HaloJen, I have personally spoke with Mr. Dave Flynn. Nice guy, very knowledgeable, and sounds like a good group to be with. I personally would go work with them. Except that I live in Florida, I don't want to live in NY, and am considering trading remote. I suggest giving Dave a call and just talking to him, asking questions. What you are going to want to find is a good environment somewhere you can develop, and has a mentor type of atmosphere. 49 List of Proprietary Firms that i have found helpful. http://www.utropix.com/jmowery/PropFirms.html Sincerely JC
New, but not inexperienced. Is there any difference there? I've been trading for 6 years, and have my Series 7, 63, 55, and 24. Any differences there, and will I be able to negotiate better?
I really really recommend putting up 5k rather than going in prop. Hold is a fine daytrading firm to work for, as good as any others out there from what I can tell, but the prop deals are very one sided (and not in your favor). It may not be fun writing that 5K, 10K or whatever check but it's the right move to make. I would only recommend the strictly prop route to those who have no $$$ but the strong desire to learn the game (usually 22 yrs old and right out of college types. Living at home w/ Mom and Dad is a major bonus for these types too.). You sound like you are a little older based on some of the things you've posted. So, for you, do the right thing and put up some cap to secure yourself a better deal. That would be my advice if trading is really what you want to pursue.
Thanks Steve. Good advice. I will definitely keep that in mind. Hold Brothers are the ones who sponsored me for most of my licenses when I first graduated, so I know what you're saying. The reason I left was because I wasn't thrilled with their training, and I had a hard time getting going. I've been manually trading orders for the past 5 years for clients, so I know I have a much better feel for the market and how to trade. Thanks again.
new guys are being overpaid. prop traders as well as some IB customers based upon postings on ET think that the miniscule total commissions they spend is making some brokerage firm rich. that is the joke.
Are you sure they were 50% payout? I work at the office in morristown and the new guys are getting 90 - 99% from what i believe.
oh i c...50% payout for guys who dont put up money....I agree with Steve, it's a good idea to put up capital and its a good firm to work at.