Hey guys, been lurking around here for a while and wanted to get some vet opinions on what I'm looking for. I'll try to keep this brief if possible. I have a Series 7, and up until 10 months ago was a retail broker. Did that since 2000, and have had enough of it! I've gone from making money to basically broke recently. I am not a good salesguy as I can't take pushing any more packaged investment products on good people. Sure some are good products, but the crash in late 07 and 08 killed me financially. had client money with third party money managers who just obliterated things for the clients and the clients left so no more money. plus the 2000-2002 mess wasnt a great start on the retail sell side for me. im just not salesy and am more analytical. I started learning how to trade about seven years ago and have a system that works for my personality. I have made about 210 trades in the last two months of about 475,000 (1M sim account) shares and am up 9.1% (sim due to my finances ) The best way to describe it is day/swing. and yes i know, sim isn't anything like the real thing, but i have to admit, i'm very disciplined and trade with very little emotion. most prop firms i know don't want to have any open positions at end of day, so the performance may be a little more like +2-3% per month trading equities if thats the case. im looking for a firm that doesn't require any deposit as i just dont have it a firm that requires a series 7 would be preferable so i can keep my license. im not asking to make $100k a month starting out in prop. lol if i can pay my bills at home (kids, wife etc), I could probably live on 5k a month until i prove myself and hopefully the firm will allow more leverage, or provide more capital. I have a finance degree and am almost 40. my track record is good, and my u4 is clean. i work smart, work hard, study hard, and do what im told. Any opinions are appreciated! Thanks
Ask Don Bright. If his firm doesn't do what you want, maybe he can shoot you a referral. I've got my 7 too and basically keep it in case I go prop.
meatmonkey Send me a PM. I will give to you an address and email for a firm. It may help. Do you know of anybody willing to hire broker trainee. The thing is that I need a base salary and a sponsor. at least 300/ week should be enough.
Guys, thank you for the replies and PM's! I'm still not having much luck but will keep calling and sending resumes.
the deposit is there for insurance in case u lose money. if a prop firm offers no deposit the odds are higher it is a red flag. However, if a prop firm offers no deposit, expect to pay tons of addtional fees and higher commission ($50cents per share). Plus, i also believe that if a prop firm requires no deposit, expect to be in the training room for 2 months. during the training room, expect to pay tons of educational fees. Im talking about in thousands of dollars. Hope this help