Looking for A Futures Prop Firm that accepts Canadians for remote based trading

[comintel]

Quote from rolando87:

Are you referring to strictly brokers or also Prop firms?

Someone would have to ask the B.C. Securities Commission if they have a position on prop. firms. I do not know. I doubt that they do.

But the problem is that the prop. firm is going to have to have a futures account with some clearing broker and that clearing broker is probably going to ask for the residence of all participants in the account and run that against their check lists.

You might still find some prop. firm that will do it for you depending on their relationship with their broker.

Is there some way to circumvent the BC laws by opening a bank account in Alberta or Ontario then doing your business through that bank. I would like to avoid setting up a corporation or other entity in another province if I could. But I don't want to do anything shady.

An Alberta or Ontario corporation might be acceptable to U.S. brokers or prop firms. They might also look behind it. I do not know to that level of detail. If you call some of the U.S. brokers that do accept Ontario etc. accounts, they might be able to tell you if they accept Ontario corporations owned by B.C. residents. Ontario has always had a specific exemption for unsolicited accounts.

A bank account alone would not work because what counts is your residence.

I believe that there is no prohibition on you from opening a futures account in the U.S. *if* someone will accept it. The prohibition is on the *brokers* accepting accounts of B.C. residents, not on the residents themselves from opening them. So if you can find some prop. firm or broker that will do it, I would not worry on your own account, except that you may find they drop you later when the issue comes to their attention one way or another. This has happened in the past with a lot of forex firms kicking out B.C. residents. And a lot of European forex firms kicking out U.S. residents too because of a similar situation for them with the CFTC.

 

[bone]

Quote from carlos99:

Top prioroty is that I need more capital. My strategy is highly scalable and can easily do 10 times the size.

In your original post, you said that you were highly profitable and that you could fund your own account. In a subsequent post, you said that you would be willing to live in Chicago for a short while.

Every prop firm that I have seen in Chicago starts their new hires out with small size - one lots and five lots. Once they have proven consistency, then the firm will scale up their size.

That being the case, and taking your original post at face value, why not scale up your own sizing ? Why not lease a seat and pay member rates and do it for yourself ? It is not easy making a long move, finding accomodations, getting acclimated to new surroundings, and then trading in a new environment with new faces around you and quite honestly some firm rules that you might not like - even if you are simply transporting an existing strategy.

 

[carlos99]

Bone as I mentioned earlier, I am trying to scale up but I need more money. I can only scale up so big with my own capital. I'm already maxed out in my IB account. Thus I need more capital from somewhere. My strategy is profitable but it's capital intensive. I am looking into sourcing funds from elsewhere and finding a new broker with lower commissions and access to Xtrader.

I am looking into leasing a seat but I need to know if it's worth it and I'm sure leasing a seat doesn't get done in a short while either. I also have no clue as to how it actually works, how my platform is hooked up, who my broker is (am I going sending orders directly to the CME? skipping a broker). I dont know shit about going that route atm.

 

[carlos99]

As for going to Chicago, I meant more for like a week at most, just to show explain to them what I do and honestly I don't care if they start me off small to gin trust then increase my size as the weeks go by. I can just trade my IB account also in the mean time.

 

[bone]

Quote from carlos99:

As for going to Chicago, I meant more for like a week at most, just to show explain to them what I do and honestly I don't care if they start me off small to gin trust then increase my size as the weeks go by. I can just trade my IB account also in the mean time.

Bullshit on you. Seriously.

 

[carlos99]

What the hell's your problem. What is a profitable trading strategy too hard to believe. That's too bad, go back to charging novices for a living, you obviously can't trade. good day to you.

 

[Jack_Larkin]

Bone's been rather helpful here.. sharing advice where he's getting nothing in return... and his experience in the futures industry is what's causing him to call BS.

You're ignoring or dismissing the advice presented to you since it doesn't conform to what you want to hear. Not sure what else to say about that really. Re-read the thread and dig into the directions you've been pointed toward. The answer is there (at least, the best options you have in $ terms.)

About scaling up though: costs are fixed and if anything they decrease with volume.. why are you having a problem scaling on your own then? I'm not the first who's asked this. *cough*

Ok, so you need capital for more margin (and overnights,) I get that, but if it's profitable why not just build your account and scale accordingly?

Why are you first willing to do a profit split and get worse tax treatment vs looking into leasing a seat at the exchange for lower fees?

And you're getting hostile when people give you sound advice that would work out better for you? Why?

 

[bone]

Quote from carlos99:

What the hell's your problem. What is a profitable trading strategy too hard to believe. That's too bad, go back to charging novices for a living, you obviously can't trade. good day to you.

I meant no disrespect personally. Let me clarify a couple of your points: 1) all of my clients are experienced traders - I generally don't take on novices as clients as a matter of policy, and 2) looks like my trading account is in better shape than yours.

Hope things work out for you.

 

[carlos99]

Look I am trying to scale up on my own but its too slow. One thing I know about trading is that trading edges don't last. So since I know I have one I might as welk try to suck as much money out of it as possible. I'm young and don't have home equity or a massive account. Hence I need OPM to realize its potential.

Also leasing a seat is something I know very little about but I am going to look into it. For my purposes it actually would make sense for me to go for the worse tax treatment and be an employee of a firm if it means I eventually get access to 100-200 bond lots in buying power. Leasing a seat doesn't solve my lack of capital issues whereas with a prop firm Id have access to large sums (eventually).

I don't get what is so hard to believe that Id be willing to fly to Chicago for a week to convince prop firms to let me go remote, as I have lots of records and experience to show them I'm not a huge risk. I know chances are very small but I always keep an open mind to crazy ideas.

I worked for trading desk btw in the past, got mentored by pro traders and know what I'm doing.

 

[carlos99]

Is it possible to lease a cme seat on a month to month basis? Not sure I am looking for long term commitment since I only have one strategy that is high volume/my bread and butter and who knows if my edge wilk be there a year from now.

I apologize to Bone but I thought it was quite disrespectful calling bullshit out of the blue when I made no ridiculous claims of any kind.

Let me clarify the whole scaling up on my own issues. I can only add a few hundred dollars in profits a day to my personal account. If I had an big account I could add a few thousand easily. Now you can get a better idea of the money I'm leaving behind. As I mentioned earlier my strategy is pretty capital intensive. Since I feel my strategy is safe to tackle on more size I'm trying to find places to borrow money from. Preferanly from institutions in the forms of lines of credits and what not. Obviously the true reasons for wanting to borrow money have to be kept a secret as no loan officer would surely lend me money to "gamble in the stock market".