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Agreed, they can go after whoever they like, and let others walk without reprisals. They like to create examples of people however and if you are a big hitter, then they will come after you all guns blazing. If you are a slow and steady wins the race type then you are far more likely to go under...

Thankyou. If anyone wants be pay me a huge salary to be their private mentor then I am always willing, LOL, it would certainly beat trading these current markets. That is why I laugh at the risk-managers that most firms employ, as NO risk-manager I have ever met seemed to grasp any of what I...

You are putting him off of the FA job but I can assure you that the same identical argument applies to trading!!!!!!!! In today's markets you have to actually work 10 times harder for about half the money, so to me the FA job sounds a fair bit less labor intensive, LOL!! The proof being that...

You need to be more specific. You mean futures, options or stocks. Also where, US, London etc. Not all firms have several offices globally. Some great firms exist with just one small office for example. Also what criteria are you looking at; splits, desk/comms, salaries, contract length or...

Legally they will say that you cannot trade anything they trade within the business territory. So for example if they trade Eurex, Liffe, CME, CBOT futures and options and they consider their core business in the US and the EU then you cannot trade anywhere in those countries on rival prop...

I believe that the problem with these firms is that the risk managers forget their job title of RISK manager; they are NOT supposed to be PEOPLE managers, and seem to forget that. The problem is that in the absence of anyone to train the newbies most prop firms will tall the risk teams to...

I agree 100%. They love to try and claim credit for your success. I have traded prop futures successfully for 5 years now and I used to laugh at the fact that they thought they had trained me to trade, even though they had a stream of risk-managers come and go, and never did I listen to any...

I am in London, England; but I agree some states do vary on their stance, at least that is what I hear from friends in the US. As I said if you are independent or backed but no salary or draw then you will be fine, most of those places don't have non-competes anyway. It is really only if you...

Given that so many people have asked about where to locate prop futures firms and so on, I figured that you would all be grateful to look at the TT website which lists all their users and gives links to the websites of most of them. The TT site also offers a downloadable demo of the E-mini...

If you take a salaried position then you are an employee and they do have a hold over you, I have seen it happen. You can't trade for yourself or a firm and as for saying that they can't do it, well they can and do. Many such firms have a company attorney who will do it as part of his job...

If you are successful already then why not trade on the side and become even more successful in your day job to fund your trading. It sounds like you are either bored of your current job (bad reason to trade; try Vegas first for excitement) or you are not that successful and have heard that some...

As I already said, top traders trade, but the vast majority of risk managers in prop shops are either former floor traders or fx-traders, usually who failed to make the transition to prop when their old career died. If they were still up for trading then they would rather than take a boring job...

Agreed 100%. I know one firm in particular that is suing a friend right know, again they keep sending the same letters to his lawyers and he gets charged for every letter his lawyer reads. In effect they try and win by default which is just spiteful. They do it frequently too, and it seems to be...

I agree with all the others about you should take the FA job at MS. Just for the fact that they are a genuine name and you WILL learn something there. You say that guys do it in their 40's, yeah because they may have been successful and lasted for that long, but no way does a 40 year old get...

Two observations that I just made are that you don't seem committed to any type of trading in particular, I wanted to trade futures or options and looked for such firms, but you appear to just want to day-trade at wherever they accept you. Trading at GHCO will be very different to trading at...

What makes me laugh is that you travelled all the way to Chicago from another part of the country and you failed to ask those key questions like desk-costs, contract length and realistic take-home targets? In your defense however I know how hard it is to ask those kind of questions when you...

One more thing; what about the contract will it have a non-compete and how long will it be, will it still be 5 years? And what about the the desk-fees as they were mentioned in your previous thread, did they tell you how much they would charge by any chance?

Are you saying they pay $50k basic salary for first year traders? Or do you mean they expect your first year total income to reach $50k including salary and bonus because that is something quite different entirely!! Lots of firms in London state pay in terms of potential when advertising...

I have traded prop futures for 5 years and was wondering what other viable alternatives really do exist for those wanting to break into the business. Seemingly this question is asked all the time in varying contexts so I though that I would kick-start a thread on this issue. My advice on prop...

I work for a prop firm that caters purely for experienced traders and it works great. I do think that the prop model can be successful. Where I think it usually fails is in the desire of most firms to become too large, and especially to hire and teach newbies, who are a substantial risk...