I posted this in another thread but thought I would also devote a thread to options prop firm directly. Apologize in advance if there is one already devoted to this. If you have interest, feel free to PM me. I was going to ask the same question. New user to the forum. Been trading since 1996. Started at the old ETG (RIP, great place) and have been trading with a firm in Chicago since. Great people but get the feeling that they are becoming too risk adverse. Started trading options in 2007. Some position trading but mostly premium and or spread selling. Did well in 2008 and have had varying degrees of success since. Most trades now are on Friday. Approximately 5000 contracts every Friday. Made around 7 figures last year and have averaged high to mid 6 figures since 2007. Due to the risk reduction where I am currently at, I have gone from having 6 total down Fridays since 2007 to having had 6 in the past 4 months. So much for risk reduction! New parameters hurt my process. Personal capital has taken around a 30% hit. Looking for a new prop firm. Wouldnt mind going with a backer and giving up some of the upside as I have been at this racket for a long time. Does anyone know of a good firm that does deals like the "old ETG"? I have heard good things about Chimera and T3. Would be interested in hearing about other firms or having a discussion. Thanks again and sorry for the detailed post. Just anxious to try and get back into the groove that i have had since 2007. Just looking for a firm who understands what I do, and can handle the intra Friday risk.
I'm sorry, this post does not make much sense. You made 7 figures in a retail account and now are looking to trade in a prop account or yet even crazier, looking for a backer? Do you want to edit this post and give it another go? BTW, you do know what portfolio margin is right?
Sorry, should have been clear. I was trading with a JBO and there seems to be a big desire to change their business model, which is understandable. I guess I am asking about other jbo/trading firms and if anyone had any thoughts. Would also be interested in hearing or chatting with backers. Just curious to hear what deals are out there, and would be open to it.
OK, I'm still confused. You are with a JBO now and you are looking for a new JBO? And why are you looking for a backer with a 7 figure account? I was in the business for a decade so I know how the JBO's work forward and backwards. You will get far better margins in a portfolio margin account. And nobody, and I mean nobody is backing premium sellers. Just not going to happen. Backers in the option space back market makers who have an edge where they can count on a certain expected return on their capital. I still feel like there is a lot of this story that is missing.