Remote Prop Trading w/o License Recommendations

Discussion in 'Prop Firms' started by tahititrader, Jul 22, 2005.

  1. Hi everyone,

    Can anyone recommend the best Prop Firm for Nasdaq scalping REMOTE from home prob around 100,000 shares a day that does not require license? My first choice was Genessis, decent commissions but does not have Totalview or direct INCA line. Is HLV or Echo better? Any others out there?
  2. Speculator1929

    Speculator1929 Guest

    Maybe I am a little naive after being in this business for 10 years, but how do you trade prop without a license?

    Why not get registered?
  3. who is the question....

    who is the proprietor of the trader when there is no license involved?

    The category is called (sophisticated) retail traders/investors...when there's no license involved...

    Propritary shops own (through the employer / employee license arrangement their own proprietary traders....

    Generally being a prop trader allows you access to the shops' rates, software and services.

    There have been cross over offerings where these services (somewhat reduced significantly) are available to sophisticated retail investors not requiring them to get licensed,

    so yes, there are offers out there. Just wait until the next Trader's Expo and ses all the current vendors that are still in the business (by the next go 'round).
  4. size


    As far as I know you must be licensed to trade with echo. PM if you'd like and I may have somewhere that you might be interested in.
  5. Speculator1929

    Speculator1929 Guest

    If you are not licensed and are getting more than 4:1 intraday and 2:1 overnight, you and the firm you are trading with are violating reg T everytime you trade. Real simple.

    There is even a case that those who are licensed that are getting 100% of their P&L are violating a fed regulation (not SEC, not NASD) that says a prop trader should not be taking losses. Also that the firm that gives you100% P&L and additional leverage above reg T is in actuality "selling margin" which is a clear violation of fed memos on the subject.
  6. GSCO


    Actually there are lots of ways around this. All of which are questionable by SEC standards but nonetheless still exist. Till the SEC makes a ruling, all of these options will be available to pretty much anyone.
  7. you can trade under somebodys llc and get 50-1 leverage the way around it i if the broker dealer is a member of the cboe he can extend unlimited leverage without being licsensed. like hlv you trade under ahuge funded llc o they can extend huge leverage
  8. Speculator1929

    Speculator1929 Guest

    So, even if its wrong, until someone enforces it, its ok? C'mon.

    IF its wrong, don't do it. Plain and simple. Maybe I am too righteous, but I sleep real well at night.