New York City prop firms

Discussion in 'Prop Firms' started by Bakinec, Jun 30, 2011.

  1. EPrado

    EPrado

    I think when it comes to hiring quants, programmers, and analysts then going after Ivy League/Top schools is definitely the way to go. But trading....not as much.

    You really need to find people who have handled adversity in their life, dealt with stressful times,etc........see how they handled that.

    Because in the end....I don't care how smart you are, the market will mess with your mind...make you look foolish.....put you high a top the mountain, then boot you right off and bury your head in the ground. It's a big ol mindfuck rollercoaster.

    I guess my opinion is based on prior experiences (I posted a story on here a ways back about when I got a job after college with a CTA and had to compete vs 3 others for a spot on the desk.....the guy who failed miserably and flamed out the worst was an Ivy League kid who left Salomon to try and get on this desk). That and I know of some firms now that only hire Ivy League types. I have friends at these firms who have been trading for yrs....and I'll quote them " These guys we hire are beyond smart...but they have tough times taking losers and can't grasp risk management".
     
    #11     Jul 2, 2011
  2. Recruiting traders is akin to recruiting athletes. profitability has to do with innate personality traits such as courage, patience, loss management, ability to control emotion, etc. there are milions of educational services on how to trade but so few succeed because you can't teach anyone to be an nba basketball player.

     
    #12     Jul 2, 2011
  3. Bakinec

    Bakinec

    1. I am willing to risk a small cap deposit. In OP, I said 1K and under.

    2. I am not asking for upside with no downside. Read what I said about comms and payout in my OP.

    3. I don't need to be taught. I am self-taught, and I have spent over 30K on that, not books or courses mind you, but the hard-knocks of real, live trading experience.

    All I'm looking for is a firm, that can take me in with a small deposit, see how I do, and make their decision from there. I have a track record too. I could produce statements from my broker.

     
    #13     Jul 2, 2011
  4. You may just want to look for a job at a bank or something. you're not going to get anywhere as a trader risking 1k. 1k won't even cover your commission costs. 25k is needed to trade in a retail account. you're not going to find a prop firm for 1k.

    1500 is the bare minimum you'll find and you'll be disappointed regardless because you will not end up surviving the learning curve with that. 1500 minimums are programs just to help you get your feet wet and decide if it's for you with the least amount of capital on the line. most traders lose 10-20k learning the business and that's with continuing education.

    it's not a poor man's game. the new regulations like the series 56 exam will probably make the minimum 5k for every firm out there, maybe even 10k soon.
     
    #14     Jul 4, 2011
  5. Kind of off topic, but whatever happened to Assent?

    I tried calling their number off their website and it didnt work.

    Did they merge with lightspeed?
     
    #15     Jul 6, 2011
  6. I think Assent went out a while ago
     
    #16     Jul 6, 2011
  7. Magellan

    Magellan

    Sungard owned Assent and a few years ago spun off their prop trading business. Their platform, called Anvil, was sold to Lightspeed.
     
    #17     Sep 13, 2011