Looking for good remote prop trading firm

Discussion in 'Prop Firms' started by nysestocks, Dec 23, 2008.

  1. You guys are all fooling yourselves.....as there are no REALLY GOOD prop trading firm "deals". The prop trading business is like the temp employment agency business....they're interested in one thing: profits-only, not you as the person.
    They don't give a shit about what you want. Good luck to all....you'll need it !
     
    #31     Jan 2, 2009
  2. Well, I'm hesitant to chime in with advice since I don't consider my track record as a success. However, I think there are a few red flags in what you're saying here.

    - If you start out with a demand from the market - like that you make $5k, it negatively slants your decision-making -- instead I think goals should be measured by consistancy and the money will follow
    - Series 7 may be a waste but there are fewer tasks in a trading career that are easier. I read through the "Pass The 7" book and didn't have any problems.

    That said I agree that some of the best deals appear to be for unlicensed traders.
     
    #32     Jan 2, 2009
  3. nysestocks

    nysestocks Guest

    Habit 4 – Understand Risk Management

    Never risk money that you can't afford to lose, aka, "scared money never wins".

    An integral part of Risk Management is understanding the use of leverage.

    Eg:If you have capital tied up in long options, and fall below the $25K daytrading rule, in order to daytrade effectively you have very few avenues open to you.

    One effective avenue is the use of available leverage - enter prop firms.

    Now, I would not expect, nor would any reasonable person, anyone to do anything for nothing, so yes, of course prop firms must make money on traders, it is their business model.

    Making $5K can be as easy or as hard as one wants’ to make it - the reality is that without adequate buying power you will never make it daytrading.

    Goals and Objectives have their place in trading, but they must be simple and effective, delivering the anticipated results in a very short time, else they are likely to be gross misguidance, and nothing more.

    If you want to be like a pension fund manager / trader, and work in a big bright office with people shouting and making silly noises all day, then the series exams are for you.

    If you want to learn how to take money from other traders, especially the series 7 traders, then learn how to use leverage to your advantage with small risk, understand that TA really means Thick Analysis, and most of all, be willing to listen to what experienced traders have to say, whether you like it or not.

    I have already learned some additional worthwhile information from experienced traders since I started this thread, and the majority of info has been by PM and e-mail!

    Traders know traders by what they say (post), as the initial learning experiences are common for all, thanks to our "expert" book writers on the subject of trading.

    Experienced traders reach a level where they have no interest in speaking with time wasters, which is very understandable, and at this stage the emotional side of trading is at its critical point.

    Some want to share what knowledge they have acquired, but can't understand why so many are so ridiculous in what they post.

    The answer is simple, they are still at the initial learning stage and when something does not make sense to them, or they can't understand it, they attach, and ruin it for themselves, instead of asking the right questions to make the knowledgeable trader part with some of that hard earned experience.

    Trading is an Art, but not an Art like most think it to be.

    Habit 2 – Think Common Sense

    Beware anyone who is selling information, unless they are willing to show you their private account, in which case, if you are so lucky to find such a person, expect to pay out big money for the information, in one form or another.
     
    #33     Jan 2, 2009
  4. nysestocks

    nysestocks Guest

    I was a little harsh on TA, and did not mean to put down the many traders who use TA extensively.

    What I really meant to say is that most TA is a waste of time, as it is after the event.

    We all know about the Da Vinci code. If you look for something hard enough you will eventually see it!

    In trading, if the "something" you are looking for does not jump out and hit you straight in the face, after a very short time looking, odds are it is not a valid signal to act.

    I am no expert in trading, as are none others, but I have lost and won enough times to know a bit about what I speak.

    Anything that allows you to make, and keep, money from trading is worthwhile pursuing, even if you don't like doing it!
     
    #34     Jan 4, 2009
  5. Tide31

    Tide31

    I may be the brutish villain here because I have the NASD 3,7,24,55 and 63 from my 'training' days screaming gibberish at other traders, and I am an avid technician (TA), but if someone would be so kind to tell me if I have OK deal because I just assumed they don't get much tighter, but I didn't shop. I do decent volume (2-3 mil/mo) with 99% and .004 + ecn fees with $ down. Losses are mine of course. Please PM me if you think I'm missing something.
     
    #35     Jan 10, 2009
  6. In our specific business model we focus more on retention than recruiting (the recruiting part seems to take care of itself, especially these days with the throngs coming from other sectors of Wall Street...we do our best to accomodate).

    Our interactive rooms, groups, programmers, developers, etc. who are online with our remote traders every second of the day, add so much to the retention and overall financial success (one and the same, obviously), seem to be blossoming even more these days.

    We have made a Firm wide, conscious effort to encourage this interaction, which is really paying off. Our traders have had ever better results, which is really heartening (especially, in these "tougher" times. I hate make sunshine when others are struggling, but with our models, the markets have given us even greater trading opportunities.

    Not all doom and gloom guys..


    All the best,

    Don
     
    #36     Jan 10, 2009
  7. I thought I have a very good deal
    -remote
    -75-25 split
    -low deposit
    -as i make more profits they give me more bp with no bigger deposit demanded
    -I trade small per day and they charge me 1.00 per thousand..if my volume increases I can go down to .25 per thousand
    -great customer support
    -have access to an API to automate my trading (they provide the programmer)
    -never had a problem being paid

    I really think this is a great deal FOR ME. I have come to realize that everyone must make money in this biz NOT just me.
    Good luck in getting the perfect deal.
     
    #37     Jan 10, 2009
  8. Tide31

    Tide31

    Thanks Proptrader, have had a couple guys PM me with marginally better deals but at this point they are all pretty close. I may be able to needle down .004 but don't know if its worth switching places to do it.

    Even looking at your deal: if I trade 2mm and make $32k on month, under my deal I pay out $8350. If I had your deal I would pay out $8500. This doesn't include some fee's but you can see our deals although they look different, under normal conditions they work out quite the same.

    Don made a point about guys leaving Wall St. to do this. He is right on in that we are going to see a lot of growth in short term. It's almost crazy to invest for the long term in any strategy. Avg. Intra-day swing on Dow from 9/08 to 12/08 was 420pts. 18 5% moves in second half 2008 where from 1957 To 2007 there were 17 such days.

    The thing I caution guys joining me is forget (almost) everything you know, and be prepared to relearn how to trade. Some of the young guys I kidded about series 7 (waste unless you have to have it) will probably make good traders. They won't be biased by what they know from trading jobs in the past. Some of the best 'daytraders' I know are ex-soes guys that have stuck with it for the 10+ years since that died, and have a simplified approach to this which works.
     
    #38     Jan 10, 2009
  9. NKNY

    NKNY

    Hi prop trader...

    What are the software fees if any...?

    Would you mind pm ing me the name of the firm...

    Really appreciate it..

    Nick
     
    #39     Jan 11, 2009
  10. nysestocks

    nysestocks Guest

    Everyone has to make a living, but I try and not let it be at my expense too much!

    The trading game is way over rated, and way over complicated as well.

    All one has to do to make money is BLASH or SHABL. Of course, this is far from easy, but that is why it is very important to learn with small size initially.

    It is 100 times more productive to lose $1K to $2K with live trading than to pay the money out for some silly training with so called “experts”, look up Habit No.1 that I wrote in another thread!

    What you will learn from any course can be learned for free with a small bit of creative internet searching, hint hint, use filetype: pdf after your search criteria in “brackets”.

    E.G - "daytrading" filetype: pdf (no space between : and pdf)will yield 2,400 hits – narrow it down with some more creative thinking!

    Remember that anything you get for free is nearly always of limited value, but the odd time you might find a gem hidden here or there, same as in the library.

    Still looking and talking with a few prop firms. No decision until I am fully happy that I have the best deal, and I have just recently discovered that there may even be a few other options that can give the same, if not better, use of leverage, but as with everything, live trading is the real and only true test.

    So, the main point I am making today, again, is that there are no real experts in the trading game, even though many think they are. Some are experts at what they do, but there are also many good carpenters who can show you how to saw a piece of wood correctly, or drive a nail straight into a piece of timber, two skills that can be learned very quickly, if one but has the tools at hand!
     
    #40     Jan 12, 2009