Anything Good for Stock Trading?

Discussion in 'Prop Firms' started by stockpredictor, Mar 13, 2021.

  1. Thanks. Half a percent drawdown in a day seems rather little, and 1000 shares instead of a dollar/% amount is really unusual. It penalizes smaller denominated shares.

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    Here's my 1 week & cumulative performance that can be verified here: https://collective2.com/details/134463089
    I'm pretty good, but you can see that even my strategy would hit the max daily loss multiple times. This is partly due to taking multiple all in+leveraged position sizes but nothing was held overnight and entries were still great.
     
    #11     Mar 13, 2021
  2. LuckyMac

    LuckyMac

    Would be interested in following this thread to see what comes of it
     
    #12     Mar 13, 2021
  3. jnbadger

    jnbadger

    T3 and Hold Brothers. I'm with Hold. No silly and expensive required courses. Just had to show a track record, get my 57, make a deposit, and I get a ridiculous amount of leverage which I never come close to using. I pay .003 per share. My trading style consists of around 50/50 taking and providing liquidity, so it ends up being around .004 per share. Why not get your license?

    Edit: I get a 95% payout.
     
    #13     Mar 13, 2021
  4. Do you know what kind of track record they're looking for? What costs are there other than per share (eg some firm require to take paid courses, data fees, platform fees, etc). How much minimum deposit, and how much leverage with that deposit? Most importantly, what drawdown rules do they have, and overnight holds allowed?
     
    #14     Mar 13, 2021
  5. jnbadger

    jnbadger

    Not sure about the exact numbers they are looking for. They didn't ask about sharp ratio or profit factor. I just showed consistent profitable results from other firms which have gone out of business.

    No courses. Courses you have to pay for are always a red flag for me. Just a platform fee of 150/month, which I think is pretty cheap. I think I paid 400 when I was at Echotrade many years ago. They have their own proprietary platform, but I am honestly switching to Sterling in April. It's just what I am used to.

    Minimum deposit is 5K, and you get 50:1 (I asked for 25 to 1, but they gave me 50 anyway). I'm not sure how they calculated such an odd drawdown number, but for 5k, if you are down something like $737 dollars in a day, you can only close out your positions, but you could trade freely the next day. And they won't let you go to zero in your account. I think you get shut down if you lose 80% of your account, but you are able to deposit more if you want.There is also a one year lock up on your funds per SEC rules.

    Yes, overnights are fine, but they reconcile their books every month, so you'll get an email each month saying everything has to be closed out by the end of day the last trading day of the month, or they will do it for you. I'm honestly not sure about the leverage on overnights. This isn't an issue for me, since I am a pure day trader. Overnights are what my Roth is for.

    Just one added thing. I haven't asked about options. Not sure if you're into that sort of thing, but I was thinking of getting back into Gamma scalping at some point. I'll have to ask.

    I know this was long, but I needed to work on my typing skills anyway. Lol Hope this helps.
     
    #15     Mar 13, 2021
    stockpredictor likes this.
  6. jnbadger

    jnbadger

    BTW, the lockup only applies to the deposit. You can request a payout every 2 weeks as soon as you start.
     
    #16     Mar 13, 2021
    stockpredictor likes this.
  7. I see, thanks. I'll do a bit more digging on them.
     
    #17     Mar 13, 2021
  8. Avatar Securities (https://avatarsecurities.com/careers) is the best I was able to find. Most competitive profit split and commissions (may need to negotiate) and they're flexible with plans (first loss, split loss, fully backed) as long as you can trade. If you communicate, they're willing to work with you to meet your leverage and drawdown needs. Need a track record and SIE + Series 57.
     
    #18     Mar 13, 2021
  9. I've contacted Hold Brothers on Friday, no response yet. Maybe Monday.
     
    #19     Mar 14, 2021
  10. I haven't gotten any response. I guess there's a reason why prop firms generally aren't popular.
     
    #20     Mar 15, 2021