evaluation about prop. firms

Discussion in 'Prop Firms' started by schonfeld_trade, Aug 12, 2002.

  1. I have seen a lot of people are discussing the pro. trading firms. now I will just put some of my ideas to some of the firms.

    First, what I want to mention is I am just talking about equity trading firms, so it is not including those option trading firms.

    Top firms:
    schonfeld securities, First New York Securities, Heartland Securities:
    They are top firms. Working there, you don't have to put your capital down. Absolutely, as I understand, that is meaning employment. I like that. 1) Schonfeld securities is the largest firm among all of the short term trading. It is one of the largest market maker in NYSE and NASDAQ. And it is also a top program trading company. So working there, I think that you will learn a lot. Because of the bad situation at present, they have changed some of their policy. But I think that they are still the best if you want to do prop trading. 2) FNYS and Heartland. I don't have too much to say about those two firms. But they should get respect because they give you salary although it is just during the first year. To tell the truth, I have no idea whether they are really good at this field, since I cannot find too much about them when I search their names from google or MSN. But their salary policy did give them chance to get the better quality people. But before you choose firms, don't be just lured by that. you have to check the trader quality and training program too.

    not top firms:
    worldco, ETC, generic, and so on...
    1) worldco. I think that a lot of people talked about this firm on this board before. I don't personally like this firm because of its hiring policy. I had some bad experience there. But they are still not bad compared with other firms since they are seld-clearing. But most of them trade NYSE, if you want to trade NASDAQ, you will have to pay high commission... Regarding this, Schonfeld does not have this problem. 2) ETC, no capital needed. I really don't know too much. But I heard that you need sign two-year contract, which is not very good. 3) others, such as generic, Liongroup, and so on. Most of them need your capital. In my idea, this is not a real professional trading company.

    Anyway, this is some of my idea. I can talk more, but just want to open a new thread to get more discussion. In the future, people want to know about pro. trading firms, they can refer to this resource.

  2. and who are you and how do we know that you have any idea what you are talking about?
  3. Just as the title. I am nobody. This is bbs, if you have any opposite idea, just post here. Don't use the word "who are you?" The purpose is just helping some new guys to get some ideas about those firms. But I am sure that my idea is not complete and absolutely right. SO please post your idea here to correct me, ok?
  4. axehawk


    I can tell by your grammar that you have never set foot inside a Schonfeld office.
  5. does it matter?
  6. Hey, guys,

    sorry about my message. Seems that my msg has insulted some of the persons here. I apologize. I just wrote down something in my brain and I am not supposed to attack anyone or any firm here. Anyway, if you have different ideas, please correct me. I will be very happy to accept it. Anyway, this is a bbs, so we can accept different voice, right?

  7. prop firms are like high finance, 21st century sweatshops.
  8. :confused:

    Sorry, I don't quite understand it.
  9. achu717


    I am an experience trader. How can I get a trader job at Schonfeld Los Angeles office ?

    What is the difference between trading at a Prop firm like Bright Trading and trading at home with an internet broker like IB or Tradestation securities?

    I know Prop firms will charge a desk fee of $500 a month plus commissions and some miscellaneous dues, which results in higher overhead.

    I like to know the real plus and negs of the two.
  10. axehawk


    Bullets and 20:1 leverage.

    Not to mention you'll defray some of your T1/software/datafeed costs by trading in an office.
    #10     Aug 13, 2002