Need a better prop firm

Discussion in 'Prop Firms' started by aalluubbaa, Jul 14, 2008.

  1. Let me introduce myself briefly. I am from Taiwan and had my education in the US. I graduated from Emory a few years ago. I started to day trade since mid feb and have encountered some problems.

    I joined a prop firm, which is a small firm. They train us to become trend followers and their philosophy is to risk a little, make a lot so that you would be profitable even if your winning percentage is less than 50%.

    After almost half a year of so-called working, I found out that my initial 5000 dollar deposit is almost gone. One thing that caught my attention is that I didn't lose them to the market. I am down 3700 dollars and paid out 4500 for commission with half a million shares total. I usually trade around 8000 shares/day.

    Trend following in day trading is extremely difficult. Especially when your trading cost of 100 shares in and out is almost 2 bucks!! So I decided to switch to the other prop trading firm in NYC area.

    My main concern is that I am not a US citizen. I'm wondering if there is any prop firm in NYC that sponsors me and give good training. If that is hard to achieve, I would still rather go to another firm with a rate lower than 80 cents. Can anyone give some love and give me some honest advices?? THX~
  2. Go to Chicago, way more opportunity (if you're qualified)

    The living expenses are less as well as taxes.

    There's a reason it was ranked #1 by Trader Monthly for best trading city in the world.
  3. wenyu


    Why don't you come back Taiwan Swifttrade branch office in Taipei ?
  4. Advice: Read some good books. Extensive research by Keith Fitschen (Developing Trading Systems) indicates that COUNTER TREND trading models work intraday compared to TREND FOLLOWING. Again, this is not EVERY DAY, but that is the tendency. If you want to win in this game, you must go with the TENDENCIES, not against them.
    That will provide you the edge.
  5. There are a lot of prop firms that will let you trade as long as you have the $5000
    2$ for 100 shares in a nd out is not bad if you are not paying any desk fees or software fees
    You need to make the right trade
    You are burning you money or trading 8000 shares a day
    Try playing shares which have the most bang for the buck like appl x and trying playing 100 shares only
  6. cstfx


    To answer your question:

    It is rare, if at all, that you would find a prop firm to sponsor a visa application for you. First, US only gives out about 65k new visas a year which were supposed to be for hard to fill jobs, i.e. medical field/nurses, etc. In recent yrs this has been dominated however by tech firms which apply for those visas before they are even issued. Firms like MSFT and INTC have departments dedicated to the application and aquisition of H1B visas for their perspective employees. Most prop firms can't even afford coffee for the office.

    Second, H1B visas are for gainful employment, i.e. you are PAID for your services, you don't work for commission or profit. Since most equity prop firms don't pay you a salary, they can't sponsor applications.
  7. cstfx


    D'oh. Meant to say "offered".
  8. He doesn't have to be a US citizen to work in US. If he is a US Resident 'green card', he doesn't need a work visa to work. He gets same rights as citizens except for voting. Most countries now have duo citizenship, so he can just apply for citizenship any time.
  9. cstfx


    If your read the OP's initial question which it appears you didn't he/she asked are there any firms who would sponsor me, not will a firm hire if I already have that elusive green card.

    And since you are really not employed at a depisit firm, work status is irrelevant.
  10. Stay cool dude, no need to get angry. I do not claim to know all & I will not try to run the op off the forum for asking a question like you did. I don't know much about visa but that wasn't the question. Op didn't mention visa, so I will not assume his needs until he says it. However he mentioned citizenship, so I stated the fact ....will you say the same for yourself.

    I know that you are “not employed at a deposit firm” but again you are assuming his/her thought. The op never mentioned looking for another deposit firm. Obviously you read differently. Read it again, the op is already in a deposit prop firm, now looking for something different...a sponsor firm. There are some pro/prop firms that do hire traders as employees..& yes “sponsor” their training & exams..which is what I think the op mean. Since he/she doesn't like the current firm.

    Aalluubbaa post again & clarify. I may have misunderstood your question. If you do need 'visa' then talk to cstfx...seems to be an expect on that.
    #10     Aug 11, 2008