I've traded futures for a prop shop in Chicago for the last five years (mostly yield curve strategies). Each year has been profitable (some quite) but I'm looking for a new firm. This is my first post on this site, so I'm hoping there are a few people who could provide some valuable insight. The firm I'm with is solid from a risk standpoint (they don't mind when you get big for the right opportunities), but the partners don't reinvest a penny in technology, research, or continued development of current successful traders. I'm looking for a firm (doesn't really matter where it's located) that has intelligent, profitable traders that I can continually learn from (and possibly help as I'd like to think I bring plenty to the table). Basically, I'm looking for a firm that actually invests in its traders and supports them to be able to continually grow with greater risk and hopefully profit. As far as the deals that are offered, most places will give 60/40 splits with certain strings attached. I'm not immediately concerned with the deal as long as I believe the firm is looking for traders with good track records. Anyway, if anyone out there has firm suggestions, or even people that could lead me in a better direction on my search, I would really appreciate it. Thanks and good luck to everyone out there.
With your experience you should consider getting involved in a partnership with a firm if that's something that you haven't considered yet. It could be very profitable for yourself, only thing is that you have to take on some risk. Also with a good track record, you could probably get a job with some of the firms on www.daytraderjobs.com. There is some intel to be had there by contact some of the firms or providing what you can offer from a business perspective. Let us know what you decide to do.
Thanks Trujillo, I was actually offered the chance to buy into a partnership at my current firm, but don't want to put 250k at risk with no control over the future of the firm (other partners have put up a lot more capital, so I'd be a very minimal equity contributor). Also, even with that much money at risk, the firm still wouldn't give you better than a 70/30 split. Most of the clearing firms in Chicago will let you trade on your own for 40-50k, but think we're really approaching unchartered territory in the interest rate market and feel it's a good time to trade for a firm versus putting your own cash at risk. Don't get me wrong, if these firms are putting their capital at risk, they deserve to collect the 40% and spend it how they want, I would just like to be part of a firm that wants to continually grow and develop. Thanks for sending the link to daytraderjobs.com, as I've started to browse a little bit. I'll definitely keep everyone informed as to where I'm looking and the general environment and climate out there.