Proprietary/options Ecn?

I was wondering if anyone out there, especially maybe Don Bright had a good opinion of where to begin as far as firms that handle prop traders who also trade options? Bright seems like a great place to trade, but when I spoke to a rep on the phone, he said that Bright actually discourages option trading. $3 per contract plus you have to call in to place the trade? rather than just outright buying, my style actually hedges more than anything, selling time value..etc. i am huge on risk management, been selling uncovereds for about five years now. Have my 7, 9&10, willing to get my 55. Have been trading retail with essentially no real leverage for some time, and i think its about time to step on the gas.

It seems there are plenty of good stock firms, but few active trader options/stock options firms.

Opinions out there?

 

By the way, for the post above, i am hoping for a remote setup as i live in the boonies, but i live within an hour of Denver if I had to begin by going to an office.........

 

try generic--i know they trade options

 

dlrcatcher:

forgive my naivety, but who is generic? do they have a site?

I have never heard of them....

 

Generally options trading is discouraged at pro frims because of the risk(greeks) and support needed for option trading at the pro level. Don, myself and others who have been option MM's or worked at hedge funds know that there is no edge trading options off floor.

If you trade options and have sufficient capital our firm LWS would let you trade spreads and stock around straddles . Most of the options strategies at pro firms is using options to hedge stock postions. See our option examples at http://www.stocktrade.net/services/portf_hedging/hedg_exmpl.htm . Hope this helps.



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net


PS I was out for vacation for a couple of weeks . good to be back.

 

Gene,

Now you cannot say there is no edge trading options off the floor.

Michael

 

metooxx,

Spreads have narrowed and systems have improved, but for the average option trader off floor , there is no edge. I'm of course not speaking of the sophisticated players off floor . I think you know what I mean and I'm not talking about you!



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net

 

you can trade options at ETG. they do not require any money down either, though you must apply.

 

dafugginman,

I'm sure your option strategies with no money down are limited with ETG. I know Bob Kantor(head of ETG)very well and I know he would not let inexperienced traders trade options in a prop account except in a very limited way. Bob was a very successful option MM on the AMEX and a very sharp guy.



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net

 

the return email I got from ETG says that they do take part in gains and Losses, but they do require I put up funds. with the Leverage available at www.thinkorswim.com maybe i will just try the retail route.

any opinions?