Hey all, first post here. I'd be interested in knowing what firms there are around here. I've read pretty much every other thread in this section on Montreal, but I don't think I've seen a comprehensive list. Anyway, from what I've gathered, the "big firms" around here are: - Title Trading - Globus Trading - Golden Market Management - World Trade Securities - Swift Trade ... And it's also all I know about, lol. Btw, any extra info on these guys is appreciated such as fee/management structure, etc. If they provide top-notch training and require no deposit, that's a bonus! But just having a comprehensive list would be cool. I can work from there. Thanks!
The problem with many prop firms or prop office. They cannot recruit profitable traders as profitable trader would not need to work for a prop firm. With prop firms that don't require any deposit you have restrictions on type of trading and stops and leverage. Anyone with $75,000 can open a prop office. but good luck finding profitable traders that will 'daytrade' and pay the firm 30% of their profit. why pay the firm a percentage of your profit for the privillege of intra-day leverage. The only people that would work for a prop is they cannot afford the $5,000 or $10,000 to open a futures account or don't have the minimum $30,000 to open a daytrading account on retail brokerage. So you have catch twenty 22, hence if a trader was profitable and have their own trading system they wouldn't need two work for a small shop prop that has $100 stops or maximum loss of $100/day. All you are getting is leverage from a prop firm and the buying power is very small for these 'small prop firms' like less than $10,000 intraday buying power for beginners and you are required to pay tight stops plus have to go through they're training and act like an 'employee'. when your are in fact a partner. traders are partners not employees as profit and pay check is not dependent on the traders own work. The prop desk you want to work for is in the bank or some investment bank where you are managing 2 million in capital or 10 million in capital. that is a real 'prop' desk. not these small shops. And there are market maker shops who strictly do automated high frequency trading and most market making.
The reality is that these prop firms just provide rebates or volume and commissions to the broker/dealer selling these prop firm operations. That is the main reason broker/dealers give out prop firms. There is no difference between prop account or retail account other than the higher leverage in the exchange with today's high speed internet and access to trading software by home gamers that used to be the domain of professional market makers. And you have HFT machines that strictly use automated trading system on the brokers seat in the exhange..so the market has changed since 2000 and I think wil continue to change. volume has dries up in daytrading. as many firms and hedge funds have close shop. and banks not allow to participate in the securities markets from volker rule. fewer participation. only 1 market maker in many securities. that is why traders been complaining about lack of intra-day volume.
Nice, thanks for the info. Yeah, I'd be profitable right now since I've got my method, but I'm still very inconsistent and I lack screen time experience. It's one reason I thought looking into working in a prop would work out. I may pay to be there, but I would get experience and maybe a little extra on top. Plus, my capital right now is nothing extraordinary, still being a Uni student and all that. But if you have any leads on getting in on one of those $10m dealing desks here in MTL, I'm all ears.
There is also Arbgroup and jitney missing from that list... And Pegasus on the south shore. I am just listing, not endorsing btw...
Maverick74 is professional and is an employee of a prop trading industry.. the fact most firms don't even need human traders or anyone manually trading. Most firms and for daytrading utilize HFT machines that trade with computers. there is no need for firms to need human traders with automation. that is in the late 90's when trading firm hired daytraders. as for overnight, prop traders just making money for the broker/dealer in commissions,desk fee and software fees to have the privillege of trading there. and getting their privillege..a profitable trader don't need a prop firm. just for the leverage..he should be able to get himself it's the unprofitable traders who need prop trading.
Good job Mr. Maverick. And, don't forget to mention that many if not most retail firms trade against their own customers, match trades and all that. This can cause for little or no market impact with higher volume traders. If you buy the offer, you would like to see the offer go away. All the best everyone...Happy St. Patty's Day. Don
tradingmanuals, I have often wondered why prop firms do not automate and dump the model of making money off of 5K, 10K or 25K traders, if they in fact can trade themselves. Why do they need manual execution? Perhaps the dynamic-duo can answer this? ES