From Prop firm to prop trading for a Hedgefund

[Leisure]

Quote from Cre8UrF8:

Liesure, you's ingnant!

Based on what you said, you must buy your close at K-mart, drive a used Kia and eat all your meals from the dollar menus of Macdonalds and Taco Bell!

I traded at a firm with sketchy management who constantly lied to me, my checks were always short of what they owed me, leaving me constantly argueing with management to pay me what they were supposed to. This was a huge distraction from my trading and took a toll on me mentaly and emotionaly. After I finally left and started trading at a another firm my PnL tripled. Because I was able to focus on my trading and not constantly worrying about the management screwing me and always having to be on guard.

You get what you pay for!

I completely agree that it is not worth paying higher commissions for a pretty office to trade in. However it is worth paying a little more, which will end up saving you more money in the long run for honest management and a good positive trading environment, and also to ensure that they are paying enough to keep the software stable and up to date. I don't want to be at a firm that uses a platform that is only updated once every 4 years. Where I am now I know some very successful traders who have been around for a long time and have been with this manager for 2 years now and talk very highly of him and how honorable he is. That means a lot more to me than paying a tenth of a penny less on my commissions. Your management probably recoups that tenth from you by charging a whole bunch of fees. I don't pay a software fee, or margin interest on my overnights.

First let me apologize for using a few harsh words in my previous post. I just wanted to make a point. Anyway, I make more than most daytraders precisely because I watch my cost. That is low commission and NO FEES! I don't gross nearly as much as I did in the past and I'm not going to let some Wall St. crook take more from me than necessary. I'm not advocating going for the lowest cost and ignoring everything else. All I was saying is that you shouldn't pay more just because a firm looks and sounds nice. What's in a name? Absolutely nothing. A daytrader is a daytrader is a daytrader. If you can make money, you can make money anywhere. If your firm's screwing you and the trading system you believe is bad, vote with your feet. You have to be happy where you are. Try to look for a low cost firm that may satisfy your trading needs first then go a little higher if the firm(s) you looked aren't good enough for you. Work your way up not down. You'll eventually come to a happy medium.

 

[Cre8UrF8]

Leisure,

I definitely agree with your recent post, there is no reason to pay extra for a name or pretty frills that aren't gonna help you make more money. If you can't make money from trading, lower commissions aren't the answer. Learning what you are doing wrong in you trading is. But I do believe in giving a little to get a solid infrastructure and a good environment without any drama or politics and with other knowledgable and successful traders.

 

[trdwl]

Getwhatudeserve,
Amen brother.
You've got your priorities in order. I can afford higher quality, but I drive a beat up old hyundai. Every car I've ever had gets dented up in parking lots. Every pair of sun glasses I've ever had I've lost or sat on, so I'm more Waldgreens than Rayban. The only two things we've ever really splurged on are our home because of the view, and a transportation service, for the convenience. I love my wife and she loves me. The rest is frivolous in the final analysis.
In my view, If your trading for the money you'll probably be less successful anyhow.