Greetings fellow traders, Allow me to introduce myself and please forgive me for the long first post. I started trading in 1989 and stopped trading in 2002 (after 9/11). I was one of the original daytrading dirty dozen at Worldco when the world was a different place. I ran groups at Worldco and started my own LLC through other clearing firms (I left Worldco when the I smelled the smoke). I was one of those that traded 1-2 million shares/day back in the "days". Now, in my 40's, I am looking to get back into the business in a quiet way and have some questions. I have not kept up with all the industry changes since I left and I could use some help. I've read through the forums and found some of the answers but not all, so please excuse me if I ask a question that might have already been answered somewhere in these threads. Thanks in advance for any help... Questions: 1- What is the current status of prop trading? I've read here and elsewhere that the days of prop trading might be over from a regulatory perspective. Most firms are closed - except a few being discussed here. Is the business still a shade of grey or is there a firm out there that's meeting all requirements of the reg agencies? I only see a few still being mentioned; Bright, Assent, Echo, Trinix etc...are these firms fully "compliant"? Whatever that means in 2007? 2- Have there been any HUGE changes in the mkt to affect trading? When I was around, NX, ECN's, Bullets, MOC imbalances, Index change trades, etc... All these and more were some of the buzz words/strategies of our time. I guess what I'm asking is, are there 2007 counterparts to these that have made a big change in the way daytraders trade? I'm not looking for setups, rather, just curious if anything new in the mkt has made traders adjust in a major way. 3- Are the "deals" similar as it was around the year 2001? High payouts, comm's based on vol, free datafeeds, etc? 4- Are licenses still required (7,55,63) or are there firms who do not require licensing? 5- What kind of leverage is granted these days on $15-$25k accounts? Intraday and overnight. 6- FINALLY, are there any "old school" traders who run groups/firms that might have an interest in a trader like myself? Please feel free to respond here or through the PM's. Wow, I didn't realize how long this post became. My apologies. Sincerely, "Old School"