Limitdown,
You are absolutely right when it comes down to those firms that do what you are speaking of. It is absolutely wrong for them to run a business this way.
I was just speaking for the firms that are legitimate and straight forward. With that in mind, there a still alot of risks for someone to give this career a try, the individual does not always review and take into account all the risks they are taking when they enter into something like this.
As for living wage, there are no guarentees in this business. If there were there probably wouldn't be the tremendous upside. How many jobs can you get where you sit at a desk all day(6.5 hours for Stocks that is) and make six to seven figures. You go home at 4:00 PM, when every regular working stiff is at the office till 5, 6, 8, or whatever. Sure when I started I would go in at 7:30 AM and leave at 8:00 PM. You have to work hard to learn, and still continue even though you do make money. But if you have ever worked at these firms 90% plus of the traders don't do this (even the ones that don't make any money). They leave when the bell rings and don't come in on summer fridays because they think it will be slow. A friend of a friend of mine used to work at UBS, He worked from 8AM - midnight some days....how many traders who you know do that. Another friend of a friend works at Goldman, he is lucky to get home by 9PM everyday, and he is in the back office.
Getting back to the business of things, when you are new to something in any business, you usually don't get the best deal. Think about it, the first time you bought a new car, all the fees they try to get a way with. the first time you hire a contractor for your house, how they pull all theser tricks to get more money. The first time you buy a house or get a mortgage, you may not always get the best rate or price. My point is when I started trading I paid 1.4 cents a share and 45% payout five years ago. I didn't think anything of it. I worked hard and tried to run my business around what my costs were. As I learned the business I have negotiated my fees down dramaticly and my payout up to 99%. I learned over time and worked hard to get where I am. I have several trader friends who also have gone through the same process.
When you get better as a trader you can get whatever you want. It is that simple. If you are new or your not successful(I am not saying anyone is on this board) you have no leverage. Sure, I have been ripped off by firms, but those have been learning experiences, and I have moved onto better firms where I know what to expect.
Just my thoughts.
Have a great weekend.
You are absolutely right when it comes down to those firms that do what you are speaking of. It is absolutely wrong for them to run a business this way.
I was just speaking for the firms that are legitimate and straight forward. With that in mind, there a still alot of risks for someone to give this career a try, the individual does not always review and take into account all the risks they are taking when they enter into something like this.
As for living wage, there are no guarentees in this business. If there were there probably wouldn't be the tremendous upside. How many jobs can you get where you sit at a desk all day(6.5 hours for Stocks that is) and make six to seven figures. You go home at 4:00 PM, when every regular working stiff is at the office till 5, 6, 8, or whatever. Sure when I started I would go in at 7:30 AM and leave at 8:00 PM. You have to work hard to learn, and still continue even though you do make money. But if you have ever worked at these firms 90% plus of the traders don't do this (even the ones that don't make any money). They leave when the bell rings and don't come in on summer fridays because they think it will be slow. A friend of a friend of mine used to work at UBS, He worked from 8AM - midnight some days....how many traders who you know do that. Another friend of a friend works at Goldman, he is lucky to get home by 9PM everyday, and he is in the back office.
Getting back to the business of things, when you are new to something in any business, you usually don't get the best deal. Think about it, the first time you bought a new car, all the fees they try to get a way with. the first time you hire a contractor for your house, how they pull all theser tricks to get more money. The first time you buy a house or get a mortgage, you may not always get the best rate or price. My point is when I started trading I paid 1.4 cents a share and 45% payout five years ago. I didn't think anything of it. I worked hard and tried to run my business around what my costs were. As I learned the business I have negotiated my fees down dramaticly and my payout up to 99%. I learned over time and worked hard to get where I am. I have several trader friends who also have gone through the same process.
When you get better as a trader you can get whatever you want. It is that simple. If you are new or your not successful(I am not saying anyone is on this board) you have no leverage. Sure, I have been ripped off by firms, but those have been learning experiences, and I have moved onto better firms where I know what to expect.
Just my thoughts.
Have a great weekend.
