is futures prop BS??

S

sonnet

I am wondering: Is electronic prop for real or is it bs?

By that I mean, are electronic traders succeeded in finding edges like what was once had on the floor? On the floor the good guys could make millions. Are the best off the E- prop guys making millions??

I am a day-into-short term swing trader and would like to find a professional office and setup to trade from. But, I notice most seem to push this ultra short term, scalping thing that is not my style. Most my trades are based on time holding periods, and usually that is about 1.5+ hours, not the seconds or minutes that I see others trying to do.

Ok. All the wannabees who don't know how to make money and are dreaming, I don't want to hear from you. Please don't polute this thread with your BS. Anyone who is actually making money doing the electronic prop thing, I would love to hear from you. Are u making cash with these scalp methods that prop houses seem to push, or did u bring your own methods to the table?

Are the best traders making bank at these places, or are they just grinding making squat, making money for the house??
 
Go on!
The same guy also told you, you'd be in the same league with some hard work (of course) in no time!
Maybe 10 million pennies I might believe.

Quote from mmakinson:

I just got a job as a internship/residency at a major prop/arcade firm in Chicago. Hopefully soon I will be able to give you my actual experience and success. However, I do know some of the people at this firm are doing 300 lots in the E-mini! That leads me to believe that they must be fairly successful for the company to let them trade that kind of size. Also, during the interview process one guy told me that one of their traders made 10m last year!!
More...
 
I am going to be in chicago justt to check this kind of sh(t out in the next few weeks, so the more info I can get, the better.

I jsut see all this talk of futures scalping off the floor, and I seriously wnat to know if anyone is making bank with this stuff.

secondly, anyone know if the arcades are open to you bringing your own methods that are not scalp oriented.

My feel is alot of these places are profiting off traders commisions but, the traders themselves are nto getting such a good deal nad not making so much. anyone who has an inside view, can give me NON BS feedback one way or the other, Im all ears.
 
Quote from sonnet:

I am wondering: Is electronic prop for real or is it bs?

By that I mean, are electronic traders succeeded in finding edges like what was once had on the floor? On the floor the good guys could make millions. Are the best off the E- prop guys making millions??

I am a day-into-short term swing trader and would like to find a professional office and setup to trade from. But, I notice most seem to push this ultra short term, scalping thing that is not my style. Most my trades are based on time holding periods, and usually that is about 1.5+ hours, not the seconds or minutes that I see others trying to do.

Ok. All the wannabees who don't know how to make money and are dreaming, I don't want to hear from you. Please don't polute this thread with your BS. Anyone who is actually making money doing the electronic prop thing, I would love to hear from you. Are u making cash with these scalp methods that prop houses seem to push, or did u bring your own methods to the table?

Are the best traders making bank at these places, or are they just grinding making squat, making money for the house??
More...

For what its worth - Why do you think you need a prop firm to be successful?
 
i am at a futs prop firm in chicago, and i believe we are the largest...if not, were deff in the top few(worldwide), and yes, there are guys @my firm making what i would consider 'serious' money....guys that have been there less than a year i have seen make 50k+ in minutes on a number....., and i have heard of ppl making more....

the pit traders are dinosaurs now...all of the volume is done on the screen , there is no edge in the pit anymore, for instance 86%of the bonds are traded electronicaly, so who is left for the pit traders??? each other!! pit traders are simply trying to take money from each other as most of the volume now circumvents them entirely.....and yes, my firm is made up predominantly of scalpers,
 
Quote from golden_childe:

i am at a futs prop firm in chicago, and i believe we are the largest...if not, were deff in the top few(worldwide), and yes, there are guys @my firm making serious money....guys that have been there less than a year i have seen make 50k+ in minutes on a number....., and i have heard of ppl making more....

the pit traders are dinosaurs now...all of the volume is done on the screen , there is no edge in the pit anymore, for instance 86%of the bonds are traded electronicaly, so who is left for the pit traders??? each other!! pit traders are simply trying to take money from each other as most of the volume now circumvents them entirely.....and yes, my firm is made up predominantly of scalpers,
More...

This person makes my point . . . to a tee. Do you want to be associated with "this" environment?
 
trading crude and energy related products

are still making the big money on the floor ... perhaps this is because the electronic trading has yet to
become a big thing in nymex
trading / volume and there is a limit
to the number of arbs welcomed there
 
I have a friend prop trader, he confirmed that, above all, they want to limit risk, and all junior traders are invited to scalp.

If an experienced trader comes in, they will let him use his own style, which may imply wider stops. However, they are openly not very happy with it, and I guess it's fine as long as he's making money.

I was told a majority of prop traders are struggling to breakeven, a lot of them come and go, while some of the more experienced (~5%) are doing quite well as they are offered higher and higher payout.
 
"For what its worth - Why do you think you need a prop firm to be successful?"

I do not think this. my feeling is that it would be cool to work in an office with other traders, in a professional enviroment. I am out in the boondocks now, where I swear i am the only trader in a 100 mile radius. I am an introvert, I like being alone, but even i realize the momentum of others who are serious, and the comradery, can be a great thing in achieving goals. also For business purposes, i think it will be a good move to be closer to the heart of the industry.

also, having the connectivity and technology issues worked out for me, technical stuff, would be great, cause dealing with that stuff is my least fav. part of the business.

As for scalping being lower risk, this attitude is what I don't understand. I mean if it is so hard that most all dudes are losing money at it... that does not seem so low risk to me. I jsut want to make the most money period. If that is trading 1 time a day or 40, i dont' give a rats ass. Im happy to sit on my hands, i am used to it, as my current methods have me doing a lot of it.

if i can, i want to find a place really oriented towards MAKING MONEY, REAL MONEY, not churning for the benifit of the firm. WHere the traders like me are balls to the wall to succeed, not old burt out gamblers who are basically playing slots.

I am sure I could learn from a training program, specifically with using software, the interface, and of course anything else I don't know that can help.

However I have a methodology and approach. I am not looking for someone to teach me how to make money or "teach" me to be a winner. I consider that my job.

If it does not work, u pack your shit and go. No tears, and no bs.

anyone know of specific firms that might meet my needs, pm me or state here.

Like i said I am traveling to chicago to check this stuff out, quite a distance. so, any more feedback, especially from people inside these places, is awesome.

any other ideas, if they are from an informed rather than a blowhard perspectiv,e also appreciated.
 
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