I don’t think there are any day trading firms left. Everyone finds it more convenient to trade online from the comfort of their homes. @mikal I remember those days when these firms used to offer a pool of capital for trading but nowadays almost every trader prefers to trade with their own money, all thanks to low initial deposits. However I feel that day trading through these firms was really a thing as you get to be surrounded by professional traders and could have real face to face interaction.
Not in futures. The futures prop firms (like DRW, Geneva, etc.) are really more along the lines of a W-2 Employee Hedge Fund model.
Most new traders failed because they are under capitalized. $10k is possible. But maybe better trading some small equity futures. There are micro contracts. If you have an edge, you can generate good returns quickly. And you are not subject to PDT rule.
I hear that it it is also true for veteran traders. OPM hedge fund of blessed memory is the poster boy for blown up traders,
%% Yes, i remember the daytrading book they [George West +.....] wrote. I still have it + except for the fractions LOL/ some good stuff in there..............................................................[Edit/ not mainly for the day trading but entry execution]
Not sure if there are any; I heard of them long ago. All I hear about these days is how traders customize their trades on their own. There is no mention of any third party that helped them make gains. Online brokers have played a vital role in this transition.
Its a scam. They lie about the leverage and the trades. Since most traders lose, the "broker" doesnt actually do any trades. They just wait until you would have lost and keep the money.
Please elaborate further about the day trading firm that is breaking the law / a scam. What is the name of the firm?