Best Firm for New Guy

Discussion in 'Prop Firms' started by PrueFan, Apr 20, 2002.

  1. PrueFan


    I'm new to all this trading stuff. I'd like to know which firm is best for "new" traders entering the industry. I'm NOT looking to cut the best deals at the moment. The only thing I'm interested is in getting top-notch experience from seasoned veterans. I wouldn't mind giving up part of my profits to such senior traders in exchange for their mentorship.

    As I feel I will be sacrificing my time and efforts for at least 6 months, I really don't feel the need to slap down $25,000, so firms that require this up front is out of the question. I also would like to stay away from firms that simply hire anyone with money as I feel they really lack in quality traders.

    Thanks for reading. Your help is appreciated.
  2. ellokn


    It depends on so many things and cannot be answered simply knowing that you are a new trader.

    Most importantly, what instruments do you want to be trading? Equities, Futures, Options, Forex?

    Or all above?

    Knowing that, I'd think you get many responses and advice from this place. Good luck.
  3. xtrader


    learn the ropes...
  4. Response is kinda choppy (sorry)-

    Trading is a business. How do you start a business without adequate capital (At least 10-25k)? The fact that you want to work hard is just not enough and you have to understand that. Everything changes when it is YOUR money on the line, not someone elses or some "paper trading". The real experience is TIME IN THE CHAIR.

    Firms have to take just about anybody who want to trade and has the capital (exceptions noted) because we all start somewhere, right? Who is to judge you to see if YOU have the right stuff? We all know soon enough....

    In regards to learning from seasoned veterans, I agree, you need to surround yourself with traders that work hard to adapt to the ever-changing market and that is the KEY. I know traders that are "seasoned", trading at various different firms (including my own), that cannot make a dime right now because they refuse to change and adapt. (Some have even retired.)

    Look around and hook up in an office with guys who try new concepts and ideas, and are willing to always listen. At my office, we listened to a BRAND NEW trader who gave us some new ideas and we use them everyday! (BTW - one of our newest traders is making more money consistently than some of the 4 year veterans.)

    I have been around traders and principals that preached "NO CHARTS ! NO NASDAQ ! NO QUESTIONS!" and I could not flourish, but there certainly were traders there that did! I needed flexibility to find my own style and method of trading and surrounded myself with the same kind of people and my profits took off. Who is out there to judge my trading if I make money?

    My advice: Look around, visit offices, attend workshops and seminars, (YES, you have to spend some money), and then talk to individual traders at different firms you are considering. Eventually, you will find the right environment and then YOU have to take it from there!

    Good luck in your venture! There is nothing better in my opinion!

  5. Snosur4


    I know of only 2 prop firms in Orange Co. Ca. Bright and Hold Bros.

    Does any know of any others and would they recommend them?