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.
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.