I read an article saying there were ~6000 licensed traders in 2004. Surely there were more than 6000 people trading at day trading or prop trading firms in 2004, right? Does license mean something above and beyond the trader who is hired at say a Bright Trading type of gig?
> When you trade for a day trading firm or prop shop, must you be licensed? Not at all. You just have to provide risk capital. Normally, for trading equity instruments, this is about 5K. Most firms are happy to take 10% of your profits (if you have any, which they recognize is highly doubtful) , when you cover the risk.
I see. So are there any good estimates on the number of people trading within day trading or prop firms in the US and Europe? Is it in the thousands or tens of thousands?