Need reccs/advice on prop. firms

Discussion in 'Prop Firms' started by fx255, Oct 4, 2007.

  1. fx255


    Fellow traders,

    This is my situation. I've been trading profitably part time (and working full time) on my own accounts for a few years now. I trade equities, options, futures, trading is only limited by the opportunities I see to gain an edge.

    I will be leaving my job and trading full soon and need some advice re: prop firms. I want to take my trading to the next level and hopefully can find a successful team to be a part of.

    Here is what I'm looking for:

    *Substantial buying power. I can put up my own capital ($25K, perhaps more if need be, but this probably how I'll start out) but I need decent buying power andna firm with a solid reputation. E.g. I talked to one firm who did NOT even want me putting up more than $5K and would give me 10-1 intraday, 3-1 overnight. How one is supposed to trade w/ $50K bp, I have no clue. The whole thing almost reeked of a scam to me. This is one of the reasons I'm seeking advice from many sources (this forum among them).

    *Low rates (obviously); though I know sometimes you get what you pay for. Thus, a decent platform/technology is a must. I don't mind paying a little more if I know my money is safe, and I have the resources that will allow me to make more $.

    *I don't have a series 7 (or any other license), but can easily take it if sponsered by a firm. This is simply a non-issue to me.

    *I'm in Manhattan. I can trade remote or in the office.

    *As I mentioned above, equities aren't the only thing I delve into. Though not absolutely necessary, I prefer a place where there is cross margining and trading options is an "option". With futures and spot forex, IMO the leverage is already so substantial, I'm just not sure there is any reason to even go to a prop.

    Any informative responses and PMs appreciated.

    Happy trading.

    P.S. I am doing my own research and I know I can search the ET archives (which I have a little bit, but some info. seems very outdated/inaccurate. I'm interested in hearing people's CURRENT opinions regarding my situation.