Discussion in 'Prop Firms' started by Steelhead, Mar 11, 2004.
are they still around?
Still alive and well. They've really gotten some good stuff together. A new website...some new staff...software platforms etc.
I started trading e-minis with them last year and now trade stocks with them. No complaints. They were understaffed last year...but now they've grown and are more experienced.
If anyone has any questions feel free to ask.
that having started this thread, the responses are positive, however the PM es are horrific about GTT, any of you guys who like GTT ever have to get a payout?
Steelhead, I'm not sure I follow. Greentree has both a proprietary division and a brokerage division. With their brokerage services your account is just like any other brokerage account. Their prop account means you are an exchange member and part of the LLC. If you want to take money out you have them wire it to your bank account. I think this is what you are asking. Not sure.
I can speak for this group, since we started it two years ago. The business side of trading was much different than the screen side.
I think we made all the mistakes that we could have and learned from them all. This is a people business and if you treat guys right , than many will have patients with your operational issues.
We started off as a subgroup of an existing professional broker/dealer and some private LLC firms that offered leverage.
We mixed many relationships to create a product line that gave access to all products. That got us started with out much investment in administration and we cut our teeth in this business. We were pure traders coming over to the back office side.
That liability is now an asset and we have acquired a broker/dealer (Vtrader) with a turnkey trading solution for professional traders who trade all markets. We have cut back on any retail business because it just is a too time consuming to hold hands and these account are just worth the effort. We do handel self directed traders on both the retail and prop side and have added many micro funds that have capital, a methodology and are just not being served in the niche market.
I take all complaints and criticism as tool to improve and work on issues that traders list as top priority. WE can not please all and when i tried to do that, we were not concentrated on the core business.
We have over 60 traders in our professional group, staff of 6 to run the back office and have filled up our SF office, building A NEW OFFICE IN TAHOE AND HAVE AN OFFICE IN THE WORKS IN BOCA.
We have just added a new Partner that is one of the most successful traders I know on the bond and commodity side and have just completed the final plans for our PROP FUTURES division in Tahoe.
Passion for this great business will make you good money on the trading side, that same passion will drive us forward on the business side. More mistakes may be made but we are fair and understand traders as people. Trade well
So you guys are with Gentile????
PROP Division.......STOP USING THE WORD PROP IF YOU HAVE A CAPTIAL CONTRUBUTION REQUIRMENT. THAT IS NOT PROP, EVEN IF YOU LEVERAGE SOME IDIOT 100:1 ON 5G.
Man, these shops need to come out and tell the truth. PROP IS DEAD, PERIOD. What you get is pooled money.....everyone trades out of the same pot. what happend to Wordco will happen to GreenTea and the rest of the CHOP SHOPS....
Wow, you sound like one bitter young man.
You should check your assumptions though.
Those who are hired as employees to work in our proprietary futures trading group will trade firm capital and they have the same responsibilities and opportunities as would any employee of any true proprietary trading operation. Our employees are not required to put up any of their own capital. And as such this is not some "come one come all" operation. We are highly selective in who we allow to come aboard.
Further, this a futures trading operation. Therefore due to the nature of the futures industry there is no need to "leverage some idiot 100:1 on 5g," as you so eloquently put it.
However, we do have Options and Stock traders who are not involved in our prop group and who trade their own capital. If they require a certain amount of leverage we can, as a member of the Pacific Coast Exchange (PCX) offer them professional "risk based margin" instead of price based margin as most other firms are forced to do. We are not obligated to labor under the antiquated Reg-T rules or any silly Pattern Day Trading restrictions.
If I can expand; we have traders that have ZERO capital up and we participate in the profit and loss of their trading. We also have traders who are supplemented with extra leverage and we have additional traders who contribute there in own capital and take the P/L of their trading with the advantage of market making leverage.
We do not use the cookie cutter model and have been flexible with traders if it makes sense. I agree that the commish model is dead and thus, we have adapted to the environment.
We are adding a fourth model that will fully back future and option traders with our methodology and put them through an extensive training program that we have put together. If the trader does not become profitable, we take the loss and the time wasted that our style did not jive with theirs. Let me know what you do not understand about the different structures and I can expand further.
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