Dude you don't need a damm series 7 to Daytrade !!! You need a series seven if you want to be a stock broker . What were you drinking when you made that post???
Ok got ya , but you dont need a prop firm to Day Trade , its so much easier to trade from home. As far as getting a series 7 you do need someone to sponser you , you just can go sign up and say let me take the test.
but then you only get 4 to 1 leverage with a retail firm,instead of much more,and pro firms give you access to bullets,which let you short stocks on downticks,and some even offer the ability to trade from home.
Pros and cons for Pros and home trading. Never traded at a prop but I would think that just having a lot of other traders around you is a benefit for to many reasons to list. But you cant beat the commute for home based trading.
Trading volatile stocks like msft,klac,ebay,qlgc,and qcom give plenty of opportunities throughout the day,so it is possible to take a total of 1-2 points a day out of them.
I trade those stocks everyday, so I'm perfectly aware of how possible it is to take a couple points from them. Indeed, many people do. My concern was the "tone" of your post - making it sound like all you do is flip on your PC, make a few trades, and whammo! fast cars etc. Also, 4:1 margin is AMPLE. If you lose money trading 4:1 margin, do you really think that having 10:1 if gonna HELP you? As far as trading Naz goes, bullets aren't really necessary, as getting an upBID happens so regularly.
10 to 1 margin is great if you are a profitable trader and know what you're doing.Since it is easier to get short on nasdaq,bullets are more needed for nyse stocks.