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T3 Capital Management

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www.t3capital.com/..
Category: Prop-Firms

T3 Capital Management, LLC (T3) is a multi-strategy securities trading hedge fund focusing on intra-day momentum, swing, and technical trading of US equity markets. T3, based in downtown New York City, specializes in the development of both new and experienced traders from around the globe. T3 has established itself as a leader in the equity trading industry by creating the optimal environment for successful trading, boasting some of the most successful and talented traders in the industry.

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Disappointed
Have tried to discuss conditions with T3 though their rates are increadibly high and their representatives don't seem to be interested in giving full info on topic in question

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Not the Best
T3 is nowhere near the best prop firm out there. The commissions are high, the profit split it steep, and the support is poor. Look at reviews of other prop firms to find a better one.

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James_Schultz Seattle, Wa

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The T3 Trading Group Annual Report on SEC.gov is interesting
Read the T3 Trading Group Annual Report before you apply for a job as a proprietary trader. In 2012, 99.89 percent of T3 Trading Group's revenues came from the trading fees T3 charges its proprietary traders. Only 0.106 percent of T3 Trading Group's revenues came from their share of the profits its traders made. T3 charges its traders for every share they trade. Traders are discouraged from trading a low number of shares per trade even if their trades lose a lot of money and even if they are placing the same number of trades.

The manager's free training classes were vague. The manager's free training materials were skimpy. T3 Trading Group sells a lot of training products. One year ago, the training products were a lot more expensive. I never paid for any of the company's training products.

The T3 Trading Group Annual Reports can be downloaded from Edgar on the SEC website. The Annual Report is Form X-17A-5. The "Statement of Operation" (Income Statement) is interesting. The website address is: (www.sec.gov/edgar/searchedgar/companysearch.html).

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The shocking T3 Trading Annual Report on the SEC website
The T3 Trading Group Annual Report (Form X-17A-5) can be downloaded from Edgar on the SEC website. In 2012, 99.89 percent of T3 Trading's revenues came from the monthly fees and the trading fees its proprietary traders paid to the company ($15,106,432). Only 0.106 percent of T3 Trading's revenues came from its share of the trading profits ($16,082). T3 Trading charges its traders for every share they trade. Traders are discouraged from trading a low number of shares per trade even if their trades lose a lot of money and even if they are placing the same number of trades.

T3 Trading charged each of my co-workers about $1,000 a month in trading fees. The $1,000 a month does not include the losses from the trades. On some days traders were profitable, but on most days they were not. Many traders are also charged several monthly fees. Total monthly fees can be as low as $120 a month. After one month at T3 Trading, one unprofitable trader was allowed to double the number of shares he traded ($2,000 a month in trading fees). Some traders may have trading profits that will offset some of the trading fees (and monthly fees). My manager told us on several occasions that many traders deposit additional money when the fees and the trading losses deplete their initial $7,500 capital contribution.

Turnover at T3 Trading is high. The Linked In website profile of CEO Sean Hendelman reveals that T3 Trading has more than 400 proprietary trading jobs. My manager told us that it takes 6 months for traders to become profitable at T3 Trading. If the average trader quits T3 Trading in 6 months, then 800 people held those 400 trading jobs in 2012. In 2012, each of those 800 traders paid T3 Trading $18,883 in monthly fees and trading fees. Some traders may have trading profits that will offset some of the trading fees (and monthly fees).

What are the odds of being a successful trader at T3 Trading Group? In 2012, all of the traders at T3 Trading had $53,607 in trading profits. The traders’ share was $37,525 (70%), and T3 Trading’s share was $16,082 (30%). It is possible that 799 out of 800 traders received nothing, and one trader received $37,525. It is possible that 798 out of 800 traders received nothing, and two traders received $18,762.50 each (the equivalent of a $9.38 per hour full-time job). It is possible that the top one percent of the 800 traders received $4,690.62 each, and the remaining 792 traders received nothing. No wonder most traders resign in a short period of time.

The T3 Trading website reveals why revenues from the paid training products are not on the T3 Trading Group Annual Report: “T3 Live and T3 Trading Group, LLC are separate, but affiliated companies through common ownership.” The T3 Live website advertises two courses that cost $1,997 each. The Virtual Trading Floor costs $200 a month. T3 Live has many paid products. I never purchased any T3 Live training products. For one day and only one day, I listened to the Virtual Trading Floor. I printed the transcript of the one day period. My manager's free training classes were vague. My manager's free training materials were skimpy. About two months after I resigned from T3 Trading, T3 Live sent me an email that offered me a yearly subscription to the Virtual Trading Floor for $999.50. I was also offered a package of one course (I had three choices) and one year of private mentoring for $1,199.

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Good but expensive
Software is good, also liked the office/chatroom. However the fees are extremely high. Overall it's a bit too much for my taste

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their intro course is good
I got their intro course through a friend who paid but decided not to use it. It's good material. Scott is knowledgeable.

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too expensive boss
t3 is considered the big boss of prop firms. I called them to find out about their program. The program seems thorough but the price was $7500. others like Alpha 7 begin around $3000. If you just want to get your feet wet and test the firm out, i suggest you try alpha 7 first. here u need a series 56 plus $5000 locked up. $2500 for education. They have good education but it is expensive. the credential of those are good but they're also good at alpha 7 and cy group which charges 5000. T3 is reputable and has been around for a long time though.

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JBLC New York, New York

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expensive
their fees are ridiculous. They charge thousands for their rebate training program, which is offered free by groups like capital traders group or principal trading partners. their site has lots of fancy gimmicks, but it's really the same prop-services served on a silver platter. I highly suggest checking out other firms before signing up with these guys. I sure am glad I did

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Spyder Tenafly, NJ

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There are much better deals out there.
If you don't have any idea what you are doing but are willing to give $7 grand to someone who will tell you what to do until they make enough money off of you that they don't care what happens after that, well then go to T#. I interviewed with them and wasn't impressed. $7 grand is alot to ask of people, and there are much better firms with better rates and better mentors out there. You need to make the decision for yourself, but lately I've been hearing good things about WTS and their affiliated firms, including CTG. They are also ranked pretty high on this site. I've been looking in to going with them, but definitely won't be signing up with T3 any time soon.

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it was okay
they had the lightspeed. the prices were really high. the office is nice and the staff is friendly. I'm saving about 4k a month on fees since leaving.

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mass marketing
most of their $$ is spent on their marketing which works really well. I paid for their chat. They put up their good trades and leave the bad ones out. You don't get anything here that you won't get at another firm. Their rates were insane the last time I checked, which can be attributed to their recent CBSX broker-dealer registration. You'll get the same out of pretty much any room in the market.

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