Buyer beware. When you work with Rithmic for your trading, you are going to be swimming against the current. You may make money the first couple of tries but on the long run, you will not win with Rithmic unless you are ONLY trading during high volume -- even then, the odds are even at best.The most egregious recent example is when there were a few times when I was down to the last $50 or $75 on my drawdown, and I hit a market order when PA was moving with strength on a certain direction but the order bought a position that was -$80 and blew the account -- this is an easy fix on the backend, usually. The price action continued moving in my direction through the transaction and I was dumbfounded. Knowitall apologists will say 'you shouldn't have overleveraged' or 'you shouldn't have put in a market order during high liquidity'. That's good advice but it's a 'what-aboutist' answer that doesn't address how Rithmic rigs the mechanics of trading against you. I can imagine a bunch of finance bros high-fiving after making Rithmic's motto 'We put your order first' because I can't count the number of times price action behaved like my order was front-run. Incidents like this happen to me and others numerous times to the point that I don't believe it's an accident. This is one of a thousand ways prop firms that work with Rithmic could absolutely shake the money right out of you. Think twice about working with prop firms that use Rithmic. You are not paranoid -- It's no accident that the most shady prop firms with so many people losing money while their affiliates are making crazy numbers always seem to work with Rithmic. That's not a skill discrepancy. The market has always been rigged. The SEC only really caters to keep the game fair between institutions. Prop firms are small potatoes to them. They seldom care about how any of these companies take advantage of retail traders and no retail traders are organized enough to build a case around this, so it just stays as lore among the day trading community. Protect your capital. Make smart decisions. Don't use Rithmic.
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Rithmic, LLC is a leading provider of direct market access (DMA) trade execution software to the global financial community. Boasting high speed, low latency, ultra-low latency and massive throughput capabilities, Rithmic's software infrastructure is a broker and FCM neutral platform that provides turnkey and developer access to a wide range of exchanges and asset classes, complete with a variety of pre-trade and post-trade risk management and real time, delayed and historical market data.See more
