I want to get into a prop firm... how should I do this?

L

LAjungle

Guest
Hi, everyone. I am planning on starting to apply for a prop. firm.

I don't have any capital and in the Chicago Area. I have a brief experience with a start-up prop. firm but unfortunately the firm went out of business. Still, I was profitable trading a mechanical system that I made at the last month I was there.
One thing wierd about that place was they let me trade without a Series tests. I should have known at the time but I was too excited to trade real money and let that go. As I said the result caused me to be out in the street.
Still, I have a Series 3 for futures. I did go through the Series 7 material so I am familiar with the subject and I have the study material too. Meanwhile, I've been working in a part-time job paying my bills.
Right now, I have a fairly good system with a profit ratio of 2.5 and it seems to fit my style and from the tick data, the trades seems tradable. I've read about the pitfalls of back-testing so I can't give a definite guarantee.
I am seriously thinking of getting back in track with my trading, to where I left off since the last prop. firm. I definitely want to start trading again. The system works well with individual stocks that corrrelates with NASDAQ100 and Index Futures and Tracking stocks. So I don't mind if it is a futures firm or stock firm. I have a brief list of firms but I'd like to know if you know any that may be hiring in the Chicago Area.
Another is, what should I present the firm with? I have my resume and a cover letter that explains what I am as a trader. Should I bring a protect ELS or a printed out system report from Tradestation? I tried getting my record of trades I made from the bankrupted firm but I couldn't get hold of them. I called the clearing firm but they had all the accounts under the manager's name and they wouldn't give it to me, also it wouldn't be a good reference, if it's under another name.
Any information to get myself back is great. Thanks for the help in advance.
 
I think you'll have a few months once you are in the prop firm to pass the 7, 55, 63...not hard if you are serious about trading as a career, but definitely question the firms that say you don't need it (you don't wanna go through your previous experience again)...if you are joining a sub LLC, find out who backs them and how long have they been around, what are the words on this board and the "street". You won't get SIPC if it's prop (that's only for retail) so if you are worry about your money make sure that the sub LLC ain't just a couple of guys, see what kind of presence they have and look at the P&L of the guys trading there so you know whether they are making money or not. There's a lot of guys here on ET that's trading with prop firm, talk to any of them for more info and I think you can get a better picture.
 
I don't think he wants an offer.

Advice would be:

Just show them you are dedicated. I don't think a system report hurts. Explain to them a bit about Lvl 2 and how it is compatible with your system...

I really don't know. They might ask you to give you the actual code for it.
 
I will be moving to south jersey in a month or two i was wondering if anyone knows of any good prop firm near the area? thnx for anyones input
 
Originally posted by atnewhighs
I will be moving to south jersey in a month or two i was wondering if anyone knows of any good prop firm near the area? thnx for anyones input
More...

Check out the BROKERS section of this site, that might be a good starting point.
 
Quote from Thunderball:

Drop your pants...bend over...and when they are finished thank them for the opportunity. :eek:
More...


haha . . . let's be serious. I have a similar sit. as the OP. Any advice?

I was thinking about a "Will Trade for Money" sign out in front of the CBOT.
 
You must log in or register to reply here.
Back
Top