I am a former buy side equity trader presently registered with a sell side firm. I traded for a hedge fund before for 3 years, so I was not very familiar with all the games day trading firms are involved in. I am looking for a prop firm which allows traders to trade remotely so I can trade from home. The more I read about different day trading shops, the more scared I get. Some guys say that these day trading shops are churning traders for commissions, others say they are lucky if they get their current monthâs check the following month. And then the scariest of all is having bad technology to trade on, as if trading and market conditions is not stressful enough. If thereâs anybody who currently trades on a prop desk for a while and has a good experience working at their firm and the firm is an NASD member firm where I can get my 4 licenses registered, please let me know. I would greatly appreciate it.
I have previously traded remotely thru Assent, which is a good firm in my opinion (as are many others) but it is also a member of FINRA/NASD and will hold all your FINRA/NASD licenses. They give good leverage off your capital contribution, but they had a 1 year lockup on it, at least when I traded there.
I've traded with www.echotradeonline.com for quite some time now (since 2002) and I'm very satisfied. I trade remote. Technology is very good. I had some connection problems for a few days in November 2006 and haven't had any problems since. They have different servers so if one is having issues you can log on to the back up. Some people say Echopro isn't good for scalping..and maybe thats true. I trade equities on a larger timeframe so it works fine for me. Checks are always on time. You can request on Mondays and Thursdays. If I request on Monday I usually get in by regular mail by Thursday. You can also have it overnighted which is $15. I do not benefit in any way from promoting this firm. I do not and have never asked for commission overrides or any compensation for my opinion on this firm. If you have any other questions feel free to ask.
There was a third post from a trader from Shonfeld that I can't see for some reason. Could you please iether repost it or contact me privately. Thank you so much.
Been with Avatar for about 4 months now and is very satisfied. Never have an issue getting checks and love their trading platform (Anvil).
Paraphrasing another post: The good firms I know of (in alphabetical order) are Assent, Bright, Echo, Vtrader. Call the firms and find the best fit for you, and make sure you ask about comms, long and short interest, capital interest charges, monthly charges, rebates, lock up for your capital, etc. Everything is negotiable, and make sure it is in writing. Understand that there is no insurance on prop accounts like retail so it is possible to lose your money, but it is very unlikely with any of the big prop firms.
<<Some people say Echopro isn't good for scalping..and maybe thats true. I trade equities on a larger timeframe so it works fine for me.>> It appears that Echopro is a rebranded form of Sterling Pro...
i am still with an asssent group and had a few guys under me which i made money on.i no longer engage in that business because i no londer trade but am still with the group for other reasons.. our firm is very stable and always would do a payout whenever it was requested and i believe most firms are doing this now anyway if asked. however,never let a firm keep more than 5k at one time bcause if the firm goes under,you lose your money.from my experience with assent in new york,most of the firms/llc under assent are very stable.