Breaking in with a decent firm

[Billybob543]

Quote from monty21:

No. Series 7 is rarely required.

As long as it is not registered as a broker-dealer, then you do not need a Series 7.

There is a trend whereby firms are dropping their broker-dealer titles.

Would you have a list of these arcade us firms, or know where I can get a list of these arcade firms that don't require series 7?

I've read some of the forums here on prop firms, and about whether some require s7 or not, and have become totally confused.


Any help, would be greatly appreciated.

TIA

 

[monty21]

Quote from Billybob543:

Would you have a list of these arcade us firms, or know where I can get a list of these arcade firms that don't require series 7?

I've read some of the forums here on prop firms, and about whether some require s7 or not, and have become totally confused.


Any help, would be greatly appreciated.

TIA

Unfortunately I'm not aware of a specific list that just breaks down by whether a Series 7 is required.

Here are several links of prop firms in general that I mentioned earlier:

http://www.tradersnarrative.com/lis...-firms-735.html

http://tracereed.com/

I would contact firms individually and ask whether a Series 7 is required. (on a rare occasion it will)

The tracereed site says whether the Series 7 is required for some firms, but it lacks a lot of information on others.

I think the best way to do this is to make a list of potential firms and send them a generic e-mail with all your questions. Then you can work from there.

 

[Billybob543]

Quote from monty21:

Unfortunately I'm not aware of a specific list that just breaks down by whether a Series 7 is required.

Here are several links of prop firms in general that I mentioned earlier:

http://www.tradersnarrative.com/lis...-firms-735.html

http://tracereed.com/

I would contact firms individually and ask whether a Series 7 is required. (on a rare occasion it will)

The tracereed site says whether the Series 7 is required for some firms, but it lacks a lot of information on others.

I think the best way to do this is to make a list of potential firms and send them a generic e-mail with all your questions. Then you can work from there.

Thanks for your help

 

[coolice]

I am trying to go beyond statistics here. The best way is to go with firms
with lower payout no $ down structure, but if you are a barefoot inexperienced
average college grad.( like I was back then), the practical way is the bottom up approach like I described in my prior post. If you want to get something done , you just have to start somewhere where you can learn without loosing. I started at an arcade 11 years
ago, but back then I was breakeven for 3 months and started making $ after than ( it was easy). It is different now. The market will get your ass if you start live $ trading
right off the bat.

 

[CarolinaCpaGrad]

Quote from monty21:



Anyway, I've been hired by a second firm to continue my trading education. I will be relocating from NY to Atlanta, but I have confidence that with more training I can become profitable. I also have no financial risk whatsoever (aside rent and food). Hopefully my previous experience will remove my bad habits and hopefully the market will give me opportunities.

In terms of you wanting a trading career, pursue any firms you can. It doesn't matter if you don't have a Ivy education. Most people I talk to want the hungry, street kids as opposed to Ivy "geniuses". My former boss was against hiring overly smart candidates because they tend to be overconfident in their ability and struggle admitting that they ever could be wrong (refuse to take a losing trade). This is also consistent with many other firms.

The firms that want smart Ivy guys are the one's where their strategies have to do with market making in options or arbitrage. FirstNY is a good example. Other than that, their are other legit firms that hire regular college grads. You have to show that you are passionate and will do whatever it takes to improve your chances of being profitable. Traders are usually the alpha-male personalities so you need to tell them you would do whatever it takes to become successful.

Now from experience, being a new trader is not glamorous. Get used to eating Ramon noodles and being very poor for at least 6 - 12 months... Get used to renting out a room with a sketchy landlord or just a shitty place in general. You will be poorer than you were in school. Many guys have part time jobs on weekends and some even after work hours. Life is tough... trust me I did it for 9 months. But I will do it again soon when all the paperwork is complete with the Atlanta firm. Even if you make money as a new trader, it won't be much because whoever is in charge won't let you go too big. You have to be extremely dedicated to survive in this business. Even if you work your ass off, which I did, it could not work out.

Here are some resources:

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

http://tracereed.com/

Good luck

PM if you have any questions.

wow someone has been drinking gallons of the koolaide.

u sound like a perfect hamster to grind up

please post a follow up in a year.