Age Restrictions on Prop Firms?
- Thread starter Jacob
- Start date
Robert Morse
Sponsor
Have you considered a retail account vs prop? Do you have the $25k+? You can also do prop after if 4x does not work for you. If you do prop 1st, you will have to wait a year to get your money out.
Bob, "if" a 19 year old has 25k, let him go to a prop firm. If by some chance he does have that kind of money at that age, blowing through it is not a good idea especially if he decides maybe he should go to school and now can no longer afford to do that.
I'm actually already in school and do not have to worry about paying for it. I was just wondering if I had a chance for trading for a remote prop firm with a deposit of 5-10k.
Robert Morse
Sponsor
Mav,
We have very different opinions of prop firms, regardless of my job. You were the manager of a prop firm and had a great experience. I was a member, for one year, of the same firm, and did not have a good experiance. Just after I left that firm, very well capitalized, they had financial issues, during the summer of 2011. One guy told me he lost a LARGE sum of money when they liquidated his LEAPs to reduce firm wide risk. He was up high 6 figures before they liquidated him, not after. I have spoken of the past 5 years to well over 2 dozen young traders that had no idea what they were getting into. Last week, one just found out that his $5K deposit was nonrefundable. Many of these traders never read anything on their contract expect their rates and payout. Some of these JBO relationships are well suited to young traders and do a good job to mentor them. Many don't care at all. We have both heard these stories.
IMO, I would never choose a prop firm if I could trade without one, that takes my funds as first loss, unless it were a MM firm that provided me techology I could not get on my own.
Bob
Bob, JBOs are GONE. I'm talking about getting a real job. He can make 65k base a year in Chicago with 20% to 40% bonus payout plus health insurance and learn from the smartest people in the world how to trade. Or he can take the 25k he saved up and trade it into the ground plotting trend lines on a chart or selling naked puts or whatever all the cool ET kids are doing these days in the ET world. Bob, you and I both know that if we could place a bet in Vegas on this kid blowing out with 25k in a retail account in less then 6 months, you and I would both mortgage our homes making that bet and we wouldn't look back. He is young, tell him to get a degree and a real job and his future wife and kids will thank both of us and we'll just have to bet on something else.
Robert Morse
Sponsor
Mav,
He said he is looking to put up his deposit. "I was just wondering if I had a chance for trading for a remote prop firm with a deposit of 5-10k." JBOs are still out there, and it sounds like you agree with me.
Yes, a job at a true prop firm is a different story and hard to get. That is NOT what he is looking for.
He said he is looking to put up his deposit. "I was just wondering if I had a chance for trading for a remote prop firm with a deposit of 5-10k." JBOs are still out there, and it sounds like you agree with me.
Yes, a job at a true prop firm is a different story and hard to get. That is NOT what he is looking for.
They are NOT out there. He "thinks" they are. Most of these 5k down shops have gone under. Yes, there are a few in "Cypress" and one in Russia. Name me one firm in the US still a going concern that is doing the 5k model besides these so called "education" firms. Now I may be wrong and there still might be one straggler out there, and if you can name them that would be great. I know he "thinks" the deposit firm model is something he wants but that is because at his age he is ignorant of the facts. He needs to spend a few days and research some of the "real" firms out there that will "pay" him to learn how to trade. Yes they are tough to get into. Hell, it's tough to get an accounting job today. Everything is tough. He better like challenges if he wants to make a go at this. Trading doesn't suit those well who are looking for easy pathways.
The ones I listed are not located in the US and therefore not regulated. I am not aware of ANY firms that fit your criteria in the US. I have asked others to come forward and name a firm as its possible I'm over looking one. This business is a dead model. Firms can't make margins competing with IB.