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I would agree somewhat. A lot of ivy grads trade their own accounts/start their own funds. Generally speaking though, you need a degree from a top school (if not, a notch below those you mentioned such as schools like UMich, NYU, etc.) in order to get anywhere near an institutional trading...

has nothing to do with bring bright. Most of the exam is about rules & regulation. it's not about trading. It's about the financial services industry and how they are governed. You have to demonstrate you know how the industry works prior to trading. the exam serves a good purpose. it slows...

the 7 takes 2-3 months or 100 hours minimum to study for if you have little to no industry experience. the 56 should take 50-60 hours of studying minimum

Here are about 15-20 good videos - http://www.prop-trading.com/free-proprietary-trading-training/ here is a free guide to prop trading: http://www.prop-trading.com/free-prop-trading-training/ just use google. plenty of free materials out there.

nope this is not true. most strategies can not be scaled up. This is why most blackboxes fail too. A lot of strategies work on a small scale but can't be scaled up. I've seen my fair share of blackboxes blow out of the account because they tried to scale up a strategy without taking everything...

from what I've seen 99th percentile = > $500,000/annually 97th percentile = 250-500k annually 95th percentile - 100-250k per year 93rd percentile - 50k-100k 90th percentile - 10-50k bottom 90% = losing money about 10% (or 1/10) are net profitable. from that, 1/2 are able to earn a 6...

The tests are at prometric testing centers across the country where all government licensing exams are contracted out to.

to be honest, at 20:1 for 2-3k, you're better off sticking in the retail account. You'll blow out of that 2-3k in a day or two with that type of leverage. It takes time to learn how to use ECNs properly or the market makers will eat you alive. That's really very little capital to come into a...

rumor has it velez's traders never traded real cash, just unmarked demo accounts

Hey Matthew, I think it depends on your learning style & experience. If you are a complete n00b, stick with pass perfect. If you're familiar with market structure and regulatory bodies, The CBOE guide is sufficient enough as it talks about the topics shortly. The pass perfect is much more...

I totally agree. Also, many groups operate under the umbrella of a broker-dealer such as the WTS firms mentioned earlier. Structuring a firm this way is completely legal and you are required to register, but you should ask if the group themselves is the broker-dealer & if not, who is the...

yea, the profit margins are not sustainable for a small firm with 100 traders. only the firms with 1000s of traders will remain. Subgroups will eventually be regulated too and once that happens their costs will put them out of business. Again, the profit margins are too law. It's just going to...

even if you are insured, SIPC has 99 years to pay you back, legally speaking. The odds of you ever getting your money if a large firm blows up is slim to none. This is true for all firms except the very few politically-connected prop shops like GS. If you want your $ to be safe, put it in a...

i know the rumor on the street is it was a merger but it definitely was not, it was a very quiet and carefully acquisition from my understanding. Thanks for correcting me. I would agree with you they do own out right maybe 6-8 locations with lots of subgroups; however, a lot of the subgroups...

hitnrun, they have 6 that they outright own but they have A LOT of sub groups. At least 25 prop groups and if you include the hedge funds it's a lot bigger. I myself didn't really believe them but they now also own dimension and all their subgroups. It's way more than 30.

They are different companies. They have lots of different offices around the world. They have about 5 or 6 broker-dealers in total. FINRA retail b/d, CBSX, some overseas brokerage firms too as well as now owning the company that made old Blackwood Pro platform (formerly pacmid, now called...

I agree. I know a few traders that were with them. It's probably not the safest place in america to keep your money but it's far from a scam or a fly-by-night shop. At this point, they've been around at least 3-4 years and there's no complaints yet as far as I can tell. That's not a...

This is incorrect. The correct pay structure for a trader is a member with a profit-split agreement. The secretary, janitors, and back-office functions/processes that are handled by hourly or salaried employees may be w2 or independent contractors based on whatever the agreement is between the...

why not just call them and find out?

lol i doubt they're being shut down. There are quite a few ways to operate prop firms legally in an inexpensive manner. I highly doubt the SEC gives a shit being there isn't 1 account of someone they owe money to.