Are there any prop shops that will let you trade remote with no upfront costs (like $5k capital requirements) and no commissions? You trade the firms capital and get roughly a 30% payout? I'm looking for a business model similar to Schonfeld or Swifttrade. I don't think you can trade remote with Swifttrade or Schonfeld can you? I have my 7/55/66 if required.
Short answer, nope. Long answer, nope..... Simple question, why not take 100% with a 2k contribution, did you lose money in previous trading?
Hi James, Thanks for the response and I liked your work on the prop firm listing page you did. I am looking for more intraday leverage and would rather take a split on a larger profit than take 100% on a smaller one. Also I would like to trade full time versus part time. You can't trade $2k full time. It wouldn't be worth it in comparison to just working at a job. Trading part time isn't much of an option either when you work in the financial industry. There is constant scrutiny of front running, trade monitoring, etc. So it's kind of a bizarre situation. I could trade part time but the firm would request logs of everything. They would check to see if I was trading on the clock and would put strict limitations on everything. It's just too much of a hassle I've found. That's my rationale at least.
Ah, I see. Well I do have some firms that I know will give some amazingly low offers, (like the firm I'm joining is 68 cents per-ticket and starts at 60% payout), and I know several others that might offer similar deals. But with almost all prop fims, and certainly every one I have come upon, I have not seen one that has offered to let you trade their account with no contribution right off the bat. Now, if you do join a firm that says there is possibilities that they will fully back you if you prove yourself worthy, and then you trade for a few months with capital contribution and high leverage, then maybe that is a good way to get a relationship built to trade the way you desire. But there is just no way that any firm with any sense of keeping that firm in business is going to let anyone that they have not seen personally trade an account and could see all the moves and such, just trade their accounts. Which is starting to become true at prop firms where you work in an office as well I believe. So just something to think about. You can get a great deal nowadays if you do your research and demand an offer that you like from all the firms you can until you are satisfied. Training, not going to happen unless you go in an office. I do talk to the owner of the prop firm I'm joining and we swap ideas, so that is fun, but still, it's never going to be like the same experience of being in an office and having people be able to see you traidng live and help you on the spot. Just some food for thought.
Those days are over.. Part of the reasoning in the industry is this. http://www.elitetrader.com/vb/showthread.php?s=&postid=1133232#post1133232 Who wants to invest in someone who doesn't invest or have confidence in themselves.
Well, My understanding is Swifttrade and Schonfeld do not require any capital upfront. That's why they have lower payouts. They get around the risk by having you trade 100 shares for a period of time and then have their risk analysts/quants monitor your trading activity very closely. I would assume there are stops closely tied to your entry point. Whereas at other firms that have you front capital, the stops are more tied to you running out of your own capital. So there is more flexibility. I would also think that after you build up some profits at a firm like Swifttrade, they would then give you more flexibility before they close you out. I would think this could all be done remotely though.
Yes, not upfront but prepared to be treading water even if your a good trader after you get your commission charges and low payout. Also no firm fronting you capital is just going to let you drain them past a certain point. Flexibity is a misnomer. Trust me you are not gaining anything, and giving up everything. I've been down that road, and saving you some time.