Thanks everyone for replying. I have sent out about 30 applications to better prop firms like, first new york security, trillium, 3d trading etc. A couple of those gave me good responses. However, after they called me to discuss a possible interview they always started out with the same question "do u have a legal right to work in the US?" Once I replied a no, they almost instantly said good luck with your future. lol. I guess its just too much cost/risk for companies to sponsor visa. I talked to kershner trading on the phone and they said that even if I don't get paid a salary, I still have to have either a greencard/ visa to work in the US. My 3 questions are, 1. Do I have to get a working visa/greencard if I don't get salary? 2. Can anyone who have been in the same situation tell me what he/she had done? 3. Is there any good proprietary firms in HK? I know that swift trade has opened its office in Hk but thats probably it. THX for everyone who provided inputs. They are all really helpful.
Thanks for the clarification....I wish you were this clear from the beginning. You made it sound like you had other legal stuff except for the citizenship. So are you here illegally or is your visa still current? If so is it renewable..while you try to figure out what to do next? Its OK. You don't need to answer if you don't want to. This isn't about trading? For your own financial stability, I will advice you to work out the legal issues first....so you don't end up giving the market the rest of your money...then you will have two major problems to solve instead of one. Just my opinion. Good luck Just curious....didn't your current/previous firm ask about your legal status. Do prop firms allow people that are here illegally to join the team?
Kershner (and other firms) probably turned you down because they require a series 7 to trade with them (most now do with the forced public meltdown in the Tuco situation). I can't speak on the compliance aspect of whether or not a non-resident can get those licenses (I'll leave that to someone who knows more on this topic) but the fact that you indicate you do not have resident or work status along with the licensing issue may be the reason why so many doors were closed to you. And like I mentioned, unless a firm is going to offer you gainful employment (i.e. they pay you a wage to perform a service for them) then they can't or won't be able to sponsor you. And since your compensation at most of these firms are compensation based, that does not pass muster. As to firms that take non-us traders, check out one of the sponsors of this forum, Nevis Trading. You can find contact info on the site. They, I believe, used to be JC Trading before the Tuco situation created threats for the smaller prop/deposit firms that were operating w/o licenses. They reorganized offshore and now ONLY take non-US traders. Quite a few people here had spoken well of the firm in it's past incarnation, so give them a look.
You can take the series 7 exam without being a US resident [I think you don't even need a US visa, as you can take it in Mexico City, Hong Kong and other offshore locations]. What you do need, [and it's not easy to come by] is a US broker [NSDQ or FINRA member] to sponsor you...