This thread and the other one are like beating a dead horse. 1. Try this site: http://lmgtfy.com/?q=list+of+proprietary+trading+firms+requiring+a+deposit 2. Scroll down to "Directory List of Proprietary Trading Firms (USA)" and click on that. 3. Pick up your phone, and start calling. If 1-3 become debatable issues, I don't know what else to say... When you get to #3, make sure you disclose ANY possible issues you may have. Bankruptcy, prior arrests, any dings on your U4 (if you've been licensed before), etc., Disclose these (if applicable) while on the phone, NOT later in the hiring process. I had a bankruptcy, and assumed that since the exchange wouldn't bar me over it, that the firm would still U4 me. Well, we all know what happens when we assume... Lol! I guess long story short, you'd be surprised at the results you can get if you'd simply pick up the phone, start calling, and don't stop calling until you've spoken with every deposit firm in the directory. May take 5-6 hours, but it won't kill you.
That's not what I've heard about them. I can say though, if you want to go home with overnight positions, you're only going to do it 2:1. I'm not always flat eod, so 2:1 isn't very attractive to me.
I am referring to the rebate trading program they offer which is for daytrading only Your talking about overnights .. different ballgame the majority of prop firms do not allow overnights or it's very limited to control risk
Gotta comment. IMO, you need to have the capacity to keep overnight, unless, as noted, you're simply playing the rebate "video game" (which is fine, but not trading in the traditional sense). Understanding market mechanics, opens and closes, and intraday movements by time frames, makes all this much easier to understand, of course. FWIW, Don
Rebate trading is very real and the ones who can do it well are some pretty heavy hitters. Everything you do in the markets that has to do with higher and longer time frames starts here. Rebate trading is pit trading at the PC. highs lows , market direction, volume analysis, tape reading, hotkeys, order routing it all starts here. dont be naive to think that you will get experience, profitable anyway, trading 2-3 times a day. it isnt for older non active people who like to lean back in their chairs and analyse the markets. it is very much like playing video games, but its real cash. some of my trainees have grossed well over 40k in a month, you cant say it isnt real trading. IMO there is no better way to learn the game in general than to scalp on the smallest increment, and shortest interval.
But at the end of the day, it's a gimmick. I use to trade with a lot of guys that made their living on gimmicks. And when it was time to move on, rather then move up, they moved out. Out of the industry that is. Not trying to belittle what you do, but there is no where to go from there. You couldn't pay me enough money to hire a Swift Trader or someone from any of those Canadian firms. I'm sure they are all nice guys and smart and hard workers but their schtick stops at the rebates.
i was very speculative toward rebate trading but with price movements on stocks like BAC and SIRI and others every second, it looks very lucrative if you know what your doing. would u mind if we talked more bout it since u seem pretty experienced in this style of trading? many people who hate on it just hate on it for no reason. im very impatient. i dont want to hold a position for days, or even hours. i like being in n out fast n making money (or losing money lol).
Well, maverick that is why I start them there, and encourage them to trade different styles as time goes on. The game of scalping changes constantly and I do know what you mean. much like the millenium scanner game with swift those traders were really worthless. There are though others that can really trade, doesnt matter what style, what happens to cost structure, volatility, rules, you name it, who kill it everyday. My dream for all of my guys is for them to scalp and hold big names like C, jpm, GG, and so on. Some of them have problems adjusting and others are fine. I just reiterate that it is a macrocosm of what theyve been doing all along. I believe trading is a skill, something that must be done repeatedly over a period of time in adverse conditions which builds character, strength, speed, agility, and everything else. Making a morning and an afternoon trade creates the point and click trader, the opposite of what I look to create. in your opinion mav what is the best way to train a trader?