what should i be paying?

WOW Mr. zmiwa you are not just an elitetrader but a topflight trader. How much cash are you making every month on your trading alone to cover that $10k in fees????

Good job man!!!!!!

Now to Mr. TM Direct. Is this guy crazy or what???

If a Prop firm can get $15k per month for a trader, even if they only have say 10 traders, the entire operation pulls in $150k a month and Prop firm still can't make it. WOW!!! A good Prop owner would take that deal all day everyday and twice on Thursday.

How the hell can a trader make it with $15k expense on his P/L every month.
 
Even IBs unbundled rates can easily come to < 5 mils all inclusive:

http://individuals.interactivebrokers.com/en/accounts/fees/stocksPricing2.php?ib_entity=llc

The key is to add liquidity. If taking liquidity at IB, then a bundled rate is better at 5 mils.

The point is that top tier firms offer 5 mils all inclusive without hesitation. If you are in NYC, at pro/prop firms, 40 mils for taking liquidity and 30 mils for adding it is easily attainable with even modest volume. For the trader that goes home flat, notice that is an average of 35 mils all inclusive. In Chicago, for some reason we get raped by the same firms that have these deals in NY. The lesson? If you are in Chicago trading equities, talk to people in NY.

If you do 10,000,000 shares a day plus, if you set yourself up correctly and deal with the right people, you should never be paying more than 1 mil all inclusive.

Some of this is discussed on this thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=114659&perpage=6&pagenumber=1

nitro
 
Quote from timcar:

WOW Mr. zmiwa you are not just an elitetrader but a topflight trader. How much cash are you making every month on your trading alone to cover that $10k in fees????

Good job man!!!!!!

Now to Mr. TM Direct. Is this guy crazy or what???

If a Prop firm can get $15k per month for a trader, even if they only have say 10 traders, the entire operation pulls in $150k a month and Prop firm still can't make it. WOW!!! A good Prop owner would take that deal all day everyday and twice on Thursday.

How the hell can a trader make it with $15k expense on his P/L every month.
More...

Oy vey......why do i bother?/ If you read what i said you would understand.....the firm is NOT making 15k per trader....the firm is getting 15k total GROSS in that one scenario....that is befor they deduct the various fees they will be charged by the clearing fees....and im pretty sure most of you have absolutly no clue how much those fees will be or what they mean...BTW...the locate fees from the clearing firm can be astonomical....and again...the locate fees often charged to a firm come a month or two later in a nice bundled package...had one firm once rack up around 45k in fees....the guys jaw dropped when he got the bill...that came right out of settlement to the firm ( which is their net)....once again...Im not saying these rates are not available....Im just questioning the viability of most firms who offer this...many larger firms can do this because they have the volume...but most cannot and will not survive charging .003 AND giving 100% payout and 10, 20 to 1 leverage
 
Am I crossed-eyed ?

0.002 meaning 2$ per 1000 shares ?
That's enormous.

Prop firms that I know of are 1/10 that (0.20 per thousand).

Now show me a firm that'll give 100% payout with
those fees and a deposit and I'm listening.
 
I believe you are getting ripped off now. Here's what I get:

100% payout
.00275 (was .0025) per share
no minimum volume (I usually do 1-2M/mo. I got this deal due to excellent track record)
15K down
100:1 leverage

any thoughts on whether I should be happy?
 
Quote from forsalenyc:

I believe you are getting ripped off now. Here's what I get:

100% payout
.00275 (was .0025) per share
no minimum volume (I usually do 1-2M/mo. I got this deal due to excellent track record)
15K down
100:1 leverage

any thoughts on whether I should be happy?
More...


2.75 per 1k plus ecn fee plus sec fee is not bad but not great it's ok. If its 2.75 all fees except sec fee then that is great
 
if a firm has self clearing....then it wouldn't cost the firm anything to clear transactions right? I'm not highly certain, but I spoke to a former branch manager, and I remember him saying self-clearing firm can cover its operating costs with .0005. don't pick a fight with me......i already said i'm not sure. it's just what i remember.
 
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