade my own style (with over 25k I switched to IB and do it from home now).
If there is no training from the firm, honestly, all you really are getting is a retail trading account with 70 to 1 leverage, and, getting charged a bunch of fees, and a relationship that doesn't really mean anything.
70:1 leverage, can you do that with an online broker? not