Experienced traders - which prop is best?

T

thetrendfollowe

Hi,

Just wondering which non series 7 requiring firms offer the best deals for experienced traders?

Being experienced, obviously I don't want to have to pay for "training" and I can offer the 12 months of trading records that is usually requested by the firm.

A New York location would be sweet but I'd be open to the West Coast or even Florida. I'm looking at remote trading so should matter a great deal anyway.

I can give upto about $50k deposit, what sort of leverage can I get on that intraday? I'm hoping about 20x to bring me to the mil.

Also what sort of commission can I expect to pay?
Would half a cent a share be asking too much?
My volume is about 500k shares a month.

But my biggest concern is how much leeway they give you.
My systems usually have upto 20% maxDD, as would be shown in the trading records. Could they handle that? Or would they restrict me?

(Usually maxDD is about 8-9% from 2004-2007 but blew out to 20% in 2008. Last year 2009 was back to normal system performance).

Also which firms are aligned in such a way that would allow me to trade fully automated? I'm currently trading through Amibroker and IB through the TWS API.

I'm asking a fair bit here but any pointers in the right direction from those who are or have been in a similar position would be much appreciated.

Cheers.

Nizar.
 
Quote from thetrendfollowe:

Hi,

Just wondering which non series 7 requiring firms offer the best deals for experienced traders?

Being experienced, obviously I don't want to have to pay for "training" and I can offer the 12 months of trading records that is usually requested by the firm.

A New York location would be sweet but I'd be open to the West Coast or even Florida. I'm looking at remote trading so should matter a great deal anyway.

I can give upto about $50k deposit, what sort of leverage can I get on that intraday? I'm hoping about 20x to bring me to the mil.

Also what sort of commission can I expect to pay?
Would half a cent a share be asking too much?
My volume is about 500k shares a month.

But my biggest concern is how much leeway they give you.
My systems usually have upto 20% maxDD, as would be shown in the trading records. Could they handle that? Or would they restrict me?

(Usually maxDD is about 8-9% from 2004-2007 but blew out to 20% in 2008. Last year 2009 was back to normal system performance).

Also which firms are aligned in such a way that would allow me to trade fully automated? I'm currently trading through Amibroker and IB through the TWS API.

I'm asking a fair bit here but any pointers in the right direction from those who are or have been in a similar position would be much appreciated.

Cheers.

Nizar.
More...


-there are several good firms who do not require the series 7 (CBOE/CBSX firms)

-most firms will give you intra day 20:1, some more after time goes on.

-if you are doing 500,000 shares a month you can get .05 and better. you can get .04 with no software fees at some firms if you do 500k shares a month + 95-100% payout

-again with prop, you lose your money first. so you are one taking the losses, but if you have a larger account they **may** allow for more losses as your account is bigger etc

if I was you, ask around. each prop firm is different
 
Hi Cactus,

Thanks for the info. Would you be able to mention a few firms in the NYC area that you think fit the bill?
I'm after reputable firms that have been around a while.

Cheers.
Nizar.
 
Quote from thetrendfollowe:

Hi Cactus,

Thanks for the info. Would you be able to mention a few firms in the NYC area that you think fit the bill?
More...

Hundreds, read the prop firm posts, you cant go by what anyone tells you here, you have to call them yourself ... you may get a better deal.
 
Quote from bigpapi:

Hundreds, read the prop firm posts, you cant go by what anyone tells you here, you have to call them yourself ... you may get a better deal.
More...

Bigpapi,

Are there really "hundreds" of reputable prop firms in NYC that offer:
-20:1 intraday leverage.
-Remote trading.
-Allow me to automate my system.
-No series 7 required.

??

I've looked at a fair few and so far my shortlist has a grand total of three.

I will contact the firms myself and probably even visit the offices and have a chat before I make a decision. The point of this thread was just want to gauge people's opinions so I can save myself some time.

And many thanks to those who have sent me PMs.

Cheers.

Nizar.
 
Define reputable, some people have their own agendas here. You can weave out some snake oil salesmen by reading prior posts, but others fall through the cracks so glad to hear you'll be visiting them before signing your hard earned money away.

Best of luck, post your findings if you will, or pm me Im also interested since you will actually be visiting them personally and sharing something of substance, not like some trolls that post here without having any clue about the co's they're trashing
 
Quote from KINGOFSHORTS:

Why cant you get your Series 7?

Your best bet is to join a firm that will sponsor you for your series 7.
More...

S7 Is a pain in the ass
 
Quote from KINGOFSHORTS:

Why cant you get your Series 7?

Your best bet is to join a firm that will sponsor you for your series 7.
More...

It was not that long ago when I did my undergrad so I've got no real desire (or time) to study and sit an exam.
 
Quote from KINGOFSHORTS:

Why cant you get your Series 7?

Your best bet is to join a firm that will sponsor you for your series 7.
More...

Ive been folowing this debate for some time now. I primarily do research for a group of traders, and their comment is that if someone even thinks the series7 exam is too much trouble, that they will have zero chance of putting in the effort to make money in this business. We all know the license means nothing, but a few hours ofstudy is just good practice for a successful trading plan.




c
 
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