Any exp with these Chicago prop firms...

Discussion in 'Prop Firms' started by chicago1, Sep 26, 2010.

  1. chicago1


    Profitable 13 year trader, first time poster. Traded for 11 years with Tradelink LLC in Chicago. Experience trading everything from being a Nasdaq market maker (99-01) to a CME DMM in the green, blue, gold eurodollar packs and 2 and 3 yr. bundles. Mostly traded interest rates cash and futures last 5 yrs. Built up to a 70k draw plus annual bonus. Got complacent, lazy, (burnt?) and was let go in May. Took a few months off and ready to get back at it!

    In my travels the last month trying to get a new trader job, NO ONE is hiring with a salary/draw unless you are a quant or HFT with C++ experience. Very frustrating, options limited at this point, but need to get back to work. So I've decided to become an equity trader at a prop shop. Always wanted to be my own boss and keep the majority of my PnL (vs. the 30% I used to get) but was too scared for a variety of reasons to move on. So the layoff was a blessing (I hope!).

    I know the individual stock trading game has changed drastically over the last 5 years. Lots of traders blown out, chewed up and made to go work for a living. I would like to avoid the carnage.

    Does anyone have any experience dealing with Avatar trading at 10. s. lasalle or Atlas trading. Also any experience with Dimension trading--remote only-- based out of NYC. Avatar just opened big 10000sf trading floor in Chicago a few weeks ago. Based in NYC. Only equities and options but offering access to futes in a few months.

    Does anyone know of a futures or fixed income prop shop that offers leverage in Chicago?

    Also what constitutes a good deal at prop firms these days.

    Min $$ capital contribution, any desk fees? tix charges? keep ecn rebates? cost per share? min expected monthly volume? volume breakpoints for cheaper commish? payout %, best leverage 20/30/40-1

    Any advice in general would be welcome as I enter this new phase of my trading career. Failure is not an option. Wife says I have to get a "real job" if this fails.

    I ask because it sounds like each trader has their own deal at Avatar.

    Thanks fellow traders. Hope to become a worthy, relavent poster over time.
  2. bpcnabe


    Avatar is NY based and have been around for a few years now. They are CBSX registered, so that means any deposit you put up will be held for a year. I believe they use Lightspeed mostly now. You can get decent leverage for what you put up and yes, you get the full ECN pasthru. 20-30:1 depending on experience and that can get better with track record with them. Commissions are average (.004-.005 to start) - you would need to negotiate well or do some volume (1MM+) to get better than average. Automatic distrubution of any profits within 5 days of end of month and anytime you request, if needed, throughout the month if cleared funds.