Largest Daytrading firm in the US.

E

ethanbrooke

hi,

I do notice that daytrading firms like alltech, worldco, protrader, ETG etc are mentioned very often, either by people seeking to trade with them or ppl trading with them.

I am curious as to why Momentum securities, which is one of, if not the largest now, day trading outfit is hardly or never recommended or enquired about.

I suppose that it does have a very competitive selection process, but it does pay a draw (attractive by most standards), has no contracts whatsoever, absolutely no capital outlay ur part and assigned trainers (usually senior senior traders) for the new guys to get a good start plus all the perks and paid excursions. Basically a very attractive package.

Though i may be not be compeletely in the know.

just curious, if anyone has an opinion about this company or has worked there and has an experience to share.

thanks!
 
I talked to a guy on vault.com who worked at Momentum and he was really impressed with it. He said he wouldn't work anywhere else and there wasn't much pressure. Also, guys in his office are fairly successful as some pull down 5-20K a day. Yes that's per day. Check it out. He had to wait a full year to get in and he knew a trader. Maybe you'll have better luck if you've got a stellar resume. But you're already at Worldco right Ethan?
 
hey liltrader,

not with Worldco. I am actually with Momentum, which is a subdiv of Tradescape.

I certainly do agree with the feed back so far ( though not much in here) that there is little pressure, no silly contracts, a stable draw, and that there are plenty of formidable traders on the trading floors that never fail to impress as well as contribute. Though im still curious why nobody has much to say about the company, any contributions?
 
I'm giving you the "insider scoop" on your own company! :D
Sorry I thought you were at Worldco. It seems everybody else on these boards is with them. And if it's not Worldco it's either bright or echo.
As to why nobody talks about them...I don't know. They really are a great firm from what I hear. I think it is because most people here are interested on trading strictly for themselves. Nobody posts anything about jobs. Nobody wants to work for an ibank or market maker or anything like that. It's just daytrading. Momentum is more of a job opportunity.
I'm just curious, does momentum offer options trading? Futures? And do you pay commissions?
 
yes, if u are offered a job with Momentum, it will be on contigent that u pass the series 7, 55 and 63 for the offer to be valid, of course. They seem pretty strict about it..i dont know if other prop firms are as strict about it, but even if u fail any of the exams once, the offer is dropped.
 
Alltech founded by Harvey Houtkin has closed all retail operations
and is now a proprietary firm called Domestic Securities. Alltech's
change from retail to proprietary trading shows me that the
retail direct access market is changing for many reasons including
lower commissions , tough trading environment and new capital
requirements for pattern daytraders. Go to www.attain.com and
you will directed to the Domestic Securities website.


Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.et
 
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