Hi, i trade between 1 mil to 2mil shares a month (US equities only). Have 9 years of trading experience. I am looking for a proprietary trading firm which accept non us citizens(i am an Indian resident) and can offer Takion or Lightspeed trader. Leverage of 20:1 for day and 6:1 for overnight trading. Pre and post hours must be allowed. Please contact or forward my email id if you have something related. Open for discussion. satiesh2016@gmail.com
I am really sorry that you never heard of this. but let me tell you this the first time. Its the norm in Prop trading. High Leverage an low commissions are the only thing why people trade with a prop firm (remotely). Or else why not open an account with a broker.
In my experience, the 20:1 is possible but I'm not aware of any Prop firm that would allow overnight leverage at all. At best, 2X. Unless you are long/short, the risk is too high. And, it is a transaction business, so they get no benefit from you doing anything except day trading.
I have traded with many Prop firms in past 9 years and all of them are providing minimum 20:1 leverage for day and 10:1 for overnight (not exact numbers).Overnight may be not for everyone but once you show some experience almost everyone allowed. At present takion software provider outside U.S. ,Global trading plus(https://www.globaltradingplus.com) does the same. I trade with them now.In past when i traded on lightspeed Tower hill did the same. So may be this is the thing only prop traders know.
Their are cost associated with overnight positions (short fees, interest etc). Always a win win for both parties. Small prop firms may not provide it (if they have small fund to trade and overnight positions reduce their day trading BP).
And you generate extra commissions trading Pre post hours (which is also possible with overnight buying power).
Then why are you asking here? Robert gave you the opinion of the prop shops he's seen and he is a very experienced broker. I'm starting to think this is a troll post. The guy claims to have nearly a decade of experience in prop trading remotely and doesn't seem to understand why a prop that isn't a bucket shop wouldn't give you that leverage. You do realize that Robert works for a division of lightspeed right? @Robert Morse can you confirm BS on this?
I work for Lightspeed, a division of Lime Brokerage. The software is owned and sold by Sterling Trading Tech. I'm familiar with the way US regulated JBO prop (Your money as first loss) and traditional prop firms work. JBO firms want little or no risk overnight as the revenues from the firm come mostly from marking up commissions. There is no business model where it makes sense to allow the risk of leverage overnight accept an active long/short equity or option portfolio.
Some one loves Robert very much. But before you started writing Robert is this and Robert is that did you even read my message? A bucket shop will not provide high leverage because they don't have the money to deposit. However any firm which trade proprietary funds will provide high leverage and lower commissions to profitable trader in return of a percentage of the profit and commissions.(its their business model). Robert work as a broker. And his views were related to the same field. But some people just don't think before they make a statement. And as for why i am asking here, because the whole purpose of the forum is to share information and i thought there are people who would like to share if they work or trade for a prop firm which provide these things. Shouldn't you read first.?