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Best prop firms in NYC for traders with quality track records?
- Thread starter birdstone
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Many thanks Fractal.Quote from Fractal:
Sounds like a straightforward need. As long as you can prove you cut your losers short and don't hold large positions overnight, you should be able to open a leveraged account. They'll likely want to balance out your low share count with a profit split.
Now please be more specific and tell me who and what type of deal I should be looking for and I promise to give you credit for anything positive that transpires.
As long as they fund the account, is asking for 60 (me ) 40 (them ) reasonable? And my initial question remains, which firm is best suited for what I describe?
Yes, i'm exceptional at cutting my losers short and don't hold large overnight positions (actually I like to go home near flat every night). I have no experience with prop firms so before I jump, i'm determined to get enough advice here so I don't do anything I regret later.
Birdstone, do you have $5000 to put up at a firm? 10 yrs of profitability says that's the case easily. So, do that and then you'll get the leverage you need plus, since you already know how to trade, you shouldn't have to give up any profits (or no more than 5%) but just pay commish. My guess is you should be able to get, showing your track record, at least 250K+ of buying power to start (and more as you go). That's just a guess of course, could be more though.
If you're looking for a trading job, just search through the job openings. For example, http://jobs.efinancialcareers.com/Trading.htm
Quote from birdstone:
Many thanks Fractal.
Now please be more specific and tell me who and what type of deal I should be looking for and I promise to give you credit for anything positive that transpires.
As long as they fund the account, is asking for 60 (me ) 40 (them ) reasonable? And my initial question remains, which firm is best suited for what I describe?
Yes, i'm exceptional at cutting my losers short and don't hold large overnight positions (actually I like to go home near flat every night). I have no experience with prop firms so before I jump, i'm determined to get enough advice here so I don't do anything I regret later.
I can't say who to personally contact, but in my opinion only, those three firms have maintained a reputation for allowing self-motivated traders to succeed. No need for credit either -- not interested in anything as a result.
The financial integrity of the firm is a critical place to start -- their balance sheet, how long they've been in business, who clears for them, if they're licensed with an exchange, and if they'll willingly talk openly about such things.
Look into how long your capital is locked up, if they provide bi-weekly payouts. Per-share commission rates can range from .003 to .01, depending on your style, as can payout split. In lieu of per share, they could charge ticket rates. I've seen people with 60/40 splits before, which is certainly reasonable depending on your average profit-per-share.
I also think their reputation matters a lot -- if they've willingly taken on sleazy sub-LLCs in the past and force traders to sign lop-sided contracts with rigid non-competes, you have a key insight into how the principals think about their business.
Yes, and i could actually put up alot more.Quote from R. Raskolnikov:
Birdstone, do you have $5000 to put up at a firm? 10 yrs of profitability says that's the case easily.
But say I do put up $5K, and the firm puts up $95K. If the account (bite my tongue) loses $5K, who loses it? Is the first $5K me?, or is the losses split 95/5 ?
Also, i'm looking for a few million, not a few hundred thousand.
Thanks.
That's great. Where would I get this type of deal?Quote from R. Raskolnikov:
My guess is you should be able to get, showing your track record, at least 250K+ of buying power to start (and more as you go). That's just a guess of course, could be more though.
Quote from MGB:
If you're looking for a trading job, just search through the job openings. For example, http://jobs.efinancialcareers.com/Trading.htm
Thanks MGB.
My thoughts are that some prop firm/hedge fund would want to fund someone with my track record for trading.
I suppose if i'm looking for a trading job, with a paid salary, that's a different animal.
And you've already said these were SMB, Avatar, Echo and Assent? is this true?Quote from Fractal:
I can't say who to personally contact, but in my opinion only, those three firms have maintained a reputation for allowing self-motivated traders to succeed. No need for credit either -- not interested in anything as a result.
I do give you credit, for being a helpful guy.
Again, my commissions will not be helpful to them. i only do a few thousand a day. What would be helpful to them is a split, and i'm willing to do that.Quote from Vespasian:
bird,
Why not call a few and as them yourself.
A standard deal for an experienced successful trader is 100% payout and 20:1 buying power IF you do decent commissions.
PM me if you want a referral to the firm I use.
As far as call a few up, There are 100's, and so i started this thread to ask the people here to help me narrow it to 3-4. Is the following list the best place to start?
SMB, Avatar, Echo and Assent.
Thank you.
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