Low/No fee prop firm for low-volume new traders?

Discussion in 'Prop Firms' started by nikkisixx, May 31, 2004.

  1. nikkisixx


    I have a Series 7 and want to swing trade small stock and option positions part-time as I learn. I only have 4K to contribute.

    Looking for a prop firm that will allow me to trade remote with no monthly software fees and "reasonable" rates.

    Again, I'm trading part-time so I don't want to pay expensive monthly software fees. I will not be a high-volume trader.

    I don't know if such a prop firm exists but a friend recommended this site so I thought I'd give it a shot.
  2. MrDinky


    LOL, fat chance. Best plan on opening a retail account.

  3. Try the north pole. A fat guy with a red suit runs the place.
  4. i got to ask what kind of buying power do you want for putting down 4k? what kind of payout % do you want from your monthly net profit? what kind of volume do you think you will trade in a month? what do you think is a fare commission rate? i am curious because you seem to be looking for someone to take alot of risk on you. you also seem to be saying hey firm i want you to eat the $300 a month system and execution platform fee's.
  5. nikkisixx


    I basically don't want my series 7 to expire, so having a firm sponsor me is the only way to do that.

    I don't need much leverage at all, if any. Maybe 2-1 or 4-1 maximum, and I'll hardly ever use that. I'll be trading small positions, like a couple of hundred stock shares or a couple of contracts at a time. The stocks I watch are mostly under twenty dollars a share. I suppose a fair rate would be a penny per share all inclusive. As I learn and get more profitable I'll of course trade bigger size and volume.

    I don't know why software fees should be so expensive if you're only trading part-time and swing trading at that. I'm not a daytrader and won't need stuff like Level II. Charts with candlesticks, quotes for stocks and options, and an order-entry platform is about all I'll need.
  6. tradARRR


    if you don't trade enough for them to make back the $300/month fees, no firm will take it. owning a firm is about managing risk and for a firm to allow you to trade with only $4k and NO experience, they are taking a lot of risk. expect high commissions or low payout. You have to command respect and a good deal by:

    1- being profitable
    2- the firm owners are comfortable with your strategy
    3- you have built a relationship
    4- probably most important- trading volume, @100K/ day or more while NOT losing money
    5- having liquid assets
    6- trading full time

    once you've been in the business a few years and know your shit, you can go to a firm, show them your sheets and negotiate a great commission rate, but you won't get that starting out- its just the way the game is......you have to be realistic.

    everyone pays their dues, as in any industry.....
  7. just my thought but isn't prop trading for people who want to trade all day, with a lot of volume

    sounds like you would be just fine at ameritrade, if you are going to do it part time and you are going to swing trade, if you do enough trades a month you get free apex stuff, level2 and other things

    most prop firms I've checked out would rather you be out by the end of the day

    or they offer much less buying power for over night
  8. nikkisixx


    tradARRR and samuritrader, thank you for your comments. My friend told me to expect sarcasm on this site, and he was right, so it's nice to know there are helpful people like you here.
  9. your problem is your looking for charity. i can't even say your looking for a favor because a favor is more of an even wash. so you want a firm to lose a few hundred a year to put your 7 under there firm. you want them to put your acct into there data base and service you with any problems. i figure your also going to take tec support time up to configure your computer for there software. you want them to not pass on any cost of system or platform fees too you. you want like a 7/10 rate because ecn's can be around 3/10's on naz stocks to take liquidity. you will trade like 1200 shares a week if they are lucky. you will trade 5000 shares a month if lucky. gross they make $35 a month and take risk and extra bandwidth and tec and phone support. also yes your not even a good trader. so what world do you live in. what is your leaders name? also is it hard walking with your head up your butt.
  10. VOLUME


    "I don't need much leverage at all, if any. Maybe 2-1 or 4-1 maximum (on a 4K account)."---NikkiSixx

    NikkiSixx, there isn't a prop firm around that would even bother sending you the required account paperwork. It's simply not worth their time ( You already admitted that you will barely trade, so I'm not flaming...just being honest).

    You should open an E-Trade or Ameritrade account and build it up to at least 10k and then shop around.

    Good luck.
    #10     May 31, 2004