also looking for new firm

[dy070]

I would prefer to trade out of an office, but I am looking for an new prop firm. I trade between 50 and 100K shares per day. And my record speaks for itself. I trade mostly NYSE stocks.
I live in Atlanta.

 

[DK007]

check out echotradeonline.com. They welcome any remote traders wanna be.

 

[PatrickQ]

good thread .... LOL.

 

[SethArb]

I find it hilarious how , whenever someone mentions
"prop" trading ... a bunch of

newbie ET posters ... lurking on the sidelines

make their points known via posts or PM's

like sharks in a feeding frenzy when a drop of blood
hits the water ...

 

[GetWhatUDeserve]

This is directly from the CME, maybe we can adopt these stipulations in distinguishing proprietary trader from all the rest.

A. The proprietary account is 100% owned by the firm. A proprietary account is evidenced through:

1. Only the firm’s capital is at risk of loss - no traders may have their own capital at risk;
2. All profits and losses of the account are written off to income;
3. All profits and losses of the account are taxed to the firm; and The trader does not make any capital contribution to the account.


I think that definition pretty much covers it. If it isn't the above, its not proprietary trading.

 

[dy070]

Get what you deserve,
Thanks for the post, I am a prop trader by definition.
I am new to the elite trader site but I am not a trading newbie. I have been in this business since I college. 13 years. First at the CME.
I have traded my own funds but I prefer to trade someone elses. Takes some of the stress out of it. Although it basically is my money when I lose it.

 

[Nana Trader]

Quote from dy070:

I have traded my own funds but I prefer to trade someone elses. Takes some of the stress out of it. Although it basically is my money when I lose it.

Make sure you inform the investor about risk of losing all ,
for honest and fair deal

 

[dy070]

"Make sure you inform the investor about risk of losing all ,
for honest and fair deal"

What????
I work for a trading company. All we do is daytrade. I think the partners understand the risk.
I am not looking for some random investor to stake me.

 

[prt_systems]

Quote from GetWhatUDeserve:

....

1. Only the firm�s capital is at risk of loss - no traders may have their own capital at risk;
2. All profits and losses of the account are written off to income;
3. All profits and losses of the account are taxed to the firm; and The trader does not make any capital contribution to the account.

...

Exactly. You are an employee of the firm and trade their capital not yours. Any other "definition" is bullflop: if you contribute your capital to either the trading accounts or training then you are an investor in a business - a partner perhaps in an LLP.

If you are going to be a business owner though partnership you had better make sure that you are getting a good agreement. Few, if any of the agreements I have seen were worth the capital contributions being asked for .....

 

[GetWhatUDeserve]

Quote from prt_systems:

Exactly. You are an employee of the firm and trade their capital not yours. Any other "definition" is bullflop: if you contribute your capital to either the trading accounts or training then you are an investor in a business - a partner perhaps in an LLP.

If you are going to be a business owner though partnership you had better make sure that you are getting a good agreement. Few, if any of the agreements I have seen were worth the capital contributions being asked for .....

I agree too that few of these agreements are worth what people put up.