Millenium Trading

I

investaroni

I'm interested in feedback from anyone who has had experience daytrading at a Millenium Brokerage ofc. What was good, bad about trading with them?
 
They have just run ads in the Sunday Dallas Morning News employment section seeking prop traders. There is nothing on their website about prop trading. They are also in the same building as Nextrend, and partner with Nextrend for direct access trading out of the Nextrend platform.

The ad says 100% payout, $7.50 commish per 1000 shares. I assume that means $7.50 minimum per ticket, since it was not listed as cent per share.

I will probably check them out tomorrow.
 
Don,

Yes, I did some checking and they are retail.... gosh, $16.95 ticket and .015 per share?

This is where the advantage of a trader makes the switch to proprietary trading. since the introduction of the $25k to day trade, might as well study for a month and take your series 7 and trade with the firms capital.

Also, who wouldn't do it just to get lower commissions and access to more margin overnight?
 
I hope there are more new firms.

I would like to know the phone# and contact info.

MORE firms will lower costs and keep firms honest.
 
Again, there is no information on their website that has anything to do with prop trading. They did run and ad here in Dallas seeking prop traders. They advertised office or remote, no desk fees, no data fees, 100% payout, $7.50 /1000 shares. No other details were given in the ad. I called their office today, and had to leave a message. I imagine they got a lot of calls. I will talk to someone there or stop by there in the next few days and find out what the deal is.

If this company has the same ownership as nextrend, then it has deep pockets. Nextrend was started by the guy who started Comtrend and then sold it to ADP. Anyone who traded futures back in the mid 80's probably knows Comtrend, (later ADP-Comtrend) as it was one of the first market data delivery systems with intraday charting- it was standard equipment in most futures brokerages.
 
Their cost structure is very high, with minimum ticket charge and ecn pass through. No mention of ecn rebates. I think they are lightweights trying to generate some business because retail brokerage business, especially with their overhead, sucks.


PROPRIETARY ACCOUNTS

NASDAQ

NYSE/AMEX

$0.0075 Cents/share

$0.01 Cents/share

$5 minimum

$7.50 minimum

PAYOUT 100% OF PROFITS

ADDITIONAL ECN FEES (Charged in addition to commission)

ISLD
.005 Cents/share


INCA MKXT NTRD
.0075 Cents/share


ARCA BTRD BRUT
.0075 Cents/share


ATTN REDI
.009 Cents/share


SOES .002 Cents/share

SNET $1.00 Ticket


MONTHLY EXCHANGE/SOFTWARE FEES

SOFTWARE FEE AND EXCHANGE FEES
$200.00 required (plus applicable sales tax)



OPTIONAL FEES


DOW JONES - REAL TIME NEWS
$95.00 Optional

CHICAGO BOARD OF TRADE
$30.00 Optional

CHICAGO MERCANTILE EXCHANGE
$60.00 Optional

OPTIONS PRICE REPORTING AUTHORITY
$1.00 Optional



IMPORTANT FACTS

A commission is charged per ticket.
Partial fills resulting from the completion of an initial order do not incur additional transactional fees as long as the order is not altered.
Order cancellations incur no additional charges.
At 30+ trades per month (15 "round trips"), software and exchange fees are rebated.
Commission policy and rates are subject to change or modification.



OPTION COMMISSIONS

$16.95 BASE OPTION TICKET CHARGE
+$1.50 PER CONTRACT
 
You must log in or register to reply here.
Back
Top