Any prop firms hiring?

[EMRGLOBAL]

shit the series 7 has not taught 90% of the Stock Brokers about "proper" procedures ......The 7 is a joke and is a test for "Regulation" purposes. Just a way for SEC/FINRA to hold one accountable as well as their firm.

the 55 and the 22 have more legit means and truly teach you something other than how to open accounts, simple option/bond lessons.

Get ready for more, Series test. I heard they are working on more "Regulation" test to be given to anyone and everyone in the industry.......or that is with a B/D....trader or not.

Retail is the only way to go.

 

[newtonbomb]

Quote from operator:

Of course it's not as good as sitting next to an experience trader, but it's better then nothing...

I trade Forex with a mentor called Wayne Jackson (aka Jacko) and it works well. If the trader is a proven successful trader over the longer term, then his strategies are more important than sitting with him and just shootin the breeze with him for hours.
Obviously it would always be best to to trading right next to him but provided I can get quick answers, it is a good second option, especially when the advantage of trading from home is thrown into the mix.

 

[jones247]

Quote from jones247:

Thanks Don,

Does this mean that you can be long & short simultaneously on the same stock where you're hitting bids and buybacks? For example... If I'm long a 1000 shares of IBM, can I short 2000 IBM shares and still keep my 1000 long shares?

If none of this is feasible, is it allowable for traders to have two accounts. Therefore, one account would be used to trade long positions & the other account would be used to trade short positions. All on the same stock, at the same time.

BTW... I am sooooo sorry that I have to go thru the process of studying and passing the series 7 before joining in on your boot camp. The study material is absolutely grueling. Hopefully I'll be ready for the summer boot camp; although I was originally planning for the April camp.

thanks,

Walt

Hi Don,

I'm reposting this post because I'm not sure if you received it on last week, as it was at the beginning of the Easter holiday weekend.

thanks,

Walt

 

[Don Bright]

Quote from jones247:

Hi Don,

I'm reposting this post because I'm not sure if you received it on last week, as it was at the beginning of the Easter holiday weekend.

thanks,

Walt

No, traders have to take multiple accounts in aggregate, and trade from the net overall position. However, it seems that every trader comes up with the same idea (going back to 1979 when I started)...."wouldn't it be smart to own stock in one account, then short it in another account, then use the long stock to hit bids thus running the stock down?" Nope, no can do, LOL.

Test is tedious, but overall not that big a deal...good luck with it. We'll see you here when you're ready.

All the best.,

Don

 

[EPrado]

Quote from EMRGLOBAL:

shit the series 7 has not taught 90% of the Stock Brokers about "proper" procedures ......The 7 is a joke and is a test for "Regulation" purposes. Just a way for SEC/FINRA to hold one accountable as well as their firm.

the 55 and the 22 have more legit means and truly teach you something other than how to open accounts, simple option/bond lessons.

Get ready for more, Series test. I heard they are working on more "Regulation" test to be given to anyone and everyone in the industry.......or that is with a B/D....trader or not.

Retail is the only way to go.

Spoken like a guy who was a failure at a prop firm. Let it go already.

 

[RedEyeFly]

Quote from newtonbomb:

I trade Forex with a mentor called Wayne Jackson (aka Jacko) and it works well. If the trader is a proven successful trader over the longer term, then his strategies are more important than sitting with him and just shootin the breeze with him for hours.
Obviously it would always be best to to trading right next to him but provided I can get quick answers, it is a good second option, especially when the advantage of trading from home is thrown into the mix.

Could you offer some feed back (positive/neutral/negative) on your work with Wayne. PM me if you like.

Thanks,
Red

 

[cstfx]

Quote from RedEyeFly:

Could you offer some feed back (positive/neutral/negative) on your work with Wayne. PM me if you like.

Thanks,
Red

If you look on ForexFactory and do a search for Jacko, there is an extensive thread about his trading. He only trades the EURUSD (unless that has recently changed) and offers a SMS service for his trade calls. Most of what he does is swing trade the pair, but some people have said they have made some good buck following his calls.

Take the time to read his thread to get an idea.

 

[RedEyeFly]

Quote from cstfx:

If you look on ForexFactory and do a search for Jacko, there is an extensive thread about his trading. He only trades the EURUSD (unless that has recently changed) and offers a SMS service for his trade calls. Most of what he does is swing trade the pair, but some people have said they have made some good buck following his calls.

Take the time to read his thread to get an idea.

Thanks, I've read the thread (which too some time!), but I think - as many do - sometimes it helps to bite the coin to make sure it's genuine.

 

[ScalperJoe]

Quote from ShawnS:

I'm looking for a trading position with a firm and I was wondering if any of them are hiring right now? I'm applying all over the US, but most of the positions I have found so far are for programmers.

http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html

After reviewing the site above and conducting due diligence, here are some thoughts:

1. Some firms will "hire" you, but usually it's recent college grads with limited or no trading experience. They will offer a small base for four to six months (First NY is the exception, which pays a base for 36 months). Then it's up to the trader to learn the strategies/skills set to become profitable. If you have trading experience, then forget about getting "hired" with salary unless you've got a PHD in Mathematics and can create algorithims for "black box" strategies.

2. Many firms on the above site are still up and running, but some have either gone out of business, merged, or shut down. SEC crackdowns on unregistered b/d's may have been a contributing factor, especially with the cases of TUCO, Warrior, etc.

3. If you go with a legitimate registered firm that offers traders to join as a "prop", then the benefits are leverage and the ability for a PTD (pattern day trader) to start without putting the 25k in a retail account, and gives you the ability to form a network with like-minded traders.

Keep in mind the cost/benefit of going "professional" if you do join a prop. Fees for platform, data, and commissions will eat up any gains so you must develop a plan to trade large blocks or heavy intraday scalping to get volume and make sure your win/loss ratio does not eat up your initial contribution.

So, before you join any prop firm, be sure you have a thorough game plan on which stocks you will watch/trade, and a thorough understanding on how you plan to make your risk/reward to work in your favor.

Discipline is the key. If you have developed the discipline and can front some capital, then leverage is everywhere, up to 20x or even more.

And a final thought: STAY AWAY FROM NON REGISTERED FIRMS...unless you want to get your funds stolen like those who are still waiting for their funds from Team Trading!

 

[ScalperJoe]

Quote from operator:

got 5k? you're "hired"....

lol, that about sums it up!

when any firm asks for a capital contribution, YOU are the one taking all the risk of the drawdowns, while the firm immediately takes in "firm capital." they will make the overrides on your commissions and most will take at least a 5% cut of net profits, if it's a CBSX firm, for example.

however, on the plus side, you are getting immediate buying power of 10x, 20x plus lower commissons on trades, which is something no retail firm can give you for your 5k on an equities account.