Genesis Securities, Pros and Cons

jmowery you've pumped genesis here but have you made any money with them? i was following you from the ym board then you went to stocks.i just don't see how you can make a living with 30k buying power
 
with 1k down i don't see how you'll get a much better commish than .007. is there someone out there that will give you .005 or less with 1k down? who have you talked to?
 
Quote from bighitter1:

with 1k down i don't see how you'll get a much better commish than .007. is there someone out there that will give you .005 or less with 1k down? who have you talked to?
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I'm just getting hammered with PM's now.... go figure.

We are getting off topic now anyways.

Genesis and Laser seem like a good place to work with. I said it was a special case for me anyways, I am not even supposed to discuss my rates with my firm anyways, lol. So lets please get back on topic.

BTW, I don't try to pump genesis, do you see how many ET sponsors I usually put the hammer down, including eSignal, I just have not had any big issues with Genesis and/or their software.

Most firms are minimum 5k some 3k, again they don't care as long as the trader is profitable and does what they got to do, end of story.
 
Quote from Bluedog:

Thank you all for your replies.

Seems like all have been positive so far!

Has anyone had any negative experience with Genesis at all?!

TIA
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I've been trading from Genesis NYC office for close to a year now. I've had no problem with them up until this past Monday. One of their servers when down and all third party connections were lost (Esignal, Tradestation, IB TWS). Now Esignal connection was restored same day but not Tradestation or IB TWS (which I use). I use IB for futures data, advanced charting tools, stock screening, and to place some swing trades in futures - neither of which Genesis offers.
I called IB, they told me I needed a TCP connection to ports 4000 and 4001. I gave this information to one Genesis IT guy and he told me he couldn't give me access because IB was a "competitor." He did try although he didn't know what he was doing (or acted like he didn't). I went to another IT guy (the guy who set me up a year ago), and he 'forgot' how he got me access a year ago. He's been 'trying' to get me access for five days now.
So now either Genesis:
(1) has a policy to deny its traders access to IB TWS
or
(2) the IT department is so incompetent that they can't grant access to a website even after being told exactly what type of connection is needed to what port number.

I hope neither is the case, but if I don't get access soon I'll probably look for a change of environment.
 
EDIT:
Nevermind, I think I just said something stupid.

I didn't know you could trade directly at an office with Genesis.

Damn, I need to move to NYC one day.
 
Quote from heynow:

I've been trading from Genesis NYC office for close to a year now. I've had no problem with them up until this past Monday. One of their servers when down and all third party connections were lost (Esignal, Tradestation, IB TWS). Now Esignal connection was restored same day but not Tradestation or IB TWS (which I use). I use IB for futures data, advanced charting tools, stock screening, and to place some swing trades in futures - neither of which Genesis offers.
I called IB, they told me I needed a TCP connection to ports 4000 and 4001. I gave this information to one Genesis IT guy and he told me he couldn't give me access because IB was a "competitor." He did try although he didn't know what he was doing (or acted like he didn't). I went to another IT guy (the guy who set me up a year ago), and he 'forgot' how he got me access a year ago. He's been 'trying' to get me access for five days now.
So now either Genesis:
(1) has a policy to deny its traders access to IB TWS
or
(2) the IT department is so incompetent that they can't grant access to a website even after being told exactly what type of connection is needed to what port number.

I hope neither is the case, but if I don't get access soon I'll probably look for a change of environment.
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You should have access to IB's web trader. Not an ideal solution, however. http://www.interactivebrokers.com/en/software/webtraderLogin.php?ib_entity=llc
 
Genesis in my opinion has the best business model in the industry for those that are interested in trading US stocks and have the need or desire of 10:1 leverage....
.................................................................................................

Genesis has invested heavily in an extremely fast ticker plant and does not use third party vendors...

Genesis self clears...does not use third party vendors...

Genesis owns its own software...and does not use third party vendors...

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

The 10:1 leverage distinguishes Genesis from retail,,,and when one decides to place funds with this type of firm...one needs to know that the firm has more to lose than they do...and also has the ability to supervise and manage the 10:1 leverage...

4:1 leverage can even get tricky ...10:1 is tougher....and above 10:1 is extremely chancy in volatile markets...

Genesis does not venture out to even trickier higher leverage products such as futures etc...
...............................................................................................

Thus for one who desires leverage...Genesis has the best show in town....
 
is anyone on here retail with genesis? i've never seen anyone on here straight retail.also does anyone know were to find genesis's annual statement of clearing showing there assets?
 
Thus for one who desires leverage...Genesis has the best show in town.... [/B]
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All true, except for this statement. I could pick several NYC firms and get 50:1 or even 100:1 leverage with what I do right now.
But I understand their conservative business model that protects them. It's the perfect firm for those who have 25k-50k and don't need more than 10:1, rather than the undercapitalized who are hesitant to put more than 5k down. And Genesis will likely outlast most firms.
 
I started off with Etrade Pro last March. They had an amazing office in NYC (former Worldco Office) and I figured that Etrade - with all its capital and resources would outlast every other firm out there. They shut the place down within 2 months. I learned that any prop firm out there can fail, especially when they flub the basic stuff. As a retail/prop firm you essentially have to recruit, train, and retain traders (your customers) by providing good risk management and service. Considering hedge funds and trading in general is one of America's fastest growing industry there's tremedous potential out there for the firm that gets it right.
 
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