Just a thought... I understand the "Prop" trading landscape here in NYC. From the threads I have read, just about all of the firms here have a trader that is unhappy with the firm. From Hold, to Dimension, Trillium, ect., I have found threads that relay negative sentiment. What I am asking from this forum is a simple question. What makes a trading firm reputable? What type of firm would you trade with? Are you looking for better rates, no risk capital, excecution speed and accuracy, technology, ability to trade multiple exchanges including forex, training, classes, leverage, and anything else you can think of. Essentially I am asking for traders opinions (preferrably with significant experience i.e. "the old days") on what would you consider the "perfect firm."
The perfect firm, with all criteria listed in order of importance: Knowing that you can withdraw your money any time without a problem. Knowing that the checks you get will never bounce. Extremely reliable software which never goes down. Extremely fast executions. Quotes which have no delay. Extremely fast tech support which can help with any problem you have. *if unexperienced* Training, by professional traders who have a vested fiscal interest in your success (which may come in the form of higher commissions or lower payout... but that doesn't matter if you can't make money) *if doing short term discretionary trading* Being around profitable, successful traders who are open to share their ideas and who call out good trades they see. Low rates High Payout Good coffee Hot secretary You can read reviews and do research, but ultimately it's up to you to decide which of those criteria are most important and to figure out for yourself which firms are most reputable.
Just moved to the city, looking for a firm with a good environment and a place where people share ideas. Any suggestions?
No one firm can be the "perfect firm" for any one trader. It all depends on how you trade. If you make half a dozen big spread trades a month with huge leverage, holding for days, your needs are completely different than the guy manually scalping half a dozen times in 2 minutes. To some, software & speed is critical, while others would rank it well below carrying costs and interest charges. Some have 6 figures to put up, some have nothing. It all depends...
Generally a scalper but I do hold certain positions for the day. System is very important to me. Tired of always trading on my own.
The best prop. firm to work at? Has any of you above traded prop? I'm reading one of the most dumbest replies in ET. The answer is very simple: Where there's a great trader. If you want to argue, then ask yourself why that great trader continues to trade at that firm.
It's "professional trading". That is not limited to only day traders and only scalpers. That's the stereotype most associate with prop, but there are all kinds of strategies employed by the guys that make good money.