seeking trading firms that hire

Discussion in 'Professional Trading' started by gpstrade, Feb 2, 2012.

  1. gpstrade


    looking for company's that hires day traders to trade for them.
    I started in 2002
    I have my own system.
    Alerts are not based on News, indicators or algorithms.
    No overnight positions
    Equities are from NYSE, NASDAQ, or Amex (no pink sheets).
    System Profit objective is 4 times than the risk of loss
    System Profit average return per trade entry 20 cents to $3.50
  2. Maverick74


    I saw your PM last week but forgot to get back to you. I'll just respond here. Where do you live? I only know of one firm in Chicago that only trades equities that "hires" although they don't pay a salary. It's not a very high quality shop from what I have heard. If you are outside Chicago, it won't matter because they don't hire remote traders.
  3. rosy2


    can it be automated? if so, there are many firms that would run it. I could introduce for a cut, the firm would take a cut, you end up with less than 20%
  4. gpstrade


    I started my system around 2002, Yes it would not be hard to automate the system. I am not a C++ coder. I did write the code in esignal to give me the alerts. But why would a company keep me around once they had my code?
  5. Both of following firms are first rate equity trading firms out of N,Y and hire remote traders. Bar is very high. they have about 400 employees. Not sure how many traders. I am pretty sure after support staff all of employees are traders.

    Here is a directory of Proprietary trading firms
  6. Probably nothing. However, if it is consistently profitable, and you can show a record, you can potentially get investors if you work hard enough. I've done the same for myself. You just need to know where to look or have a few connections.

    I don't know at what frequency this thing trades or what latency requirements it has. However, if you end up automating it, but it doesn't require low latency, you may be able to talk a prop firm into allowing you to trade it while keeping the algos on your system, not theirs. (Although they could of course potentially backward engineer the strategy depending on its complexity.)
  7. garachen


    Two reasons:

    1) Someone who had one good idea is more likely to come up with another good idea. It's worth keeping them around.

    2) Good personality. People are much more likely to keep you around if they like you. And less likely to screw you.

    Bottom line is that they will have your algorithm and if they want to steal it there is NOTHING you can do. They have more money to win a lawsuit and no amount of legal paperwork beforehand will protect you.

    When I first brought my automated trading strategies to a trading company that was run by a couple of 10+ year friends of mine I had the same concerns and wanted lots of legal protection. They explained the above to me and were spot on as I saw many other people get screwed at other places regardless of their legal protection.

    Ultimately, a prop trading firm is seeking commissions, but a trading company is seeking people with good ideas so you are pretty safe if you have a good personality, additional ideas and know upfront that what really matters is if you can trust the person.

    I own a trading company in CA and while we primary do futures because of the tax treatment I know two guys doing VERY well on stocks >$10M/year so if there is enough liquidity it might be something we'd try.
  8. JTG


    PM and e-mail sent.