New Trader > Which Prop Firm?

Discussion in 'Professional Trading' started by nrword, May 30, 2006.

  1. nrword


    I'm new to ET, and new to [the actual act of triggering a] trade. I have studied a lot (BBA in finance) and countless papers later . . .

    I graduated a year ago, I am currently employed outside the financial industry, but am looking to turn pro in another year or so.

    I had [shame!] bad grades, so firms that look at grades are out. Equity or futures are both interesting -- deciding (winning) factors would include the robustness of the API and the TOTAL portfolio movement (leverage * avg % movement of the instrument traded).

    My question: Which prop firm should I choose?

    What I want:

    a) I want to trade a high frequency black box strategy utilizing real, high-end math -- NO crappy-works-20%-of-the-time technical analysis please.

    b) I want a robust API with documentation -- Java, Python, Perl accepted. I would really like to avoid C++ if I can. I am trying to build an end-to-end system -- integrating R for stats with Java or Python "bridges" so I can program seamlessly.

    c) I want a 100% payout, with a reasonable upfront payment (5-10k)

    d) leverage 50-100x -- OR good portfolio movement (as defined above)

    e) I want the FREEDOM to trade how I want

    f) I don't want to have to pass ten thousand tests before I'm admitted to the firm.

    So far, I have come up with one firm -- Prestige Capital (

    Are there any others that I should be looking at?
  2. As is typical with a lot of newbies, you have come up with a long list of what YOU want or DEMAND and the market does not work that way. You cannot DEMAND anything from the market or most prop firms with little or not actual trading experience.

    My advice is to research the different prop firms and get the best deal you can get so that you can trade with some small amount of real money and LEARN, LEARN LEARN as a degree and paper trading are not enough by themselves.

    DEMAND from yourself a year or so of actual trading live with a small account and learn as much as you can before you have a sense of entitlement to what a prop firm or the market owes you.

    I have no doubt that you will lose money initially as most newbies have to go through that learning curve. It is a great thing to demand THIS buying power and THIS payout and THAT software and THAT application, but you are not in a position yet to demand or be given anything. A firm will want to see some experience and a track record before you can make such demands.

    Imagine graduating from a middle tier law school and walking into one of the best law firms and the country and making salary, work hour and benefit demands without even having worked 1 year as a lawyer.

    Take this as good honest advice and not me trying to be rude. Understanding the reality of what is out there and what it means to trade for a living is the first step you need to DEMAND of yourself..

  3. nrword


    optioncoach -- I take your advice. Heck -- I take all advice at this point in time.

    a) However, I have been around exceptionally good trading coaches for a long, long time. I am not a typical grad.

    b) you gave a lot of advice, but didn't answer the question -- what firm should I approach?

    c) ultimately I can choose to accept or reject any deal that a firm offers me. I have no doubt that this is a risky venture, and I intend to control my risk appropriately (by choosing the best firm).
  4. Why not ask your superior resources this question instead of an anon message board?

  6. Are you serious?? If you are than your post makes me sick. First of all if you monitor a black box you're not a trader. You're a tech guy/a huge joke. Secondly who the F%$# are you to be making inane demands like this without any experience? You propose anything like that to any pro firm and they'll laugh you out of the building.

    My advice to you is forget about being a trader as you don't have what it takes. IMHO You're more of a backoffice type for a mid to low level brokerage house.............but then again with that attitude, that might be pushing it.
  7. zdreg


    the two guys who answered this thread must have woken up in a very generous mood.

    this i want 6X in the opening post is typical of an undemanding education and upbringing.

    with all the firms mentioned on ET there was no reason to start this thread.

    why didn't you simply ask the trading coaches? an answer will be surely forthcoming.

    the third guy who answered this thread was also generous. he showed you the reality of your situation.
  8. you want to start at prop and immediately want 100% payout??? :eek: :eek: :eek:
  9. 100% payout.....100 times leverage....don't want to take too many tests....and have absolutely no proven track record.

    I'm sure the firms will be lining up to sign you. :D

    BTW--How do you think you're going to get 50-100x leverage without taking your Series 7, 55, etc...?
  10. zdreg


    "I have studied a lot (BBA in finance) and countless papers later . . .

    I graduated a year ago, I am currently employed outside the financial industry, but am looking to turn pro in another year or so. "

    with countless papers why were your grades so poor?
    i doubt the phrase countless papers is an accurate description since few bba students are likely to be overworked.

    don't confuse working for a prop shop as turning pro.
    lots of amateurs at prop shops.
    #10     May 30, 2006