Swing traders at Prop firms?

Discussion in 'Prop Firms' started by cheeks, Dec 17, 2002.

  1. cheeks

    cheeks

    Are prop firms the exclusive domain of ultra active daytraders?

    Or is it possible swing(1-5 days) at them?

    thanks

    Cheeks
     
  2. You can overnight at Schonfeld secs.
     
  3. jeffgus

    jeffgus

    You may also take overnights with Green Tree Trading. I advise to use some options spreads if possible. Limit that risk.
     
  4. nitro

    nitro

    Isn't Green Tree a Retail Firm though?

    In the case of Shony, it is a proprietary firm, where you are trading the firms money...A totally different world...

    nitro
     
  5. jeffgus

    jeffgus

    Nitro,

    Green Tree Trading uses retail accounts, traders risk capital and provides extra buying power. I would call it a hybrid between Retail and Prop.

    NO Overnights, that reason is why most our traders joined us and specifically why I left the Prop Shops. Backed by a proven swing plan and methodology, this style is profitable when the right market conditions are present. I specifically use spread options and have had my best weeks when the gaps ruin the day/micro trade. When that happens, I am out and waiting for the volatility to return.

    Most firms do not allow their traders the best tools for the proper job. It is like trying to fix a flat tire with out a jack. Very Frustrating.
     
  6. lescor

    lescor

    It usually depends on how much capital you have in your account. Since the risk is greater with overnights, you need to provide the cusion against a bad gap, not the firm. Some firms don't allow it on the last day of the month for some kind of book keeping rule or something.

    The size of the position they let you take will also depend if it's hedged or not. I'm with echotrade and if I'm holding a basket of diversified pair trades, I can go 15 or 20 to 1 leverage overnight. Straight up longs or shorts, about 5 to 1.
     
  7. Prop firms do have swing traders on board. In most cases the capital requirement is much higher. Also, if your volume is low, they may charge you for software and hardware costs.
     
  8. cheeks

    cheeks

    Pretty much what I had assumed. But you don't know until you ask!

    Thanks for all the replies.