Looking for a prop firm with...

jugiproject · Oct 6, 2006

Hi everyone

I am looking for a prop firm in the USA with the following

- i can trade from anywhere not just there office( do they have firms like these?)

-and low capital contribution, whats the average per firm usually?

- and decent payout rate

please recommend some firms, thanks

FXPimp · Oct 6, 2006

Quote from jugiproject:

Hi everyone

I am looking for a prop firm in the USA with the following

- i can trade from anywhere not just there office( do they have firms like these?)

-and low capital contribution, whats the average per firm usually?

- and decent payout rate

please recommend some firms, thanks

Remote trading is available at about every prop firm.
Cap contribution $5-10K min.
Payouts 80-100%

Assent
Bright
Echo

mschey · Oct 6, 2006

I don't want to be a dream stealer here, but if you are going to make it in this business, you will need at least 15k, and preferably 25k or more.

Do you already have a strategy and are fairly confident that it works and will continue to work?

jugiproject · Oct 7, 2006

Quote from mschey:

I don't want to be a dream stealer here, but if you are going to make it in this business, you will need at least 15k, and preferably 25k or more.

Do you already have a strategy and are fairly confident that it works and will continue to work?

Yes i have a strategy and iam fairly confident in the strategy that ihave. You say i need 25k, but usually with prop firms dont you get 10:1 margin+? so it shouldnt be a problem right? i've never used a prop firm before, ive only traded using other brokers .

JP

mschey · Oct 7, 2006

Depending on the strategy, 10:1 intraday is no problem. 10:1 overnight is another story.

Remember the unwritten rules of trading. Once you start trading a new system, it will enter a drawdown. When you spend alot of money, you won't make money for a while. When trading is good, it's way better then you ever imagined, and when it's bad, it's far worse the you probably planned for.

Good luck!

Don Bright · Oct 7, 2006

I have to go along with my friend MSchey on all this. Generally (there are some exceptions) it takes a $mil or more to make any real money in this business. The "systems" that portend to be profitable with a few $grand, aren't likely to work.

FWIW, our traders can put up $15K (with a proper tradin plan) and use that kind of money.

Don

mizer · Oct 7, 2006

Quote from Don Bright:

I have to go along with my friend MSchey on all this. Generally (there are some exceptions) it takes a $mil or more to make any real money in this business. The "systems" that portend to be profitable with a few $grand, aren't likely to work.

FWIW, our traders can put up $15K (with a proper tradin plan) and use that kind of money.

Don

Don,

How much $$$ are you talking about when you say "it takes a $mil or more to make any real money in this business" Are you talking about intraday trading or longer time frames?

Maverick74 · Oct 7, 2006

Quote from jugiproject:

Yes i have a strategy and iam fairly confident in the strategy that ihave. You say i need 25k, but usually with prop firms dont you get 10:1 margin+? so it shouldn't be a problem right? i've never used a prop firm before, ive only traded using other brokers .

JP

Jugi,

The problem is it takes most people on average 100k in losses to learn to trade. It's not an issue of leverage, but losses. Someone could offer you 1 million to 1 leverage, it's not going to help. At the end of the day, someone has to write a check for losses. Whether it be Don Bright or you. In my opinion 25k is even not enough. Just do some simple math here. If you lose just $500 a day including fees, and that is not a lot of money btw, you could be gone in 2 months. With 5k you could be gone in 2 weeks.

Here are some numbers to chew on. I think it takes most guys at least 12 months to learn to be consistently profitable. I'm not even saying a good living, I'm saying consistent. So what you need to figure out is how much on average could you lose a day. Then multiply that times 100 or 200 and see what that number is. And that is probably the cash you want to have on hand.

I think the ideal amount is around 50k to 100k. I'm not saying it's not possible to be successful with less, it's just the odds are very poor. The best solution for a lot of guys if you really believe in yourself is maybe to raise some money from friends and family and bring 50k to 100k to the table. Just one man's advice. And yes, like Don, I run a prop firm too so I'm all too aware of the numbers.

Don Bright · Oct 7, 2006

Quote from mizer:

Don,

How much $$$ are you talking about when you say "it takes a $mil or more to make any real money in this business" Are you talking about intraday trading or longer time frames?

The opening only strategy in NY take a couple of $million just by itself (see "don's openings" in the journals thread). That is intraday. Longer term generally requires more (pairs trading, mergers, etc.).

All the best,

Don

jugiproject · Oct 7, 2006

Quote from Maverick74:

Jugi,

The problem is it takes most people on average 100k in losses to learn to trade. It's not an issue of leverage, but losses. Someone could offer you 1 million to 1 leverage, it's not going to help. At the end of the day, someone has to write a check for losses. Whether it be Don Bright or you. In my opinion 25k is even not enough. Just do some simple math here. If you lose just $500 a day including fees, and that is not a lot of money btw, you could be gone in 2 months. With 5k you could be gone in 2 weeks.

Here are some numbers to chew on. I think it takes most guys at least 12 months to learn to be consistently profitable. I'm not even saying a good living, I'm saying consistent. So what you need to figure out is how much on average could you lose a day. Then multiply that times 100 or 200 and see what that number is. And that is probably the cash you want to have on hand.

I think the ideal amount is around 50k to 100k. I'm not saying it's not possible to be successful with less, it's just the odds are very poor. The best solution for a lot of guys if you really believe in yourself is maybe to raise some money from friends and family and bring 50k to 100k to the table. Just one man's advice. And yes, like Don, I run a prop firm too so I'm all too aware of the numbers.

Wow,"The problem is it takes most people on average 100k in losses to learn to trade" this surprised me.. i wasnt aware that it was 100k.. i knew several traders who do quite well and havent gone thorugh that much but you did say average so its possible. Thank you all for response. i will do more research before i go ahead and open an account with any prop firms.

JP