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Recommendation on which prop? Overnight leverage a must.

  1. Hi guys,

    Hoping someone can help me out here. I am looking for a remote prop shop that allows for overnight leverage. I run a pairs book with listed equities over 300k average daily volume. I dont mind getting a Series 7, but dont currently have one.

    I have four years of trading experience, though only one year of a track record that I can claim (traded for HF). All years are profitable.
    Thanks in advance
    Cheers.
     
  2. The obvious choice is Bright Trading for what you need. Search for Don Bright and read what he has to offer and the associated costs. Try to ignore the ensuing noise.
     
  3. I spoke with Don, and wasnt very impressed with their operation. I found their fees to be laughable and more inline with someone who is just starting out in the business.
     
  4. take the $300k and trade futures.move leverage and you keep MOST of your cash...always better to trade for yourself...just a thought...you can google Futures brokerages if relatively new to trading...
     
  5. I run a stat arb algo that handles only equities, and that is what I want to use a prop firm for. I do trade futures on an intra-day, discretionary basis (gambling), but have never been profitable w/ them. Futures do not represent a wide-enough universe for the system I am trying to place.



    Thanks for the suggestion though.
     
  6. you are basically asking who is willing to risk blowing up for very low fees.

    Most of these prop groups have already been blown up.
     
  7. Hey good reading inky! He said his volume is 300k shares a day, not that he has $300k. You're a moron.

    No wonder why you still are a failure and still trading demo accounts.
     
  8. jem - how do you figure? Seems like kind of an off the wall comment.

    My sharpe is @ 3.3 so I dont think I pose a risk beyond the average prop trader, though I am new to the prop business so my feel of the "average book" is off I am sure.

    So far, I have had several offers for portfolio margin size leverage, but that seems to be the norm. I, of course, am not going to pay a prop shop for something I can get from interactive brokres.
     
  9. You want something for nothing. What kind of business model is it to give you cut throat execution costs and high overnight leverage. It's not worth it for a proprietary trading firm that doesn't want to blow up to take your business.

    Bright Trading does over above normal overnight leverage. But he does charge more than your typical proprietary trading firm. I don't know why you didn't like what he had to offer but Bright is a highly reputable firm and has been around for a long time.

    Just my 2 cents.
     
  10. trading for real now...
     
  11. We can probably help you out. Shoot me a PM.
     
  12. (Just reading).... and thanks for the kind words..

    What is a "typical" prop firm? I look at Echo, Generic, Assent (RIP, but a good firm for many years) as "typical" in the registered firm arena....not the Canadian type firms like my friends at SWIFT who have long term grandfathered ticket rates that equate to very low per share cost.

    Not the cheapest, but willing to post:

    www.stocktrading.com/fees2010.html

    volume traders down to a quarter or so.

    The industry is going through some major changes this Summer, so I do ask, and applaud those (who do) do their due diligence.

    In fact I've added 1 day, possibly two to my next class just to cover all the regulatory "stuff" coming down the pike.

    All the best,

    Don
     
  13. Hey Donnie boy, I saw you gave Carley Garner a nice review on her commodity book. Are you looking to spread your wings?
     
  14. Neutral here. But :

    Just wanted to specify that it has nothing to do with grandfathered rates. 90% of Canadian props can do 0.20/1000 shares. And that includes firms younger than Swift. I'm not saying it's offered to every trader, it's not. But it's definitely not restricted to Swift, and it's definitely not a "grandfathered ticket rates" story.
     
  15. Carly had contacted me after reaiizing we both had columns in TASC and were located in Vegas Baby..LOL.

    She helped teach one of my classes that I teach at the local college - pretty smart, like her.

    You know her Mav?

    Don
     
  16. Right - I know that Swift had a long term deal with Penson. But, again..."apples to apples" for U.S. firms is no where near those prices. As I"ve said before, I personally pay 25 cents per hundred, even though are actuall "hard" costs are less, our "total costs" are much more than that...gotta pay those bills I guess, LOL.

    Don
     
  17. I met her one time. Don't know her personally. Don is that local college going to give you an honorary degree?
     
  18. Hey Don,

    I am an underfunded, yet gross profitable trader (commissions too high for a $2,000 account - which is laughable to begin with), and use an intraday momentum breakout system along with market internals.

    I am wondering if you provide trading leverage for such tiny sized risk deposits at all? And I suppose Canadian citizens are not required to have a Series 7? I am continuing to search your website for answers on these questions, but there are lots of articles on it, and I want to know if anything has changed because of all the fin-reg talk going on these days.

    Thanks!
     
  19. Pretty sure Bright requires a 25k risk deposit