I have never worked for a prop firm before, but I am considering making the move to one. For you experienced prop traders out there: are there big differences between firms besides payout/commissions etc..? Do most make you go through their training to teach you a certain style of trading? Is it more of an 'everyman for themselves' environment with little collaboration and idea sharing? or is it more of a team-based approach? Ideally, I am looking for a firm in NYC that has mentors/training beyond the basic level, (e.g. I don't want or need to sit in a classroom learning abut chart formations) and feels more like a company rather than a place that I go to from 9-4:30 to use their computers. Does this exist?
Not all firms are the same. so you need to ask yourself what is important to you. What are you looking for? -payout -platforms -mentoring -Overnights -leverage -office feel -capital contribution If I was you, Id narrow it down to what is important to you. then do some research and make some phone calls and eventually check out each prop firm at their NYC location. There are several threads related to NYC prop firms here on Elite Trader.
Also I'd like to add (cannot edit after a certain time) In most prop offices, the profitable veteran traders keep to themselves and usually do not help out newbies unless their is an incentive to do so. A typical office it is "everyman for themselves environment" In NYC for example there is SMB where you pay for training and it is a semi-classroom style and then there is Schonfeld which helps you one on one. again look at old threads http://www.elitetrader.com/vb/showthread.php?s=&threadid=183282&highlight=prop+firms+nyc http://www.elitetrader.com/vb/showthread.php?s=&threadid=188985&highlight=prop+firms+nyc http://www.elitetrader.com/vb/showthread.php?s=&threadid=175153&highlight=prop+firms+nyc http://www.elitetrader.com/vb/showthread.php?s=&threadid=174461&highlight=prop+firms+nyc http://www.elitetrader.com/vb/showthread.php?s=&threadid=172670&highlight=prop+firms+nyc http://www.elitetrader.com/vb/showthread.php?s=&threadid=170092&highlight=prop+firms+nyc
Thanks for your help. I've been looking through some of the older threads too, which has been helpful. It seems like an easy world to get in to, but tough to stay in unless you're with the right firm. I'm starting to wonder if maybe I should stay a retail trader until I have a longer and more impressive track-record to be considered by one of the "higher-tier" shops. It's tough to learn some of the more advanced aspects of trading on your own though, and it always helps to be surrounded by like-minded people.