The most difficult part of choosing prop firm is choosing one which doesn't default (had bad experience once). My tools so far: - prop-trading.com has rating of some firms, e.g.: http://www.prop-trading.com/nevis-trading-group-reviews/ - check on linkedin, like good to chose a firm which is operating since long, e.g.: https://www.linkedin.com/company/united-traders - ask around ;-) Anyone has good tips for doing due diligence on prop firms? Anyone knows since when MGB Trading and Nevis operates?
I don't think any reputable prop shop will give you what you need with nothing upfront. Expect to put up 50-100k to get this. Someplace props might give you a job to trade, but no one is looking to back "undiscovered talent" Here is a list of every firm I would recommend that back individual traders/groups that want to trade their own way. Companies like SIG, DRW, Optiver, Peak6 and CTC only hire talent out of college to trade THEIR way. Allston (HFT) Belvedere Eagle 7 (HFT) Geneva Trading Hard 8 HTG capital partners Ketchum Trading (Blair Hull's firm) Marquette Partners Nico Trading Prime International Trading Transmarket Group WH Trading
I would venture a guess that 98% of ET would not pass the math tests to even get interviewed at those firms
Without creating a new thread, I'm hoping I am staying on subject when I request some assistance relating to the original poster. I have been using http://www.prop-trading.com/ as well as sifting through postings on Elite... Background: I have been trading equities for 15 years on and off using retail platforms like TDAmeritrade/Etrade/Optionshouse, etc... recently have been simulating trades successfully, trading stocks under $10.00. Would like to find a firm that could provide capital of 30K and up. I'm a rather conservative trader and only make between 5 to 15 trades per day. TowerHillTrading was mentioned earlier in this thread. While they may not be the destination for the advanced trader I personally am appealed to them as they will 'train' and provide capital to a new trader -- otherwise, please enlighten me as to other firms that would provide an equities trader (with no upfront capital) the opportunity to trade -- (training or no training). Would prefer a company I can also trade from home on my own computer. If you can shout out a couple or message me I'd appreciate it. Otherwise, if you can relate to how new I am at this... and provide me with any suggestions as to what to look for versus stay away from I'd also appreciate your suggestions. Thank you.
I should mention, I am based in Chicago. This may be critical in mentioning as maybe all of the firms I'd be applying to would want me to come into their offices? With Tower Hill they mentioned a 10 day training program, and then thereafter you would be able to trade from home. Do most of you trade from home or in an office setting..?
I did their test in 2008, i got 63 questions answered. they said that only one person in that year got all 80 questions answered, let alone got them all correct.
Yes dude, say quid pro quo then share nothing but advice... Well, I am going to sift through some of your posts to see if i can find anything meaningful. At this point I have only two questions - 1) Are there excellent and reputable firms which do discretionary trading. 2) If so, do they hire foreign workers. So the first one may not be so difficult to find, if such firms exist. For the second one some help? What kind of requirements are there for a work permit. At this point, I have a couple of places where i can get by - by trading, but I wish to trade size next 5-10 years. Some place nice where i can trade 10-20 years? 70% of my trades are intra day and 70% of my PnL is made from directional trades. I cannot accept compromising my independent decision making while I am trading, besides that I am quite flexible, also have given a list of points I am looking for in a firm. So, if there is any firm on the top of your mind, do list here, and i do my due research on it asap - it would take you 10 second to answer and 2 minutes to criticise. You have made 20k posts, can do 1 more. Meanwhile let me see what i can find on FNYS and consolidated.
Sorry, I've been a little busy lately. I'll try to keep this simple. No, US trading firms will not hire you. You need an H1-B Visa and they will NOT, I repeat NOT, sponsor you for it. That pretty much makes the rest of the conversation moot. But let's say you were an American citizen and you lived in let's say, Chicago, once the prop firm capital of the world. The answer to your 2nd question is also no, these firms are not going to hire you to be a directional trader. For the simple reason is they don't have it. You provide no marginal benefit to them. There is a huge surplus of very very smart, intelligent, guys (and girls) who can make money by extracting value out of the market. And they currently are setting the marginal benefit in the market. But that debate is neither here nor there as you are not a US citizen and it's not even a consideration. And let me cut you off before your follow up. No, they will not hire you to be a remote trader either. So are we good now?