Hi, I was wondering if anyone can shed some light on this subject. I have a Series 7 , 55. I'm in search of a prop firm for part time trading. I'm not a high volume guy, likely take overnight positions. I'm looking to deposit 5k. I also plan on trading remote. The question being, which firms accept the above parameters, with low costs and fees. Obviously I don't want to pay $500 a month in data fees, software fees etc. I'm looking to pay practically nothing. Also, I was wondering what type of leverage to expect. Fees and costs are more paramount to me then commission. Any input, solid numbers, would be greatly appreciated. Firm names and recommendations welcome! Thank you in advance.
No firm in the world is going to let you carry overnight positions with 5k. Why not just trade at IB?
I want to trade prop, IB is retail isn't it? Overnight is possible , I want the option, however many trades are intraday.
I'm telling you it's not going to happen. The prop world doesn't work like that. You'll be hard pressed to find anyone that will let you trade intra-day with 5k. My advice is to use IB and build your account up.
Not overnight. Huge difference. Sure there are plenty of bucket shops (casinos) that will take any guy with 5k and let him blow out his account but overnight is a totally different ball game. Think about it for a second. Would you really want to have your money at a firm that would let any guy come in there with 5k and hold a leveraged position overnight? Even Don Bright is not that crazy.
$5K is kinda measly to put up. alot of places ask for at least $10K. anyway, hold brothers and genesis are probably the two cheapest rates around. echo probably gives the most leverage. probably no one will give you alot of OVERNIGHT leverage (more than 10:1). Interactive Brokers is a good deal in terms of rates for retail traders. in fact, they offer better rates than most prop shops.
over-night leverage? Probably going to go to a big shop and put up big money. http://www.utropix.com/jmowery/PropFirms.html You could check out all those firms and see if any let you do overnights, but I'm pretty sure it's not going to be that many. VTrader Group also might do it. (25k Minimum) Best to ask around.
Its not so much over night positions I'm mainly concerned with. Its basically low costs for the low volume I do. I'm more of a part time trader, only looking to deposit 5k with decent leverage.