Is there a list of firms that have a 5k min with no licenses required? Most of the ones I have found want you to be licensed or come in with more than 5k. I'm not looking for any kind of training so I'm not interested in those firms. Just something that will get me up and running. I have spoken with Cy Group, but not sure what is going on at this point. any replies or PM will be appreciated. Thanks
Plz PM me too. I'd also like to join a prop firm that offers low commission, and resoanble payouts. Tired of searching threads post. I have 5K to contribute, write 30K tix a day.
There are a ton of prop firms out there with a 5k min. http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html My advice is: 1) stay away from the list beginning with "B"...I had 2 bad experiences from that section of the list. 2) beware of the latest prop trading scam: mandatory training fees - $2500 and more.
The new sales pitch is that you get to trade the firm's capital IF AND ONLY IF YOU SUBSCRIBE TO THEIR EXPENSIVE TRAINING PROGRAM. Doesn't matter if you've been trading 20 years; doesn't matter if your annual ROR is 20%. Nothing matters except that fee.
It's pretty obvious the training fee is risk deposit, you guys are idiots if you can't see that. That is how firms are setting up to avoid SEC or FINRA or whatever. For the most part, it is not a "scam." It's just how it is if you want the ability to day trade with 5k.
A lot of people learned the hard way about trading prop without a Series 7, personally I just advise getting the license and doing it the right way. Want more info, just search old threads for "Tuco" and read the horror show that turned into.
is trading on prop without a series 7 license illegal? yeah theres been some smoking mirrors on lately IMO.
And how is trading with a Series & different? Remember WorldCo? Well probably not, I doubt you been around that long. Trading without a 7 means less hassle, less costs, less bureaucracy.