http://www.forbes.com/lists/2009/54/rich-list-09_Steven-Schonfeld_5ISP.html steve is a rare example of a real prop firm owner who is committed to the success of real traders...........arcade owners must be so jealous not having even 1% the success schonfeld has had.
one the most successful guys in the proprietary trading industry did not realize he made that much cash . a true pioneer
Not all people have the luxury of being staked to trade other peoples money at a true "prop firm". Many people started trading their own money learning to trade and also became successful trading in the pits and risked everything. Whether it was 10k or 50k. If you have no college degree and are trying to make it from nothing, no money and make it trading. you have to come from nothing and risk you own money because your chances of getting a job at a "prop firm" are slim. "Arcade" trading allows people to risk a certain amount in order to receive both leverage and direct access just like the people in the pits used to do when they went in there with borrowed or saved money.. And yes its true you can walk in with 50k and leave with nothing. Yes its true the pits died down and they traded the order flow. But the principal is in taking a chance to become a trader and come from a deposit and make a living And fyi people have learned to trade either at arcades, or on their own too and have become successful at day-trading
Brings to mind the old saying.. you never get rich working for another. Good to see someone who worked hard for themselves at successful.
my friend is a trader with them for years & knows steve personally & said he is a good guy a great story of a self made man. the real deal