Does anyone know some prop firms in Chicago that operate like GHCO (taking bunch of people every month or two, putting them on the sim for a few weeks with a hope that few of them will make it in the live market) ? Thanks
Didn't know GHCO did that, I thought they had the normal weed em out with interviews program. Any idea how it works to get into the sim program and go live if they like what they see? feel free to pm with any details.
Few more Groups.... Hanley Group Dorman Trading Timber Hill Chicago Trading Group Electronic Trading Group Vankar Trading Sangamon Trading Morris Trading Platinum Trading Breakwater Trading Bunge Chicago Flackus Trading Group One [/B][/QUOTE] Most of those are not prop firms just clearing houses that only take customers. They don't hire people to trade their capital
I don't know all of those but I know that's not the case with a few: Breakwater CTC Group One all prop. hires out. Also, I didn't see on this page Cutler Group. http://www.cutlergrouplp.com/ Brite Skye {don't know a web-site}
I'm talking about places that hire futures scalpers. Besides GHCO I don't know about any other place where this is happening these days. Maybe if you have extensive track record some other shops would take you but if you do why would you bother trading prop ? You'd just trade your own money
If you've got the capital go it alone and find some trading buddies. If you don't a prop shop is no worse than not taking a stab at trading at all.
More importantly, why do you want to scalp futures? Most futures traders that are successful over the long term are spread traders or have found some arbitrage opportunity somewhere. Most groups that primarily or entirely scalp futures are most likely not generating the majority of their revenue from traders that sit at a desk and scalp. Reason being, trading outright is mostly a losers game. Other than GHCO, I'm pretty sure Geneva Trading, DE Trading, SDV, TradeGroup, League Trading. these are all groups that do lots (if not all) scalping. As for your question about why you would trade prop if you had an extensive track record, that's a no brainer... so you can trade 300 contracts a crack rather than 10 or 20, not to mention the cheaper fees you should have if theyre rightfully passed on to you. If your record is superb you should be able to negotiate a rate that should pay you upwards of 80% profit. Im sure the places I mentioned above would be more than willing to speak with you or anyone else that has demonstrated success scalping. Prob very very few people that have over the long term.
I don't think there's any money to be made for a point and click trader doing arbitrage or spreading these days. Those opportunities are exploited by computerized systems. As for places you've mentioned; none of those would consider taking on somebody with no track record. I developed succesfull game for ES (on the sim) and I want to get a shot in the live market, I just don't know if I have a chance for this here in Chicago
Most people that spread treasuries have stopped as I have. I use to spread a lot of cash vs. futures but they are so thin now that the risk of execution has gotten to high since many of the Banks are no longer trading. I am in a spread group but trade outright 90% of the time now a do a yield curve spread every now and then. If you saw yesterday's flattener you would see why; if you are wrong you are totally f%$cked with any sort of size on. A good way that some of my friends who trade size in futures and hold positions is to hedge them with options that is a good way to hold risk down with size. But right now there are so many opportunities in the futures markets I trade (Indexes, Yield Curve and energy) there is no need to spread unless you are putting on a lot of size and have bigger time frame than mine. P.S. Traditionally you are correct about spreading which is why I got into it (after Scalping Index Futures for a while) but markets change and as traders we must change with them. The only real arb left is in the grain room right now.