Re: Echotrade
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I am considering pursuing a trading opportunity with Echotrade. They ask for a minimal capital contribution to get started, which kind of scares me.
They will help me pass the Series 7 and teach me to trade their way.
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What's the capital contribution? $50k? It sounds like the typical day trading operation. If so, SEC studies have shown that on 95% of day traders go bust within a year.
The brokerage firm, however, does extremely well since it's collecting on all the commissions the recruits generate trading every day.
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