Best Discretionary Trading Prop firms

[nemesis45]

Of course. But who are they?
Obviously not option 3 why do they need track record , obviously not option 1 cause that's an arcade. So option 2 left.
So if someone has 3+ years of 1 M, he has a chance at getting a work permit and working for the best firms? Trading his own way and backed.
Finally.are there such firms and who are they..

 

[Maverick74]

I've provided this list on ET before and I think you actually read it, but I'll mention some of the names again off the top of my head: Ronin, Geneva, Jump, TMG, Chopper, Hard Eight, M&N, Gelber, Tradelink, DRW.

 

[nemesis45]

You said earlier these firms will not give an H1b visa? Can't I get around that by doing an mfe or track record.
No I had not read the list earlier. Thanks for the names. I know Geneva and jump. TMG has bad rep in India. Geneva is based off Ireland. Jump is mostly algos I'm not so sure though.
These all belong to option2 category?

 

[Maverick74]

You said earlier these firms will not give an H1b visa? Can't I get around that by doing an mfe or track record.
No I had not read the list earlier. Thanks for the names. I know Geneva and jump. TMG has bad rep in India. Geneva is based off Ireland. Jump is mostly algos I'm not so sure though.
These all belong to option2 category?

All these firms will back you with a 3 year track record. I wouldn't say you need a million a year,maybe 250k a year.

 

[nemesis45]

Wow. Thanks a ton.
They will sponsor visa for that track record?

 

[Maverick74]

Most of these firms have offices in London. It might be easier for them to sponsor you there vs the US.

 

[nemesis45]

Awesome. That leaves me plenty of options. ty

 

[OKLM]

1) There is no such thing as illegal leverage. Leverage is governed by the exchanges and the clearing firms.

2) Prop firms require "licensed" traders. Retail brokers do not. THAT is the difference.

3) Regulation costs are less. But it has nothing to do with leverage. The yearly audit expenses most professional firms have to go through today make it cost prohibitive to run a prop firm. So some firms are going offshore. I would avoid those.

4) US citizens bring US regulations with them and that means US regulation costs. It's all about economics.

Maverick thanks a lot for your answer, however there's still a couple things I don't get:

You seem to imply that the reason why I can only get 2:1 leverage with IB but 200:1 at a prop firm is that I would need a license to trade with a prop firm. However many prop trading firms and arcades do not require s7 (which I believe you are making reference to).

The only way I can reconcile those facts is if only US citizens are required to pass the s7, but european traders like me do not, and can gain access to US markets with next to no conditions. Is that intuition correct?

Thanks again!

 

[Gingery]

You said earlier these firms will not give an H1b visa? Can't I get around that by doing an mfe or track record.
No I had not read the list earlier. Thanks for the names. I know Geneva and jump. TMG has bad rep in India. Geneva is based off Ireland. Jump is mostly algos I'm not so sure though.
These all belong to option2 category?

I do want to share my experience here which hopefully can help you in your situation. I came to US on student visa. And when I got out from Financial Math program at University of Chicago, I got an offer from Optiver where they promised to sponsor working visa as well as green card. This was almost a dozen years ago. At that time, almost all traders at their Chicago office are immigrants (non citizens). I am not sure about their policy now. It may worth checking out. (Side note: I didn't take the offer and went to a big name buy side asset management firm. And I am looking into prop trading again cause the low turnover and slow speed at buy side really bores me. )