Seeking Prop Firm

Discussion in 'Prop Firms' started by 3433, Mar 28, 2013.

  1. 3433


    Group of 3 traders seeking a long term relationship with an established prop firm.

    What we need:

    1. Low commissions. .002 would be the most we would pay if all other aspects were perfect.

    2. Leverage. We want leverage. A lot of leverage by todays standards. We can show P&L records for a couple years as well as start small for a few quarters, until you are comfortable that you are dealing with professional but, after an agreed time has passed we want the ability to go at least 20 to 1 on occasion overnight. Intraday We want 30 to 1 minimum.

    3. A decent platform with an API.

    4. Access to all routes and order modifiers.

    5. Sufficiently capitalized. (form X-17A-5)

    6. Safeguards in place to protect our deposit from other rouge trader errors.

    What we can offer:

    1. We do approximately 110 million shares a year collectively.

    2. We have earned at least $250k up to $1m a year per trader for the past 3 years.

    3. Years experience. Trader 1. 12 years Trader 2. 10 years Trader 3. 3 years.

    4. Negative variance is small. We rarely have a losing month and never had a losing quarter.

    5. Deposit: We deposit whatever the minimum is as a trial. If the trial is to everyone's satisfaction and we are able to deposit $1m plus.

    Send me an IM if your firm can meet our requirements. Please do not waste my time if you cant.
  2. why not try Lime

  3. Do you think that lime are working with prop traders? Do you have links?

  4. 1245


    Lime will not back prop traders, you will have to open an account at Wedbush with at least $1M. If you're at a prop firm you can't get "Safeguards in place to protect our deposit from other rouge trader errors." Not possible. Your funds would become part of the groups assets.

    How much capital does your group of three have?

  5. 3433


    "why not try Lime. "

    Thank you.

    "Not possible. Your funds would become part of the groups assets."

    It is possible. Some firms I have spoke with absorb the first $10m in losses before other lower class member's capital is affected.

    "How much capital does your group of three have?"

    We have $2-$3m in our retail accounts.
  6. ofthomas


    stupid suggestion....why dont you reach out to bright trading (rob friesen) ... their leverage is 30x overnight and intraday... and with $50K deposit you can skip their training and stuff, and also you can easily do under .002 given your volume and size... you would need your series 7 but that is not all that hard to test anyhow...
  7. 1245


    With that much money, I would not go with a prop firm. Your money will be at risk from other traders and you will be subjected to the ever changing regulatory rules. You will also have to give up a % of your profits but not losses.

    Good luck....1245
  8. ofthomas


    ok,. so what is your suggestion to get 20-30x leverage then? because that I am aware off, retail will get you 4x, portfolio margin about 6x-7x... so while I understand your argument, I am not sure that it is avoidable... clearly, the prop firm has to have good risk managers...

    realistically, the OP does not have to place $1m on deposit... $500K will more than enable him to pull $300K-$1.2m assuming a return on notional ranging from 3-10%...
  9. 1245


    I never said 20-30X leverage with a PM account. Max for equities is 6X, double that with broad based indexes like SPY.
  10. 3433


    I know of Bright and some of their long time traders and to my knowledge Bright has been changing their policies regularly over the past year and it is not what it used to be. I also have heard the captain, Bob, who is the core of the operation, is retiring. That in itself would be a concern to me. I was also told they do not give 30 to 1 anymore it is closer to 10 maybe 15 to 1 if you are hedged so half that would be a hedge. Their commissions, haircut and expenses are are in the nosebleed altitude and they have started taking a chop of P&L since I last looked into them. None of those things appeal to me but thank you for the suggestion.
    #10     Apr 1, 2013