Getting into daytrading and starting with Echotrade questions??

There is absolutely nothing wrong w signing a contract as long as you've reviewed it and fully understand the terms. I would be really scared if a firm allows me to trade w/o any contracts. Remember we are in a highly regulated industry and if they don't make u sign one, it would be a reflection on how they run their business overall. I guess other posters might mean lock-up covenants wherein you can't go from their firm to another inside of x months.ETG used to do that years ago .
 
Quote from Durango Kid:

ECHOtrade is a good enough firm. They leave you alone to trade your own strategy. One downside is that they don't provide trading. If the NYC office does, it is unique. Honestly, you'll blow through $2500 pretty quickly so prepare to contribute more capital later. ECHO has a minimum capital requirement of $2k now. Who pays your software fee? If the manager does, when will it be rebated. I have had to wait two months before. Additional fees: $350 PHLX registration fee, .002 Pax Clearing, ECN fees. Everyone has a finger in the pot and it can feel like you are being nickeled and dimed. Go for it, but you'll need more than $2500 to give it a honest effort.
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The 350$ Phlx Exchange fee is paid by all members of the exchange in March. Any trader that joins now does not pay the $350 until next March 2005. The annual NASD exchange membership I believe is a much higher yearly fee.

The .002 Pax Clearing fee is inclusive in your rate. It is NOT additional to your rate. You pay whatever your
rate +ECN +SEC fees.

All ECN fees are passed through to the trader.
 
I dont see anything wrong with signing a contract, I intend to look over it very well and like GAtrader said I dont know how a prop firm would not require a contract, with all the regulations there are, is there anything specific in the contract your talking about??

EchotradeLA are there any other fees I should know about with echotrade or anything else I should know?? Did you go throught a mentoring program too?? if so how was it??
Is echotrade a good place to start daytrading and learn?

Thanks Everyone for you input

Jack
 
Quote from jack7777766:

I dont see anything wrong with signing a contract, I intend to look over it very well and like GAtrader said I dont know how a prop firm would not require a contract, with all the regulations there are, is there anything specific in the contract your talking about??

EchotradeLA are there any other fees I should know about with echotrade or anything else I should know?? Did you go throught a mentoring program too?? if so how was it??
Is echotrade a good place to start daytrading and learn?

Thanks Everyone for you input

Jack
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I think Echotrade is a very solid firm that meets the needs of a variety of traders. I have only good things to say about them. However, I am biased.

If your new to trading, a mentor can only help assuming he or she spends the time to work with you. Any one on one help can only accelerate your learning curve.
 
Thanks for the responses guys!

Is mentoring the best form of learning?? Like I said before I met the person whos gonna be my mentor and he seemed like a cool guy and said he would teach me but I dont know exactly how much time hes gonna give me.

What do other firms in NYC offer as training??

I know im gonna need allot of learning to succeed in this so Im looking to start with a firm with the best training more than anything.

Thanks
Jack
 
Thanks for the input everyone,

I dont know how I forgot to mention that I only get to keep 75% of what I make. This is at first and it is supposed to go up as I become profitable and do more volume I think,

Im also gonna call today and check on some other stuff and post it.

Is this still a good deal???

Thanks Again
Jack
 
OK,
I checked and the only other fees I have to pay are the 200 for the series 7 which they reimburse if Im with them after 6 months, and 100 to register with their firm and the Phoenix Stock Exchange.
I knew about the 200 but not the 100 for the Phoenix exchange, I dont think its a big deaal though.

So can I get some input if the deal I said at the begining, but keeping only 75% of what I earn which I forgot to mention is still a good deal??

Thanks Allot
Jack
 
Quote from jack7777766:

OK,
I checked and the only other fees I have to pay are the 200 for the series 7 which they reimburse if Im with them after 6 months, and 100 to register with their firm and the Phoenix Stock Exchange.
I knew about the 200 but not the 100 for the Phoenix exchange, I dont think its a big deaal though.

So can I get some input if the deal I said at the begining, but keeping only 75% of what I earn which I forgot to mention is still a good deal??

Thanks Allot
Jack
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It sounds like an ok deal. If they're really gonna mentor/train you. They have an interest in you making $. Which is a good thing.
Good Luck.
 
If the mentor is willing to train you AND HE IS CURRENTLY PROFITABLE, by all means do it.

I used to trade with Nick's office in NYC, and he is a stand up guy, and helpful. He will do everything in his power to help you, but it only goes so far.

What is important is you making $$$ in the long run. Dont worry about making right off the bat, it is important you LEARN. You can play big once you get consistant.

They key to your success is the quality of your mentor. It is hard to make it on your own, and if you try, it will take time and therefore $$ to burn..

A mentor can accelerate the learning process.
 
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