OK so I know 2 guys who are good traders

[Nofear777]

Quote from Alcibiades:

Without mentioning any names can you give us a little more information?

In what city are these two located?

What is the commission and fee structure they have been paying in their current firm?

Both in NYC. One is paying very cheap commissions because he was doing 250-500k a day in volume (I think he was between .25 and .29) other is paying .35 cents per share.
Both have (had) a payout rate of 99% and did not pay for esignal.

They pay ecn pass through fees and other fees everyone has to pay.

But keep in mind they worked for the same place for 7 years and the commissions were lowered and Im sure they would understand they would have to pay higher commissions with no money down.

 

[stock piker]

Quote from Swan Noir:

My business experience is much more extensive than my trading experience. That said, my instinct is that this is one F _ _ _ ING strange way for two guys who have been even semi-successful in any industry to be shopped. Presumably they both have telephones. They should pick up the phones and begin the process of meeting with decision makers who can put their skills to good use.

I know one guy -- me -- who thinks this is one of the oddest posts I have ever read.

+1

I know this guy, friend of a friend of the sister of a guy I knew from the 2-train, who inserted his penis in a vacuum hose. True story.

OP, if they can't make the deposit they are false. When I say "they" I mean "you".

 

[munnyhunny]

"The one guy is young and spends everything he makes, the other one is inconsistent". That's the best you can do?
Sorry, your story sounds like absolute BS.
If one is inconsistent, who will want to give him money with no contribution of his own? And the young one who spends everything he makes must have spent it on a fancy car, or a great stereo, etc., so tell him to get a loan against all these amazing creature comforts he has purchased.
Or at the very least, if they are so good, get them positions in your firm or put up the money yourself.

 

[Anaconda]

Quote from Nofear777:

and the other guy is very young and spends all his money as soon as he makes it .

So he has been trading for almost a decade but is still very young? Did he start trading at 12 years old?

 

[Nofear777]

Quote from stock piker:

+1

I know this guy, friend of a friend of the sister of a guy I knew from the 2-train, who inserted his penis in a vacuum hose. True story.

OP, if they can't make the deposit they are false. When I say "they" I mean "you".

By deposit do you mean capital contribution?

So you believe that I AM the person who is seeking a firm? I assure you you are wrong. I am not looking to move from the firm I am with now. I simply love Anvil too much. Especialy the newest version.

Some of you people really paranoid. Why? I don't know.
Typical losers I guess.

 

[Nofear777]

Quote from munnyhunny:

"The one guy is young and spends everything he makes, the other one is inconsistent". That's the best you can do?
Sorry, your story sounds like absolute BS.
If one is inconsistent, who will want to give him money with no contribution of his own? And the young one who spends everything he makes must have spent it on a fancy car, or a great stereo, etc., so tell him to get a loan against all these amazing creature comforts he has purchased.
Or at the very least, if they are so good, get them positions in your firm or put up the money yourself.

Let me clarify. One is very talented and mid 20s (young by my standards). He is a very talented trader but has struggled in the last 6 months, but who hasnt? Personaly I am down around 30g in the last 6 months. He is actually positive.
The other guy is inconsistent in takeing checks home, not in making gross$$. So he is very consistent for the boss. Still, he gets by and this was his living.

And when did I tell you what he spent his money on that you know its a fancy car or a great stereo that can be returned or sold? You just assumed that, falsley I might add.

Im just here trying to get some info , thats all. I thought this would be a good source but I guess I was wrong.

When worldco went under we had vultures hovering around and offering all of us no money down cheap comms immediate setups.

(BTW Walter RIP. Pia , heart goes out to her. )

This is a similar situation except on a much smaller scale. And the 2 I am talking about ARE friends of mine. Just investigating a little. Im sure they are fully capable of doing their own investiating for themselves, butI thought my elitetrader connections might help out . They have never been to this site .

Its just uselessly dumb for any of you to think someone would actualy make a story like this up. Happen alot here on elite trader .com?

 

[munnyhunny]

Quote from Nofear777:
And when did I tell you what he spent his money on that you know its a fancy car or a great stereo that can be returned or sold? You just assumed that, falsley I might add.
[/B]

You didn't but usually a "young person" who "spends everything he makes" spends it on gadgets, toys, flash. What else would he spend it on. If he was doing as well as you say, then there was lot of spending done.

Quote from Nofear777:
Its just uselessly dumb for any of you to think someone would actualy make a story like this up. [/B]

I don't think you made this up.
I do think you are leaving a large part out either because you don't want to tell or don't know.

 

[Anaconda]

Quote from Nofear777:

Let me clarify. One is very talented and mid 20s (young by my standards). He is a very talented trader but has struggled in the last 6 months, but who hasnt? Personaly I am down around 30g in the last 6 months. He is actually positive.

You said they have been trading for nearly a decade and consistently positive. If he is sooooo talented, I'm sure he can put up the capital. Isn't he positive now? Maybe he should not get a check cut.

Additionally, the firm would work things out with them if they are consistently profitable on a net basis to the firm (not themselves), especially if they have a long track record with the firm (which you claim they do). The firm actually gains by grabbing these traders without the sub-LLC group leader, since his overrides are gone. Although the firm's cap requirements for the traders directly under may be high. Alternatively, they can simply transfer to another sub-LLC, which I'm sure would not mind since these traders are (supposedly) profitable & consistent. This is actually what happens in such cases.

Maybe you are just naive and do not know how it works. But the reality is that the truth is not how you paint it. I can understand the commission generator guy, those are common, but I think is that his risk profile has went up and he is becoming less and less profitable. As for the super talented trader, well, maybe he is not as talented or profitable as you think.

 

[NKNY]

Quote from mxjones:

Trading for 10 years, extremely profitable, but can't put any capital down? Something doesn't add up.

My thoughts exacty...


Nick

 

[BIDUbandit]

Sounds fishy....I agree