Different Deals

[Mongol]

Quote from tdoc:

I agree. I don't understand how anyone can expect to come in with little or no capital, expect to be taught how to trade, and receive a high payout. If you put down a reasonable amount ($5000-$10000), most firms would be happy to provide some training. If you are successful, they benefit from commissions. If you don't put-up a reasonable amount of your own money, than the firm is taking on a lot of risk with little chance that you will become a successful, commission-generating trader.

If you truly have less that $5000, I would think it would be better to start out in an entry level position with a Wall Street firm to learn the ropes and build a capital base.

It's amazing the assumptions you guys are making. First, you assume that I expect. I only asked based on other things I had read. Next, you assume I expect a high payout. I never said that at all. I made reference to different profit splits, I never said what I expected it to be. For the record, I was expecting a low payout or a non-existent one in the salary case.

Also, you said, "...amount of your own money, than the firm...". The word you are looking for is then, not than. I hate to point out such minor things but in this case it seems reasonable.

Finally, as for initial capital. I do have the $5k, I'm just looking for the best possible deal. I'd like to get one of those entry level Wall Street type positions but so far I've had trouble getting one.

Anyway, do me a favor. Stop assuming things about what I have to bring to the table and about my expectations. I'm only looking for information on the different deals that exist, nothing less, nothing more.

 

[xbrxx]

Quote from Mongol:

It's amazing the assumptions you guys are making. First, you assume that I expect. I only asked based on other things I had read. Next, you assume I expect a high payout. I never said that at all. I made reference to different profit splits, I never said what I expected it to be. For the record, I was expecting a low payout or a non-existent one in the salary case.

Also, you said, "...amount of your own money, than the firm...". The word you are looking for is then, not than. I hate to point out such minor things but in this case it seems reasonable.

Finally, as for initial capital. I do have the $5k, I'm just looking for the best possible deal. I'd like to get one of those entry level Wall Street type positions but so far I've had trouble getting one.

Anyway, do me a favor. Stop assuming things about what I have to bring to the table and about my expectations. I'm only looking for information on the different deals that exist, nothing less, nothing more.

Mongol,

I am curious, what school are you 2 months away from getting a MBA from? I'm gonna jump out on a limb and "assume"... GGU or a CSU. Because no one in the right mind out of UCB or Stanford is gonna look toward prop. But if you are... you might have a shot at FNYS. They have training... salary... and no capital required. But again... that is "assuming" you are coming from a good college. And also "assuming" that you are looking for those those sort of things.

xbrxx

 

[Durango Kid]

Quote from Mongol:

I do have the $5k, I'm just looking for the best possible deal.

Every firm has issues surrounding, software, system availability, capital requirements, payouts, capitalization...

It's pretty competitive right now. Firms are lowering their fees and capital requirements and raising their payouts and buying power leverage.

A couple of firms have folded recently and this trend is likely to continue, so make sure you join a firm that isn't on the brink of disaster.

I almost signed with Navillus before they ... whatever they did.

Anyway, I would point you toward ECHO, Bright, Assent... Consider RML, ETG, Greentree, Redwood.

Here is a list of Prop firms:

http://www.daytradingstocks.com/proprietarytrading.html

Use the search function in the upper right. A lot of discussion is available to learn about the Pros and Cons of each.

Negotiate your best deal which should be somewhere around a penny a share with no seat or software fee (at least have this rebated after 100k a month).

I quoted you above, because I think you should be prepared to fund your account at least once or twice after you initial deposit before you become profitable.

 

[tdoc]

Quote from Mongol:

Thanks for the responses. So far, I have found 5 prop firms in this area.

Assent
Bright Trading
Schonfeld
Echo Trading
Carlin Financial Group (which appears to be Generic Trading)

Can anyone comment on these 5 based on my previous question? Also, feel free to add any I might have missed.

Quote from Mongol:

I'm looking to get my start as a trader. I could come up with $5k to start but I'd like to avoid it if possible.

Hey,
Stop with the persecution complex! The low capital contribution idea came from you! I don't think Assent, Bright, or Echo will let anyone start with less than $5000. I haven't heard of Schonfeld hiring for a long time. Don't know anything about Carlin/Generic. People on this thread appear to be trying to help you. Chill out!


tdoc

 

[I Missed Boat]

Quote from xbrxx:

Mongol,

I am curious, what school are you 2 months away from getting a MBA from? I'm gonna jump out on a limb and "assume"... GGU or a CSU. Because no one in the right mind out of UCB or Stanford is gonna look toward prop. But if you are... you might have a shot at FNYS. They have training... salary... and no capital required. But again... that is "assuming" you are coming from a good college. And also "assuming" that you are looking for those those sort of things.

xbrxx

Actually, I know traders with MBAs and JDs from top schools who became prop traders.

 

[Mongol]

xbrxx:

None of the above, I go to USF. Those things that you "assume" do appeal to me. Not sure if my school is good enough though.


Durango Kid:

Thanks for the info. I'll look at that link.


tdoc:

Don't have a persecution complex. I'm just trying to get some information. That low or no capital contribution idea came from other posts on this board. I'm just trying to get information to find out if it is feasible. If it's not, say it's not. I agree, *most* people on this thread are trying to help me.

 

[xbrxx]

Quote from I Missed Boat:

Actually, I know traders with MBAs and JDs from top schools who became prop traders.

I meant right out of college no one from a top school would go prop immedietly. After couple years of corporate life... I could understand why... but right after biz/law school??? That would be a waste of time and money.

xbrxx

 

[rttrader1]

Quote from Mongol:

xbrxx:

None of the above, I go to USF. Those things that you "assume" do appeal to me. Not sure if my school is good enough though.


Durango Kid:

Thanks for the info. I'll look at that link.


tdoc:

Don't have a persecution complex. I'm just trying to get some information. That low or no capital contribution idea came from other posts on this board. I'm just trying to get information to find out if it is feasible. If it's not, say it's not. I agree, *most* people on this thread are trying to help me.

Mongol,

They "best" way for you to get the REAL information is to pick up the phone and call each firm directly. I work at one in San Fran and would be happy to talk to you offline, send me a Pm if your interested.

Don't rely on this list, do your own "due dilligance".

rttrader1 -