is this prop firm risky?

Discussion in 'Prop Firms' started by Sky123987, Nov 24, 2007.

  1. I understand that there are (2) types of prop firms.

    1) Ones that are a broker dealer
    2) Ones that are a sub entity of a brokerage company.

    Can it be assumed that type (1)'s are the much safer option?


    Also, does anyone have any experience with Genesis as a prop firm. They kinda are in a catagory of their own. What I was told was that if you do decent volume like > 3m / m they might take you on as a prop. You post a sum of money in the neighborhood of $10,000 and you trade the firms money, and really the amount of leverage is whatever they'll give to you. They say that legally you have to give a portion back to the company starting @ 5% and then moving on up closing to 0%.

    Because my best strategy is "very" capital intensive, it's hard to manage when you only have 3:1 leverage (you really can't get 4:1 because they pay a horrible interest rate it's not a good idea to be in cash) so I could greatly benefit from the increased leveraged

    I'd really love to stay @ genesis considering all my algos are programmed there
     
  2. lazy9

    lazy9

    I know they are a BD but I didnt think they did Prop. I'm with RAZR Trading and they clear through Genesis.
     
  3. do you need a series 7 with your firm? How reputable is your firm?

    Thanks
     
  4. lazy9

    lazy9

    There are no licenses required. Ive only been with them a little while but there are guys that have been with them over a year in the office. I have never had a problem getting my checks whenever I request them, I use to trade at HLV in WPB and they would only pay on the 25th of the month and that was if you were lucky!!! I love the fact at razr there is a check withdraw on the website and you can request a check every week if you want.(I do)