Just for the record, I did my homework but I still can't find the info here on ET (or anywhere else) I'm non-licensed remote trader, doing around 100-200k shares/month, with plans to increase it to maybe around 500k within weeks if I have reasonable leverage and tools I need. I would be putting down $5-10K. I'm looking for the following: -reasonable leverage. At least 10-20:1 to start with, with prospect to get more when the firm gets to know my risk parameters. - NASDAQ stop orders residing on broker's server (I know of only one firm that supports this, which is on top of my list so far. However, they don't offer any money management tools and have $150/month platform fee, though their commissions are very reasonable). Ability to have alerts with attached orders that reside on broker's server would be a bonus. - some kind of money management, e.g., I would like to set my max. loss/day (Laser platform, therefore many firms, support this) -no/low monthly software fee. -reasonable commissions with 100% payout (around 0.005/share all in or 0.002-3 +ECNs). Any related info either thru post or PM appreciated. Thanks.
I am curious how you are trading with $5-10K down without a license? If you were trading retail, you would need $25K to trade retail without a license. Since you claim to be trading "Prop", it is not YOUR money but an LLC's and you are therefore in violation of NASD rules trading without a license. I am not trying to badger you, just curious how this works these days.
it's not against sec rules. he's trading udner a master llc's account and therefore has no rights. he's basically just got power of attorney to trade the llc and is at the mercy of the llc to pay him every month. the only downside is you're not in charge
There are many prop firms that offer this. I suggest using the search button again. I know for a fact this has been discussed ad nauseam. I can't name the firms because they are not sponsors but that doesn't matter because all the info is already on ET in the archives. Just type "prop firms", "stock", "leverage" and search only under pro firms threads. You will get more hits then you know what to do with.
Yes, I'm aware of the search button, thanks Well, I know there are 10s of prop firms, but I'm aware of only one firm that supports nasdaq stop orders hosted on broker's server. And this firm doesn't support other things I'm looking for. If you can pm me any other firm that supports nasdaq stop orders residing on broker's server, I would appreciate that.
100-200k shares a month is a joke. With that kind of volume you have no business demanding anything. Sorry if this seems harsh, but it's the truth.
I know I'm too small of a fish to demand anything. But if you red my post properly I'm not demanding but looking for a firm that suits my trading style. Even I was offered < 0.003/share. Anyway, with that kind of reply you have no business posting anything. Or move your business to chit-chat. Sorry if this seems harsh, but it's the truth. Now seriously. Guys, I would appreciate if you stay on topic.
FWIW, I think you might be best served by sticking with Interactive Brokers. Their rates should be comperable to any so-called "prop" rates you will get at your volumes. You will have a "100% payout" and 4:1 leverage intraday, all without any of the risk that comes with the "prop" label. Just look at the Refco debacle, and think about how your account might fare in a "prop" firm with similar circumstances. -segv
The only server-side stops I know of are on Nexa Technology's FIX Gateway and that implementation is as an optional 'trailing-stop' delta, however I know of no front-end that has been developed for the server. Sorry I can't be more helpful, but wanted to try and bring the thread back on topic. regards, nb
Thanks for the post segv. Yes, I have a retail account with IB and I'm very happy with them. Their rates are cheaper than prop shops for my kind of volume. I'm having account with prop firm as well simply to get more leverage. It's a bit slow to built up small retail account with just 4:1 leverage.