I've called a few Prop Firms...

I also called JC and got this from them:

You need $5k up, then I heard someone in the background and that turned into $7.5k and I think before I was off the phone, I didn't even know what the deal was may have been 10k, the guys couldn't make up their mind...talk about crazy.

I sent a few emails and received replies and was told that if I could not trade 250k shares/ month I was not a good fit. Go figure. I mentioned that I would be using an automated system, trading through the Laser API and that I may need to make a few adjustments, but I would within 6 months be near the minimum share...never heard back from them...THEIR LOSS :D

The Prop Trading business is totally backwards, most firms want you to eat up your capital in fees/commissions.
If they did it TOTALLY DIFFERENT, this is what it would require:
Teach traders to be profitable with high probability systems/methods
(Problem here is, they don't know any...they teach technical analysis WITHOUT back-tested results and anyone that buys into a system that hasn't been researched or back-tested is simply ignorant)
Automate the systems, eliminating the middle-man (ego)
Slow down the number of trades - (take out the emotion)
Get the traders to become profitable they would attract more money and clients

RESULTS:
Fewer headaches
No more baby-sitting erratic traders
Profitable traders, more money and happy people
Grow the business for the long-term

The problem is that they are all in it for the 'quick money' and very few have a long-term approach.
 
Quote from trhudson:


The Prop Trading business is totally backwards, most firms want you to eat up your capital in fees/commissions.
If they did it TOTALLY DIFFERENT, this is what it would require:
Teach traders to be profitable with high probability systems/methods
(Problem here is, they don't know any...they teach technical analysis WITHOUT back-tested results and anyone that buys into a system that hasn't been researched or back-tested is simply ignorant)
Automate the systems, eliminating the middle-man (ego)
Slow down the number of trades - (take out the emotion)
Get the traders to become profitable they would attract more money and clients

[/B]
More...
 
Quote from trhudson:

I also called JC and got this from them:

You need $5k up, then I heard someone in the background and that turned into $7.5k and I think before I was off the phone, I didn't even know what the deal was may have been 10k, the guys couldn't make up their mind...talk about crazy.

More...



The best thing is to call them and request to visit their trading floor before you open a trading account.

These are some firms that you might want to look into:



http://t3live.com/ CBSX member no license needed i think you can open an account with them min 5k

http://smbcapital.com/ i dont know where they belong to But they are good people very exp to get in 10 K min or 7500 $ for training and they limit you to very small stop loss

http://www.staralliancecapital.com CBSX member they are part of dimension no platform fee and Min account 5K


http://wtstrading.com/ cbsx member u can open an account with min 2500 $ but google it and i dont think lots of good review about them


http://www.jctradinggroup.com/ Min req is 5K they based in MI

not a bad firm lots of good review


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

they have list of prop trading firms

Just remember do not listen to others go and see 4 urself how they work and pick the one u think is the best for u
 
My friend has had a very positive experience with a firm called Treehouse Partners. He said he put up NO capital and either has anyone else. They are trading high frequency and for rebates. They have gotten paid as promised. What else can you ask for in this prop trading business ? They are on Long Island. Hope this helps
 
My friend is trading with treehouse partners on long island. No capital contribution, real prop. Rebate and high frequency. They pay as promised,unusual for this business. Hope this helps
 
Quote from MoneyMatthew:

I've called a few Prop Firms and here is what I think.....

I first spoke with JCTrading Group. They made is clear to me that $10K is the minimum deposit or excuse me "capital contribution".

This runs counter to a few of the posts I have read on here. I could hear the energy leave the conversation the second I told them that I dont plan on trading more than 3 or 4 lots per day (300 or 400 Shares) with only 1 trade per day.

My next call was to Star Alliance Capital. The girl who picked up the phone could speak english clearly but she lacked energy. I know times are tough but put some coffee in the office so the people answering your phone dont sound completely
uninspired!!

I left my contact info with the girl and never heard back from them. I had a few questions and she recommended that I speak with one of the traders. I'm still waiting......

Star Alliance Capital has a $5k minimum capital contribution. The upside to both JCTrading and Star Alliance is that they do not require a Series 7 to be taken.

I should note that I have spoken to EchoTrade multiple times. Echo has impressed me the most. Their follow-up to any questions is lightning fast even when they know you will be a small fish with them. The downside to Echo is that they require a Series 7 and there is no change in sight on that requirement.

If any of you could recommend a CBOE/CBSX registered firm I would appreciate it. My main requirement is that the minimum deposit be $5K or lower. I know Star Alliance Capital might not have the best communication skills in the world but I still might end up going with them.

Let me say before I go that I could care less about a firm's training or coaching programs. I built a trading system so I really dont need insights in psychology.
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so funny, you are hilarious
 
Quote from trhudson:

The Prop Trading business is totally backwards, most firms want you to eat up your capital in fees/commissions.
If they did it TOTALLY DIFFERENT, this is what it would require:
Teach traders to be profitable with high probability systems/methods
(Problem here is, they don't know any...they teach technical analysis WITHOUT back-tested results and anyone that buys into a system that hasn't been researched or back-tested is simply ignorant)
Automate the systems, eliminating the middle-man (ego)
Slow down the number of trades - (take out the emotion)
Get the traders to become profitable they would attract more money and clients

RESULTS:
Fewer headaches
No more baby-sitting erratic traders
Profitable traders, more money and happy people
Grow the business for the long-term

The problem is that they are all in it for the 'quick money' and very few have a long-term approach.
More...
I think you are missing the business model on which a number of "prop" firms operate. Many have a similar busines model to a broker. They charge training fees, desk fees, commissions. As such their interests are not completely aligned with the interests of a trader.

On the other hand, if a firm possesses a trustworthy backtested trading method, why do they need to train 50 traders to enter trades following these backtested indicators? Instead they would hire 3 programmers and start trading all accessible markets in an automated manner. It is a mistake to assume that a novice trader can massively improve a backtested algorithm by adding "subjectivity" or "common sense".

Also a number of hi-end prop firms (the ones that demand no capital contribution and even pay salary) specialise at cherry-picking already successful traders.
 
Question for all the vets out there.

Is the 0.40 RT on a 1000 share, 80/20 payout, with capital contribution a bad choice if you:

1) Have experience trading previously and am currently in physial commodities markets (several yrs of trading in uni back in mid 2000's, did fairly well and junior trader for energy marketer now). However I know the playing field has completely changed .

2) Want to tweak old strategies and develop new ones at your own pace - IE no pressure to trade high volume to start.

IMHO , I think that I would not want the no-capital, low payout ratio and be forced into a program (sim, then tight stops or min volume to churn). The capital contribution with basically zero commish and learn at my own pace, with my own $ seems much more appealing to me.

Of course the flip side is I may learn from other traders in the first scenario but this doesn't appear to be the norm from what I've read.

Any thoughts much appreciated.
 
Quote from jo0477:

Question for all the vets out there.

Is the 0.40 RT on a 1000 share, 80/20 payout, with capital contribution a bad choice if you:

1) Have experience trading previously and am currently in physial commodities markets (several yrs of trading in uni back in mid 2000's, did fairly well and junior trader for energy marketer now). However I know the playing field has completely changed .

2) Want to tweak old strategies and develop new ones at your own pace - IE no pressure to trade high volume to start.

IMHO , I think that I would not want the no-capital, low payout ratio and be forced into a program (sim, then tight stops or min volume to churn). The capital contribution with basically zero commish and learn at my own pace, with my own $ seems much more appealing to me.

Of course the flip side is I may learn from other traders in the first scenario but this doesn't appear to be the norm from what I've read.

Any thoughts much appreciated.
More...

Yeah since your not new to the game and provided your comfortable putting up the capital then the proposed option is good. Its probably more important to find the right firm though... one that you can be sure you will get your checks & deposit back and is not ripping you off on the back-end with hidden fees. Just do your homework...
 
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