I do yeild, i was speaking on behalf of the entire Prop divison of any so called PROP firm, not just yours. There is no diffrence between PROP on futures, equities and Options, except maby clearing fees and comissions .....the same idea is the same, Ur the HOUSE....period.
I first started at GreenTree in January of 2003. Back then, we were trading in a small office in San Jose, CA. It was big enough to accommodate maybe 6 guys. In just a little over a year the firm has moved its operation to the financial district of San Francisco and has two offices in the Mills Building, where the PCX exchange floor is housed and what is, without a doubt, the center of trading on the West Coast. Probably a third of all the businesses in the Mills Tower are trading-related. GreenTree is rapidly expanding and it is exciting to be part of the growth and opportunities this company has to offer. Like any young company, GreenTree has had its growing pains. But the reason I am still here after over a year with the firm is the people really care, and it is a fun working environment. To me, those two things count for a lot. Best, PEG LEG JOE
I agree with this statment: "Though I don't blame him for his thoughts on what he perceives to be prop shops, especially considering some of shysterâs who have been involved in day trading stock shops over the last decade or so. There have been some fairly unsavory characters on the scene." However, i know a few FUTURES electronic trading firms as well that have but a bad taste in the mouths of professional traders. There are a few right in the CME building.... Like i said, im a capitalist.....and i have no problem with GREENTREE or HOLDS. or with "MY AMAZING SYSTEM YOU TO CAN BE A TRADER" shop.....but they can't candy code the truth. For rookies out there, POOLED CAPITAL, Leverage on XYZ when you only put up 5G, etc......is not a very smart way to enter the business...unless your on the other side. I have only had the privillage of meeting the one and only true PROP SHOP left and that is LASTATLANTIS...no bullshit, in ur face, zero gimmicks trading....THEY ARE THE TRUE LAST of the props.
Ertrader, Actually you are wrong about that. Greentree does have a very unique model, at least as far as options trading goes. A few years ago I tried to set up some relationships with some banks to start a JBO to get a risk based haircut account. I needed to put up about 10k to 20k to setup the JBO and I needed 1.5 million in capital. It was a real pain in the ass. This firm allows you to have the same account for much less capital and no legal fees. They truly are one of a kind. I have looked everywhere both domestically and abroad to find an account like this and it wasn't to be found. I don't know of any other broker dealer in this country or any other that is offering what Greentree is. So you are wrong about that. They are indeed filling a niche in this market that no one else is filling. If you are a serious trader that does hedging in size, and we are talking about overnight here, not daytrading, there is not a better firm out there.
Wow, just to start my options account with SLK ran me 150 thousand. You where gona start a JBO on 25thousand? And the 1.5 was what they "greentree" would leverage you? DUDE..please elaborate for me on this..
Not only do i do orders of 75 to 100 lots in options.....i can have more than 1000 lots out at any one time, not all in the same options of course.....and i do hedge with stock as well.....and i am always in the market.......I dont Daytrade anymore...... But IM with SLK.....and i have never heard of what you are saying......without the trader putting up a minum. of 150 to 200k on his own.
No, you misread. The minimum amount to open up a JBO with either Bear Stearns or Bank of America or Abn Amro was 1.5 million. Follow? And the legal fees to set this up where about 10k to 25k. You would need to actually have 1.5 million in cash, not leverage. This is for a JBO account. Greentree allows you to have an account that would be similar to a JBO with say Bear Stearns without putting up 10k to 25k in legal fees and without the 1.5 million minimum. In other words, all the hedging functions I would have access to in a JBO, I would have access to at Greentree. Do you follow?
Yes i follow...but "Greentree allows you to have an account that would be similar to a JBO with say Bear Stearns without putting up 10k to 25k in legal fees and without the 1.5 million minimum." How do they do this? I have been trading for 9 year now, and just recently started my own partnership with another trader. Its our money we trade, no clients (thankgod). We did have to spend something close to the legal fees you qouted, a little less, and we are not a JBO. Anyways...how in the hell can you have the perks as a JBO with out being a JBO, and how in the Hell are you trading SIZE AND BEING LEVERAGE when it sound like you dont have much captial......... Is it a POOLED ACCOUNT? What about Margin Requirements.......is it on UR intial contribution or on the POOLED CAPITAL as a whole, if its pooled. Sorry bro...i understand what ur saying...put something sounds very off to me....not illegal but risky and very GRAY as you may say.
What about you leverage overnight? IF say you only put in 10k and ur captial you trade is say 300k or more (because you stated size and hedged and you need a lot of capital to Hedge size), how much can you take over night, even though ur hedged?