Need a recommendation for a NYC firm

Discussion in 'Prop Firms' started by trader4life, Feb 1, 2002.

  1. I am a prop trader at a NYC firm and am looking to move on. I have my Series 7 and 63, am willing to put up $10k capital (maybe a bit more for the PERFECT situation), trade almost exclusively Listed stocks, trade 1.0-1.5 million shares a month, and am consistently profitable (have not had a losing month in 2 1/2 years).

    I know where I DON'T want to go: Andover, Bright, Worldco, Schoenfeld

    I know what I am looking for: fast and stable order entry and market data systems, the ability to trade options or futures if I want, commission of .07 cents or less, bullets 2.5 cents or less, and 99% payout or better (I am already getting this so I know it is possible).

    It would also be nice if the shop had BIG traders, and a system that permitted automatic trade executions and modeling/back-testing.

  2. You mean .7 cents I assume?

    Do you know anything about Sonic Trading...they are right near Wall St. I think they are mostly Nasdaq traders but they have an awesome order entry platform and definitely have some big traders.
  3. Interesting request...let me make an observation. First off, if you "have never had a losing month in 2.5 years" then you obviously have significant capital. Then you should want to use that capital to increase your profits and reduce your costs. Why not put up $50K or $100K with a reputable firm and have your costs reduced.

    Since you mentioned the above firms, including mine, I wonder if there has been a problem with any of these firms (not an accusation, just a query). Gene Weissman was not mentioned, and I am sure he would welcome an experienced trader with your experience.

    Most firms have "big traders" and I know that most, including ours, have gigantic traders who use fully automated 20-30 million shares per month. The average trader will execute 1.5 million shares per month, and therefore does not fit into the big category. Many firms are opting out of NYC for obvious reasons, and you may want to expand your search, geographically.

    I wish you well in your search.
  4. [b"]Many firms are opting out of NYC for obvious reasons,"[/b]

    Don Bright

    Don this is about the tenth derogatory statement you made about NY. So why don't you take your 2 man operation in NY and fly them to Las Vegas.
  5. Shortee....mis-interpretation....NY is is just that most firms are moving to NJ or elsewhere due to lack of space....and our (32) traders in NYC and L.I. will stay put, and I plan on keeping a Broadway office far into the future.

    Gee, I'm heading to NYC in two weeks, don't get me into trouble with the locals!! :)

    I am looking forward to meeting with Gene and a couple of the other owners while in the City....and would like it if you came by and said hi (if you plan on coming to the expo).
  6. Trader4Life,

    could you post where you're trading at now. I would like to pay 0.7 cents per share on such little volume. The best I've found is 0.75 cents and I'm trading 2-3x that volume. I only have one comment about my execution systems ... totally unreliable.


  7. DOn,
    Thanks for responding. You mentioned Gene Weissman (??). Who is he and what firm is he with?
    And yes, some of the firms I mentioned either I have worked at or know of some issues:
    Bright's cost structure is not competetive, at least not in NYC where an expereinced trader can get .07 per share with 100% payout. The only advantage at Bright is conversions, if your style is such that you trade the same stocks each day.
    Schoenfeld's payout structure is to put it mildly "bizarre". Andover, there is too much talk of instability, branches folding, etc.
    And Worldco has a terrible reputation, so I wouldn't risk it.
  8. I'd rather not say where I am working, but know for a fact you if you are in NYC, you can get .07 at Andover, Generic, Sonic, Worldco ('cause I either work at one of those or have been offered that rate at one of those).
    Part of it might be (although I haven't confrmed this) the NYC market. Although Don Bright seems to have some issues with NYC (LOL....just joking Don), there are soooo many firms here, that the competition is pretty intense. I guess if you work in Missouri or Kansas or Las Vegas (just kidding again, Don) or something, there are far less options, so firms do not have to be as competetive in price.
    #10     Feb 1, 2002