Getting into daytrading and starting with Echotrade questions??

Why would you give up 25% to them?

It would be in their interest to teach you as you will stay, be happy, make profits for yourself and commission to them.

Would not join on those premises.
 
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
More...


Echotrade is with the Philadelphia Exchange, there is no phoenix exchange
 
Thanks Guys,
I definitely think they want me to be profitable.

I found out that even if I lose the 2500 I put in I can still go all the way down to -100k without investing any extra capital, and Im not liable for it.
Also if Im in the red and I decide to quit I dont have to pay the commisions.
So unless Im making money with them I dont see how they could make money of me, could you guys?

So giving 2500 for 100k. Starting with 100 share lots, 1 cent per share commision and 75% payout, and they said the penny per share and the 75% I get to keep goes up as I become more profitable, plus the mentoring.

I see this as a firm that wants me to succeed, has my best interest in mind and are willing to take a risk on me.
They also seem from what I heard as a very reputable firm, so in my opinion I see this a not only good but a great oportunity!

What do you guys think now???

Thanks Allot
Jack

P.S. who is this Nick guy, some of you keep mentioning. I never met him, I only met my recruiter and the guy whos gonna be my mentor(neither of the named Nick). Should I ask to meet Nick? Is he in charge of the NYC office??
 
Quote from jack7777766:

I found out that even if I lose the 2500 I put in I can still go all the way down to -100k without investing any extra capital, and Im not liable for it.
Also if Im in the red and I decide to quit I dont have to pay the commisions.
So unless Im making money with them I dont see how they could make money of me, could you guys?


Thanks Allot
Jack

P.S. who is this Nick guy, some of you keep mentioning. I never met him, I only met my recruiter and the guy whos gonna be my mentor(neither of the named Nick). Should I ask to meet Nick? Is he in charge of the NYC office??
More...

i doubt they will let your account go to -100k, better re-check that. Nick is the manager of one of the NY offices, Bryan is the other. Nick is an awesome guy...I don't know Bryan but i hear they are doing some pretty cool things as well.
 
That you would have no liability for going -100k on your account I would definitely want to have signed on a paper....

And if I am not wrong I believe another owner member has to put up with that capital for you.
 
I think ALL members have to sign the LLC agreement which clearly puts in writing that you won't be responsible for going neg UNLESS fraud, bad intent,etc.
 
Its funny how they say you won't be liable for up to 100k in losses after your initial contribution. I don't know how the hell you are going to rack up 100k in losses trading 100 shares with no overnite. When you dip below your 2500, you'll be immedietly given an ultimatium.... put up more money, or bye bye.

BTW, the 1c with 75% payout is a rip. I would ask for something like .7c with 75%. .7c with 75% payout is much better than 1c with 100% payout. Because atleast with the 75%, they have some incentive to teach you how to make money. Whereas, with 100% payout and 1c, all they want you to do is churn and burn. You'll bring home a lot more money at .7c even though your giving away 25% of your net...... for a newbie that is.

xbrxx
 
He's not with Nick. He must be with Brian. there are two Echotrade "groups" in NYC offices. do you really think they are gonna let you go down to -$100K?? I hope you are kidding.......:)
 
I Dont know a Nick or a Bryan. How could I figure out whos team Im on??

Do you really think theyll throw me out after going under 2500??
They said they wouldnt, when I asked them just that, but I dont think theyll put that in writting although Ill try to get it. Any suggestion on how to go about it?

Thanks
Jack
 
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