I have a series 7, things arent working out with these prop firms, on 3 occasions all of them were decitful and one occasion i visited NYC so they can register my license but they lied to me, but they did give me my money back. for months now i've been looking. Cant go with Assent the head Branch manager in NYC is a Jerk, and they wanted more money, again they lied to me, im in need for a legitmate real Prop firm that has Integrity and is serious. To start with around 5k , its difficult to find one that is honest and quality. In the future i do plan to put more capital possible. If this prop firm can trade futures and other markets along with equities that would be ideal. If anyone has a prop firm that fits all the above and is definitely legal please let me know im interested?
New York: FirstNY, Trillium, D.E. Shaw, Jane Street, T3 (although I heard they are now asking for a tuition fee, which is bullsh!t). Chicago has more reputable firms, but they do more market making in options or arbitrage of some kind. They prefer quants too.
But these firms dont take capital, they want you to work at there trading desk and are very selective, right now im interested in remote trading primarily, with access to a trading desk at times.
I sent you a PM. Try to do some research on Assent. I've heard mostly good things about them. Bright too seems respected on ET. He asks for 25,000K though so I don't know if that is wise for a newer guy to put up. I'd recommend trying the 5K initial contribution just to get a better taste of trading and your consistency... it would be less financial risk. You could always switch between the leveraged retail account broker shops. Good luck
(going out on a limb sort of). If EchoTrade, which was started by a couple of Bright Traders, will let you in with $5K, then IMO, they are "legal and upstanding." As far as newer traders go, we tend to attract those with PDT accounts, vs. the smaller capital. Regardless of how much money you put up, whether Echo, here, or with Charles Schwab or IB... it's up to you to handle your risk, and not get carried away just because you have more money up. I've known traders who actually "overcapitalize" their accounts (IMO), and take too much risk...they worry me more than those who come in with small capital. In any event, go where you can get the most help, training, interaction etc., irrespective of capital contribution. Good Luck, Don
To clarify this isn't really a tuition lioke some of the other props. If you're profitable and have a track record for the last two years they will take you on as a full time trader. If you're a new trader you go to an interview and if you pass that hurdle then you take the 30 day on site course (10K) and then they decide if they want you to trade. I emailed back and forth with one of the guys, who while being very helpful and honest about things made it pretty clear they don't want noobs. I guess every firm is different and so far I found T3 to be one of the best out there based on personal feeling and on what I've been hearing left and right.(and also watching their calls and trade management live in the virtual trading room)... I guess their traders make enough money for the firm that they don't need to be taking money from noobs in order to churn a profit.
It seems that if reliability is your main concerned why not pay the $25k deposit and go with Bright Trading. They are expensive commish rate wise but seem most definitely RELIABLE.
For remote trading, JC Trading is a great choice. I trade there and they are extremely honest and give a very fair rate. www.jctradinggroup.com GT
Now come on, apples to apples... .004 above 1000 shares, and depending on volume, down to that level for the first 1000 shares. I have a couple of new traders who "shopped" the other 2 firms, and we were within mils of pricing, if not equal. Not saying were the cheapest, but overall, we have a pretty good package....bottom line wise for the trader. And, thanks for the RELIABLE part, we're very proud of our 30 years in the industry. all the best, Don
I trade at T3 and they have had a new class here for the last month. I know the training is good because I went through it but this program is different than the one I went through. In addition to the lectures, they trade on a simulator and their coaches monitor and review their trades. The feedback I've heard from people in the class is great.