Not forced per se, but Gabrielle told me it wouldn't make sense to trade there unless my volume was around 100k shares per month. This is due to the $400/mo platform fee. I'd also have to put up at least 1500 to get licensed, so even if I had 10k, 20% of it would be gone in the first month alone.
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Stock trading arcades/Prop Firms in Chicago that ask for less than $25,000?
- Thread starter BillySimas
- Start date
what kind of return on invested capital/month are you expecting?
suppose you had $63000($7000 leveraged 9:1) in the market what would your estimated profits be after commissions?
i notice you seem to have difficulty answering this question.
unfortunately threads like this one are repeated quite often by individuals who don't understand the reality of their worth in the trading world.
if you don't want to invest a piddly sum in yourself why should anyone else. you don't exactly have a track record.
suppose you had $63000($7000 leveraged 9:1) in the market what would your estimated profits be after commissions?
i notice you seem to have difficulty answering this question.
unfortunately threads like this one are repeated quite often by individuals who don't understand the reality of their worth in the trading world.
if you don't want to invest a piddly sum in yourself why should anyone else. you don't exactly have a track record.
Quote from BillySimas:
Not forced per se, but Gabrielle told me it wouldn't make sense to trade there unless my volume was around 100k shares per month. This is due to the $400/mo platform fee. I'd also have to put up at least 1500 to get licensed, so even if I had 10k, 20% of it would be gone in the first month alone.
Getting licensed shouldn't cost $1500 -- is that for a bunch of premium test prep material? And I don't think they'd start charging you for the platform while you are taking tests. I'm sure Echo is competitive and you could call Assent, too.
Your post isn't even relevant to the thread at all, I've traded for a prop firm before, I understand the possibilities.
Based on the last sentence of your post, you obviously didn't even pay attention to what I said. And you posted it twice! Wow.
Based on the last sentence of your post, you obviously didn't even pay attention to what I said. And you posted it twice! Wow.
Quote from zdreg:
what kind of return on invested capital/month are you expecting?
suppose you had $63000($7000 leveraged 9:1) in the market what would your estimated profits be after commissions?
i notice you seem to have difficulty answering this question.
unfortunately threads like this one are repeated quite often by individuals who don't understand the reality of their worth in the trading world.
if you don't want to invest a piddly sum in yourself why should anyone else. you don't exactly have a track record.
Why would Gabrielle from Echo say that I need to trade that kind of volume to make up for the fees then? I'm still interested in joining Echo just because she said I'd only need 10k, but if I can get a decent % payout from this other prop firm that would back me fully, then I'd probably go with them.
Also, another question about the platform/data fees. Suppose I do pay over $400/mo, isn't that a tax write off anyway, along with commissions? If I'm profitable, I'd be paying $400 less per month in taxes anyway if I can write that off, so it seems like it negates itself. Am I correct in this assumption?
Also, another question about the platform/data fees. Suppose I do pay over $400/mo, isn't that a tax write off anyway, along with commissions? If I'm profitable, I'd be paying $400 less per month in taxes anyway if I can write that off, so it seems like it negates itself. Am I correct in this assumption?
Quote from caementarius:
Getting licensed shouldn't cost $1500 -- is that for a bunch of premium test prep material? And I don't think they'd start charging you for the platform while you are taking tests. I'm sure Echo is competitive and you could call Assent, too.
Quote from BillySimas:
Your post isn't even relevant to the thread at all, I've traded for a prop firm before, I understand the possibilities.
Based on the last sentence of your post, you obviously didn't even pay attention to what I said. And you posted it twice! Wow.
if you traded with prop firm why do you need to get a license again?
where are the numbers that would make anybody want to hire you?
Quote from BillySimas:
If I'm profitable and they take a cut, then of course it's worth it for them. Even if they're getting 10%, it's still a good deal for them if you're a superstar.
Even with an enviable "superstar" track record, any firm in town that supplies capital will take a minimum of 25%.