Newbie with questions about Prop firms

Discussion in 'Prop Firms' started by xbrxx, Jun 9, 2003.

  1. xbrxx


    I've been trading on and off for about 4 years now. The reason why I haven't been able to trade consistently full time is because I was finishing my degree and working full time to save up some dough. Anyways, I recently just graduated, and stowed enough money to pursue trading full time. I personally think the way to go for me was to head to a prop firm and perhaps get some insight and some training rather than going off by myself. So about 2 months ago I went in with an interview with WorldCo. They said they'll give me a shot with some capital up front, which i was willing to do. So, I sent them my paperwork and etc, and now in the process of waiting for them to finish it up so I can take my series 7, which i am more than ready for at this point.

    So, at this point, i'm just pretty much waiting for them. And I've called them several times, and their HR department seems like they have no clue what they are doing. So, usually how long does it take before you get to take your Series 7? I've been waiting for over a month and a half. Just wondering if this is a sign for me to perhaps persue another firm. From what I've read others have been saying regarding WorldCo, and it has given me second thoughts about starting off at WorldCo. I've thought about checking out Echotrade and Bright Trading.

    Any thoughts or comments will be greatly appreciated. Thanks.
  2. Take your time and don't rush into it.

    Congratulations on your degree and your determination to work hard and save up the money to trade fulltime. That's great!!

    Regarding your situation with Worldco. It's not a good sign when you have second thoughts about a broker before you even open up the account.

    (If you have any questions regarding the series 7 exam. Call the NASD directly. They will lead you in the right direction)

    At a minimum, I would call other brokers. You have nothing to lose. Even if Worldco calls you today, stall them for a week and call other companies.

    Inquire as to what the other brokers have to offer. You want to start out on the right foot. You don't want to have an above average commission and expense structure. You want to start on an even playing field.

    You are new and you have a sincere desire to work hard and be successful. You should be with a company that appreciates that. The broker should also do his job and work hard to help a new trader.

    I heard many good things about EchoTrade. It can't hurt to give them a call.

    Wish you the best,
  3. A month and a half is more than enough time to schedule a date for the series 7. They seem to be stalling or disinterested. Definitely check out other firms.
  4. xbrx-

    If you're in the SF bay area check out GreenTree also. They do have a nice remote program too which I've been using for futures for the last month.

    Good luck in your pursuits. And like others have said, take your time and check out a bunch of firms if you can.

  5. JGLMac


    I figured I would follow up with a few questions of my own.

    I am finishing up my degree at a small business college in Massachusetts. I will complete all the requirements for my BSBA in December; I have been going part-time while working full-time for the past six years.

    I have traded -- not daily, but short-term (mostly options) -- for the past three or four years. My record isn't remarkable, but it isn't bad, and I've learned quite a bit. I actually wanted to get into financial advising, but I read about proprietary trading about one year ago, and it seems to have a few more upsides that advising does not (mainly, you trade for yourself, and earn your own money; versus the cold-calling aspect of advising).

    I have noticed there are a few firms that don't ask for capital up front, but I would imagine their hiring process is very selective.

    But what about firms like EchoTrade, Assent, Bright Trading, etc? I have read they require different amounts of capital upfront, but (this is where I haven't found a lot of information) do they then allow you to trade beyond your capital? Does anyone know what the common minimum capital contributions are?

    Will these firms generally sponsor you for a Series 7, and pay the costs of the test?

    I'm sorry if I am a little naive, but that's why I am asking.

  6. xbrxx


    Thank you for your guys responses. I guess i was pretty much rushing to get back trading. I will definitely now check out these other firms and see what they have to offer.

    Thanks again
  7. Very smart move.

    If you have any questions, just ask.

    Wish you the best,
  8. I would recommend that since you are ready take the test, to contact another firm and take the test. (Before you forget it. (grin)). It will not hurt to have another firm sponser you even if you do not go with them. You will probably need to pay for the Series 7 test anyway so there is no pain to the firm that you might or might not go with in the end.

    Good luck.