I recently heard that 2 prop firms located in San Diego - Van Buren Securities and Protrader are closing their offices there due to the tough economic climate (really that they just weren't making enough money to make it feasible to maintain the offices). Can anyone confirm or deny this? thanks.
"Since the ProTrader acquisition was completed in October 2001, Instinet has taken measures to restructure ProTrader's retail outlets, concentrating on five regional locations, with many customers shifting to products supported through the Internet. Other recent actions have also been taken to achieve operating efficiencies within the Company. "
I guess when a group of your best traders, including the manager, leave to go to the competition, it's going to make for a tough economic climate.
There is, and will continue to be, a major consolidation within the Industry. I've noticed that a couple readers here think I'm "blowing smoke" when I say to be cautious with all firms, but the proof is showing through on a monthly basis, it seems. Don
I know that four of Van Buren's traders including their San Diego manager recently joined ECHOtrade's San Diego office. We also gained 2 of the traders from Protrader. Robert Tharp
well, thanks for the replies guys. so i gather that some of the traders from these offices have moved on to other firms for whatever reasons (i'd assume to get better deals) but have these firms (Van Buren and Protrader) actually shut down their San Diego offices? Is there still a physical location for these firms or have they packed up their equipment, canceled their leases and left town? I am exploring trading opportunities in San Diego/ LA and am just wondering what firms there are to choose from. So far, in San Diego (my desired location over LA) I have noticed that there is Worldco, ECHOtrade and Bright for sure and I am uncertain on the status of the two firms that I mentioned above. If anyone knows of any more prop firms down there (or in LA) if you could let me know I would appreciate it. Of the traders that left Van Buren and ProTrader, were they the main talent of their respective firms? Thanks.
The traders that left were a "mixed bag" ...some with little money who needed some backing, and a couple of pretty good traders. I'm told that they closed the doors on the other firms, perhaps Jack Cunningham will elaborate for us a bit. Don
Van Buran is still open as far as I know. Protrader is closed, and has now closed the LA office also. In the last month traders from both firms have joined our team and seem to be fitting in great to our trading room. All seem to be good traders that contribute to the room on a daily basis. Send me an email and I will be glad to forward the emails to the traders who recently became part of our team if you would like to ask them the reasons why they joined ECHO. Better yet, just make an appointment, walk in and ASK THEM YOURSELF! Happy Trading! Jonathan
Jack?? Don don't you mean Robert Tharp? Since I know the traders well --I now trade with them everyday. Jack might have just met them but they prefered what we had to offer and I can just turn around walk 15 feet behind me and ask them a question.
This is where the discussion of bringing in traders with only $5K came into play (which you say is not the case). That is the reason for mentioning Jack's name, since it is our understanding (after reading your contracts and emailing Jeff Dewitt ) that you were not allowing anyone to trade with this amount of capital. My mentioning Jack, was simply in reference to the "shopping around" done by some traders, and his local knowledge of the other two firms. Sometimes traders will "play" one firm against the other ("loball" if you will), and that is why I like to keep in touch with you guys in the San Diego area. I wish your people all the best, as always!! Don