Advice wanted: Prop. Trading Firms / Trading Style

Discussion in 'Prop Firms' started by rockbrain, Dec 9, 2002.

  1. I am currently an option market maker, planning on trading equities off floor through a proprietary firm sometime after the first of the year. I would appreciate any advice members could give me as to the types of trading style/s that they are utilizing. Also I live in Chicago and have researched several firms including Echo and Bright, and would appreciate any first hand knowledge members might have about prop firms in Chicago. After visiting both firms, I was more impressed with Echo's facilities. Thanks
     
  2. jeffgus

    jeffgus

    Avoid Bright........Heard good things about Echo. Good luck with the new venture.
     
  3. cheeks

    cheeks


    Was the the handle "THE ANTICHRIST" already taken?

    j/k:D


    If you don't mind my asking, why are you leaving the floor?
     
  4. Trajan

    Trajan

    Can't help with the prop firms, but, would like to hear what's happening on the floor( or not happening).
     
  5. The reasons I am considering leaving the floor are many:
    1) The bid ask spread has narrowed with each exchange competing for order flow..most of the time markets are a dime wide at best.
    2) Order flow is going electronic, with the ise taking a larger proportion of volume. In addition, Timber Hill will be rolling out an all electronic exchange in a few months, which should surpass the ise, and further cut into on floor trading volume. Information about this exchange called the BOXX can be seen at interactive brokers web site..
    3) On the floor I receive a 50/50 split, rather than a 100% payout

    4) Being on floor I am limited to a few stocks to trade, off floor, I would have unlimited options.

    5) With the decrease in option order flow, I am mainly trading stock (hedging/scalping gamma) and doing it for a penny a share, which I could do cheaper off floor.

    The question I had for members was the different methods that are currently working in proprietary day trading. I currently am very comfortable and profitable as a scalper, and would lean in that direction, but would be interested to hear from people who pair trade, opening only, closing imbalances...etc.
     
  6. xtrader

    xtrader

    profitable prop firm strategies will not be taught to you
    oo, pair etc is BS

    many prop traders continue to exit

    scalping is not profitable
     
  7. gordo

    gordo

    xtrader:

    Are you saying that the ranks of prop trading continue to thin?:confused:

    gordo