I have been trading for approximately 5 years. I decided to extinguish all of my debt, and as a result I do not have a lot of trading capital available at the moment. Is there any proprietary firms that would let a trader start up a business for around 10K or under?
Most of them will give you unlimited intraday leverage with a token deposit of a few grand. And 2 or 3-1 overnight with a larger deposit. But if you have a track record and you talk the talk you probably wont have to give them a dime. Good luck!
Also, if you live in a city, look under "securities" in the yellow pages. Most of them will be stock brokers, but all local broker/dealers are usually listed. You might call the ones that have "trading" in their title. You will make a few calls, but just ask the person who answers the same question you asked here. Sometimes a small, independent b/d will make surprising concessions to you regarding margin if he is comfortable with the risk. Remember that everything is negotiable. Good luck.
What do these places that let you trade with 10k or less do if you blow out? Or do they put super-tight risk control measures on you until you build up some cushion against loss? Traveler
Total noobie follow-up question, but how do prop firms make money? Percentage of your gains? Trade commissions? Thanks.
Just found a thread that directly addresses my question -- http://www.elitetrader.com/vb/showthread.php?s=&threadid=11012&highlight=how+prop+firms+make+money Please disregard my previous question.
try hold brothers. if you have money i bet they will take you and i hear the commissions are pretty good too. it is my understanding that they have signed like 100 traders in the last few months, but that is all i can tell ya about them.