I need help...new to prop firms..

Discussion in 'Prop Firms' started by neveral0ne, May 20, 2009.

  1. I started trading about a year ago...start being somewhat slightly consistent / break even until about recently using small lot sizes. I just graduated college this week, and now I am trying to find a decent prop firm for an entry level trader.

    I think I know the general idea of the market, the basic stuff, but I am sure there is tons more ot learn.

    Today I went to the WTS Propriety Orientation - it gave me a general idea of what to expect from them...like what they use/some strategy / overview of the trading floor / atmosphere it was pretty cool I guess, everybody was laid back.

    Anyway..my question is any other reputable firms that you guys know in the NYC Area that you could personally recommend to a entry level trader ?

    I'm not exactly looking to put up more than 2.5k MAX in Capital..but if I will...I'm expecting the trading to be above average and get me going in the right direction.

    I have been considering other firms..such as T3 Capital ( but im assuming they want experienced traders?) I have been a subscriber ot their online virtual floor...and its pretty good...Mike Sperling def. knows what hes doing.

    Any opinions on " Equity Trading Capital" ? See alot of ads on craigslist...

    Avatar Securities ?

    Any feedback appreciated.
  2. T3 may be a better option for you than Avatar Securities. I trade remotely for Avatar and their prop desk is mostly made up of traders who have been trading for a few years. They do not offer any sort of training program. If you have a documented record of profits and some references they may back you, but most of the traders put up a decent amount of capital to join the firm.

    I wish I knew some other places to recommend to you, but there are not nearly as many places around today like 8-10 years ago that offer good training and no (or little) money up. It's just too high a risk for a firm to have 8 out of 10 trainees lose firm capital in the hopes of getting 2 profitable traders (all while covering the overhead costs for all 10 traders)

    If you are dead set on prop trading and have no desire to get a salaried job with that degree you have, just make sure to do your due diligence on the firm before deciding to give them your deposit because there are many places that will disappoint you in terms of training as evidenced in many of the posts of this forum.
  3. Keep your money, dude. If they haven't been up front with you, as Ascent Trading was with me, thanks, Kleinerman, wherever he is, if you didn't hear:

    "The first two years will be the hardest. You probably won't make any money, and will have to bus or wait tables for some income. After that, you should have enough training to be consistently profitable."

    They're not going to train you, is all that said to me. It will be up to you, and 2.5k ain't shit to make a living off of. You couldn't even make 10% a week and be able live. Won't matter how well you do, with just 2.5k, you won't be able to make ends meat.

    Your degree should tell you that. They did tell me that some of their "trainees" took their college fund and became traders. He didn't say whether they were succesfull, but the fund is substantially more than 2.5k, guaranteed.

    Think about it percentage wise. You think you're going to make 50k on 2.5k? That's poverty level in NYC. That's not going to happen, or maybe think about remote trading, in which case your best option is just to learn on a retail brokerage account when you have time.
  4. So how did profitable/good traders in all those prop firms start out ?

    It's been almost a year for me...about 3 months since I started to somewhat " understand" the market....maybe a few weeks til IM getting consistent wins in a row..but small gains..nothing big to make a living off.

    I know there is tons more to learn...I just dont know how to learn it..I feel by going to a prop firm my current skills could use some polishing basically from experienced traders.
  5. Pursue T3, they are one of the best for sure.

    FirstNY is probably the most reputable prop firm, but it has exceptionally high standards to get accepted. A handful of guys have their MBA. They pay a salary for prop guys though.

    If you're willing to put money down, $5,000, Trillium is very professional.

    I would red flag any firms that have a 100% payout... these are the "leveraged retail account" prop firms and cater more to experienced traders or naive rookies that want to give away their deposit. Avoid them because training and mentoring will likely be non-existent. 100% payout means the firm has no interest in whether you are profitable and they only stay in business based on commission dollars.

    A lot of the prop firms on craiglists are for "retail account with leverage" gigs.

    If your willing to relocate, most of the legitimate firms are in Chicago. They cater more to options and futures, whereas NYC is basically about equities. Nevertheless, many Chicago firms pay small salaries and have more sophisticated programs (black box trading). You may need some quantitative finance or computer programming skills to be able selected to join those firms. I think for a young trader, the amount of learning will be greater than just trading a leveraged retail account.
  6. What is Trillium's website?

    Also...about T3 I went to their website.. t3live.com ...but I cant find anything about Carreers or applying anywhere..should I just get in touch with them via email ?
  7. Email customerservice@t3live.com
  8. I think T3 is the best prop in the business right now

    Better than the firm that I'm with right now - especially after my coach left the firm recently

    Seriously thinking about leaving and joining T3