@anh_trader A wise decision grasshopper. Find a job (if there are any) and paper trade on the side. If you can't find a job, create your own and hire yourself. Start a car wash, sell sandwiches, clean up trashed foreclosure properties or whatever. In this economy, we're all self-employed to some degree. When and if you're ready, the markets will be there.
First off you can't even be a "day trader" without $25,000 in a retail account. Your complaining about paying $7,500 to get TRAINED and trade someone elses money? How about trying to look at it in a positive light? You put up $7,500 and you have more buying power than you obviously had before. You are around a group of people who actually trade. Are you so successful at trading right now? If so, prove it and bring in a track record and maybe they will cut you some slack. It's a fools game to think just because you think your some hot shot that they should just bring you on board for nothin.
why not take your $7500 and trade it at assent or another firm that lets you put up 5k, gives you the buying power, and you either make money or you don't. you will end up splitting your profits with them, probably 75% for you, 25% for them. if you have to get a series 7, no big deal, in fact it is nice to have. currently, i trade my own account through lightspeed but 5 years ago i did trade through assent. i don't know if any of these places do the above but i would check them out: echo trading, hold brothers, keystone, bright trading, first new york securities, t3live. from my perspective, let me trade my money, if i lose it, i lose it. if i double it, 75% is mine to keep, not theirs.
I would not do a deal where you had to put up the money, no training is offered and you have to give them 25% of profits. If they provide training then that may be all right. If they don't provide training, then you should be able to keep 99% of all profits.
Why don't you try Chimera Securities. They don't require a deposit or training fee. See their FAQs, in particular #10: They have several locations: They even offer health insurance. From their FAQs again:
Retief, This seems great! Do you know the chance of acceptance, if the new trader(or having some experience) is NOT a new college graduate? Remote training seems is not offered :-( Any other firm do you know that can provide this opportunity for remote trader? Thanks,
I don't have any personal experience with Chimera or other prop firms. I saw a reference to Chimera in the trader's health insurance thread, and checked out their website. Maybe someone else will come along that has more information about Chimera and other prop firms that offer similar opportunities.
Assent is closed down, but there are other good prop firms such as Echo Trade, Hold Brothers, JC Trading Group and Benchmarq Trading that will take a $5000 or $10000 deposit and allow you to trade and keep 100% of the profits. The problem is that it is extremely difficult to become a consistently profitable trader. Approximately 90% to 95% of the people making the attempt, fail. I personally believe that most who make the attempt to become prop traders do not have enough money saved up, prior to beginning. Individuals that have 1 to 2 years of money for living expenses saved, have much better odds than those that do not. A firm like Chimera or Opus, that says it offers training and requires no capital deposit might be a better choice if your funds are limited.