I am in Tampa, FL. I don't know of any prop firms in the area, and haven't really found any via Google. I would likely need to trade remotely. I'm also not interested in scalping. My strategy is looking to take more like .25-$1, while risking much less than that. In the simulator I use, which once again I know is not the same thing as live trading but it does use real past data so you can replay whole trading days, I am buying/shorting when support/resistance appears to be holding and then I'm out if it releases. I'm usually only risking a few cents and can catch moves many times more than what I'm risking. I trade on 3 minute charts, fully discretionary.
Great that you are asking for different viewpoints rather than jumping in without preparation. Alright, lets analyze this in a cold blooded manner for a minute, without emotions. See my friend, it doesn't matter if your logic for quitting the job is because you hate your job or you love trading and want to make a career at it. What matters is are you sufficiently well prepared to have a reasonable chance of success at this endeavor or not? I encourage you to post your last 2 yrs "successful" stock and FX account statement here on the forum. Since if you were demonstrably successful in your trading, you won't be asking ETers for advice. My contention is that you were successful in your last 2yrs in the sense that probably you didn't lose money. BTW, this is quite an accomplishment to be honest. So, yes you are a bit better prepared than other starters. But your MBA degree doesn't have much correlation with being a successful discretionary prop equity trader. On the other hand, your 4 yrs trading experience is definitely relevant. So lets set realistic expectations and base your decision on the factors that are relevant.
He doesn't want to scalp, hence he'll have overnights... now the question becomes, what shop will let him hold overnight
I would not be holding overnight. I just mean that I wouldn't be scalping for pennies. I'm looking to take quarters/dollars, but would still be flat at the end of the day.
You work in finance (sort of). Why would you want to jump out of working in finance* to... work in finance? Shouldn't you try to first jump to a buy-side firm in compliance, and then look to move out of the compliance bucket to trade support or (if you are really good and lucky) to a jr analyst position? * paying a deposit to trade on margin is not working in finance.
First off, This forum is an absolutes waste of time if you intend on becoming a successful trader. There are some experienced guys still in here but most have disappeared over the years. This forum is full of people that are negative, bitter, and wannabes. There are some gems, but the crap covers all that up. On your question of going prop. Trading is tough, and most of this industry has been slowly withering away over the years. If you start now, odds are you won't make money for a year. Unless you are natural, which is unlikely. You should understand that there is a learning curve and that you must work you way along that curve. Having a mentor is probably the best way to shorten the curve IMO. The journey will be one with lots of hard work, frustration, excitement, and hurdles. I you believe in yourself and want it bad enough you can definately do it. Just ask yourself if you are ready for this?!
It`s not being negative, but encouraging him to be smart and choose the best possible path to success. Only a few among millions will max out a credit card and get interviewed in Market Wizards. Can you trade futures? I say regardless of what you do, keep your job for now and keep working on your methodology and increase your market knowledge and capital. Both will increase your chances of success. Then, when you have more capital and REALLY feel confident in your methodology, quit your job and reap the rewards of having done the proper preparations. I`m not saying to wait 10 years, but wait until you actually feel ready. A lot can happen in 6 months. But if you really hate your job, maybe your best bet is to find a new one and continue accumulating capital for a few years in that job.
You should also read the story of Marty Schwartz in Pit Bull. Great book. This is a guy that spent 10 years dicking around and losing money not really knowing anything, until he decided to put a plan together and actually get serious about trading. And part of that plan was accumulating a stake from trading profits and savings. He worked as an analyst and also hated his job.
It's good that you are aware that you need to set yourself up to succeed...your environment and the people around you will directly influence your progress. IMO, you don't want to be trading remote. If you can get yourself in an office with other people who are trading for a living you stand a better chance. Going part-time like others have suggested is prob not going to help either, it will just drag along the process. You need to immerse yourself in the markets and learn from others who are already successful. If you put yourself in that type of environment you will eventually "pick up" things. 20K is a good starting bankroll. 5k or 10k wont do it...you will blow through 5k that after 6-7 months of commissions, rent etc.