In SF there is also Altrion Trading Group 649 Front St. San Francisco, CA 94108 Phone: (415) 765-1599 Email: infosf@altriontrading.com 580 Market St, Suite 250 San Francisco, CA 94104 Phone: (415) 748-4298 Email: infosf@altriontrading.com I do not trade with them so this is not a recommendation just information. You can also trade remotely with most prop firms especially the ones that require capital contribution.
Again broker shills luring naives to get commissions. Nothing, not even a CFA can provide short term profitability. ALL short term traders lose in the long run. Use your CFA to get a job, advising customers into long term INVESTING.
"Again broker shills luring naives to get commissions. Nothing, not even a CFA can provide short term profitability. ALL short term traders lose in the long run. Use your CFA to get a job, advising customers into long term INVESTING." - crgarcia You are wrong! I know several successful traders doing nothing but short term trading. The rate of success is low and as per NY Times its 1% but to say no one succeeds is just wrong.
I like the way u started not only by asking but sharing the results of your own efforts in your post. read every thread on ET on the subject. actually you sound like a potential partner in a small hedge fund. lots of luck.
These CFAs are profitable because they profit from churning. They get a chunk of trading commissions (which by the way is illegal). They don't profit from the trading itself.
Garcia has something against people who make money trading on the shorter time frame probably because he tried it and failed. If there is volatility and you know how to predict stocks movement you can make money. I am a fan of charts. The key is to find stocks in play by scanning for 52 week highs or stocks trading at extreme volume levels relative and then learning how to scale in and out. MCP and REE are two stocks that have recently been good for day trading but they will change. Develop a feel for the leaders and which sectors tend to react after the leaders and that should be a good place to start. Also, common misconception, is that day trading involves trading non stop like crazy. Sometimes it can be the most boring job in the world. I am starting out as a young trader but have seen my father make money in the markets for 35 plus years. He is intraday but also takes positions over days to weeks sometimes. Further, is a vtraderpro a prop firm where you trade their capital or is it a firm that provides leverage on your capital contribution?
bv321, Did you have any luck finding a legitimate prop firm in SF? I plan on moving up to the city in the next few months and have started looking for prop firms also. I browsed through a couple pretty long lists online, but didn't quite find what I was looking for. I trade futures and would like to find a small boutique firm with professional futures traders, although any legitimate firm with successful traders would do. I assume that the smaller firms may not even have websites and the only way to find out about them is word of mouth. Also, the more successful firms probably don't hire very often, once they reach capacity(assuming their traders don't trade remotely), since their traders are making money and hence don't need to be replaced. I have heard that most prop firms aren't very professional - don't train well if at all, rely on one or two good traders to cover the rest, etc. Also keep in mind that true prop firms put up ALL the capital for you to trade, therefore there is more incentive for them to make sure you do well. Good luck in your search, hopefully you'll find something that suits you if you haven't already.
is a vtraderpro a prop firm where you trade their capital or is it a firm that provides leverage on your capital contribution? - sherman 4020 In SF proper there is Altrion, you trade their capital after paying for initial training, is a CBSX firm i.e. no series 7 requirements and Vtrader pro which requires series 7 and capital contribution. Keep in mind you can trade remote with almost any prop firm in US, they do not have to be in SF proper. These firms advertise on Craigslist under accounting/finance all the time eg Maverick, Keystone, Dimension, Element etc.. I know Bright, Echo also does remote trading, I have not seen them advertise on Craigslist.