Any firms left where you don't need a series 7 and you can put up less than 25k? I'm reading all these posts and it looks like they are slim due to the new rules and laws?
any prop firms for equity daytrade left w?no 7
- Thread starter snowbird123
- Start date
Most firms are not accepting deposits. Instead, they are taking membership fees that may be refunded at managements discretion. Also, almost all firms are requiring a profit split of between 1% and 20%. This seems to satisfy the SEC that these relationships are not broker/client but rather a true prop model.
I am looking for a prop firm. I have to say that I do have some respect for Bright trading in this board. Don Bright (Bright Trading) does not hide behind any fake emails. He answers and sings all his posting.
I would like to see other firms being open to who they are when answering to people on ET. It would clear many things up knowing you are dealing with a principal of the firm, and not guessing if postings are true or not ...
SMB (Mike?), are you guys around to answer some questions ?
I would like to see other firms being open to who they are when answering to people on ET. It would clear many things up knowing you are dealing with a principal of the firm, and not guessing if postings are true or not ...
SMB (Mike?), are you guys around to answer some questions ?
thanks Hedgefund
Who's offering the 5K up deal (with S7)? Correct me if I'm wrong but Bright, Echo, and Assent all require more capital don't they?
Are there other S7 firms out there now?
-Guru
Agree 100%. And many prop firms will let you try with $10K if you ask nicely enough, although you will probably have severe limitations on your leverage as they will want to make sure you don't smoke through any of their capital.
I wrote on essay just now in another thread on the benefits of being with a Series 7 firm, since I highly value my own opinions
I recommend a quick read of it too so you know what I believe are the reasons you will want to get a 7.http://www.elitetrader.com/vb/showthread.php?s=&threadid=124131&perpage=6&pagenumber=14
(2nd and 3rd ones down)
Good luck with wherever you go.
And then there are people who want to trade but will find difficulty getting that S7 EVERYONE says is so easy to get:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=124401
http://www.elitetrader.com/vb/showthread.php?s=&threadid=124401
I do find it difficult in terms of finding time to study. I do work fulltime and have 2 kids.
If you have at least the S7, some firms will let you put low capital contirbution but you will get low leverage at them same time. Some of them will probably let you trade their own capital. That is some of the good benefits of the prop trading.
Athought if you have have $25-30k it might be worth to look into a retail account. You can get comparable low commissions but your leverage will be limited 4:1 (SEC Limit). A couple of the nice things about is that your data fees are lower and you are not bound to proefessional regulations.
I am considering doing so while I study for my S7. Who knows, I may stay retail.
If you have at least the S7, some firms will let you put low capital contirbution but you will get low leverage at them same time. Some of them will probably let you trade their own capital. That is some of the good benefits of the prop trading.
Athought if you have have $25-30k it might be worth to look into a retail account. You can get comparable low commissions but your leverage will be limited 4:1 (SEC Limit). A couple of the nice things about is that your data fees are lower and you are not bound to proefessional regulations.
I am considering doing so while I study for my S7. Who knows, I may stay retail.