been looking at a few prop firms and this is what ive come up with. I looked at JC trading - want you to buy 250,000 shares per month plus whatever else they charge bright trading - want you to front 20K velez trading - Way to many bad comments anyone know of a firm that will offer something more then the 4:1 you get with a retail broker and all the other normal stuff you would find with a good prop firm - no outrageous software fees, i realize ya gotta pay for it - no locking up of funds - registered with the sec - decent commission rates - decent payout percentage - does Not require a minimum amount of trades or if they do not a crazy amount of trades - minimum deposit, i dont want to transfer all of my funds into a prop an not keep my current brokerage Am i looking for something that does not exist? if you are a prop trader could you please post your experience with the firm your with. Even just openions of what people think are the best firms Don - you cannot post that bright trading is the best i actually called an ended up talking to you today, ya just didnt know it
you are dreaming, put 20 to 25k together, or develop a track record and then make demands. try knocking at a bank and forcing them to give you work without any experience, then let us know how that turns out. same thing, right now everyone sees you as a wild cowboy with some money to blow. no-one cares about your small deposit, and those that pretend they do will squeeze every bit in comissions or fees, there are some prop firm that offer close to what you are demanding so do some research and you shall find.
Just stick 500K in a retail account. You get SIPC protection and you can use 2 million dollars daytrade margin.
Why is it so hard for people to put up 20-25K It is not a lot now a days anyhow. People just want to cut corners and not make the effort.
I've been there before after putting 5 grand together and reading a couple of books your finger gets itchy. It's perfectly fine to use the 5 grand to learn, rather than risking 25k on your first time around, but just don't expect prop firms to be bowing down to you, 5k is considered the bare minimum so do expect the used car salesmen to make you offers you can't refuse, that's what makes it even more difficult starting out not only are you getting into a deceptively easy career where as soon as you get careless your ass is grass, but you're also fighting off snake oil salemen that know your weak spots and are just waitting like hungry sharks to capitalize on it.
I use a PM retail account and it is fine. You can use more that 500K, just distribute your trades around to different accounts, I think you should still be covered.
Also, and I don't mean to be a boob, but I think it's reasonable to spend 25K in losses on your trading education, and if someone told me they spend 100K, that would not a major surprise. It's a business, and if you need to sink 100K to get it going, fine, that's probably a hell of a lot better than starting a restaurant, insurance office, or whatever entry level firm you can think of.