I am in a good mood, so I will give u a piece of advice: These prop firms are all scams. You are obviously a very stupid person and will believe a lot of "real" things. Stupidity can't be cured, so I don't expect you to accept my advice.
TMG is a scam? LOL. They are one of the largest players in government debt in the country. Get a clue dude. Go back to the Yahoo message boards.
they are not scams its just hard to make a living if your a small trader. you have to have big goals when your on a 50/50 split.
prop firms (where the firm backs you and you get a split; like mav has said) have been around chicago for a long time. there were oconnor and crt in the 70s; cooperneff, gbar, hull, sig in the 80s; a bunch now. They started as floor groups and got bigger. whats foreign to me is when some of you think prop trading is where you have to put your own money up. I consider that a brokerage account.
"Real" prop firms, so few and far between now a days. Nice to see the model making a comeback. Both principal and agent risk balanced fairly usually lead to an amicable and profitable deal "if" and "when" profits come.
They are not making a comeback. They have been around for 3 decades. In fact, we probably have only half of what we had 10 years ago. But there still are enough to satisfy any want in the marketplace. The honest to God truth is, the average ET'er is too damn lazy to seek them out.
Because it's a "real" prop firm. No DEPOSIT. ------------------------------------------------ Correct. When I started trading at Schoni, not only did they not require the series 7,55, etc but they were self clearing. However, the firm decided to have all the traders license so any improper trading would fall on the shoulders of the "trader" and lesson the liability of the firm. We all traded firm capital. If you trade "Firm Capital" you do not need a 7 or 55, or whatever.
You will find that the norm for almost all prop firms in Chicago. You better have one of two things on your resume: sports or poker. I'm dead serious, I would venture close to 90% of all prop traders played sports in high school and many in college and pro. Sorry, that's just the way it is. ----------------------- Mav is correct. From the old school SPIKE II to ONLINE/Holds Bruvas...to Shoni LLC, they all ask the same questions and require the same "Mental" "sports and poker may have been popular over 10 years ago. now its mathematical intuition and programming." YEP.
Hey, This seems interesting however I live in florida. Do you know of any firms in this state that is hiring/looking for traders? thanks.
Do you know of any firms that are looking for traders in florida. I'm looking for something closer to home.