My Experience at a Prop Firm

[Don Bright]

Hi Hydroblunt - my brother and I look at this differently, in that we were so thrilled with the same deal (from the other side, on the exchange) that we wanted to attract more of the entrepreneurial type trader (the kind we were close to on the trading floor).

The first large group of our traders came from the various exchanges, and these guys would never consider giving away part of their profits in lieu of putting up a few bucks.

Not everyone is cut out to start their own business, whether it's buying a Subway sandwich franchise, starting a restaurant, or starting a career as a trader.

We do get a lot of "ex's" (ex brokers, ex money managers, ex hedge fund guys, ex MM's, etc. etc.) who want to keep all the money for themselves. Works for us, works for them, just an alternative to going to the trading floor or working for someone.

To each his own, of course.

All the best,

Don

edit: Regarding the Firm wanting the trader to make money. We do our very best to help our traders, in very many ways....because we want them to be here for the long term. We much prefer that a trader stay for the long haul, and if they don't make money, they don't stay. As I mentioned earlier, over 50% of our people have been here since before 2001. 38% (I think) are from 1999 and before.

Again, whatever works for each person.

 

[Don Bright]

Quote from Vinny1:

Back about 5 years ago or so, I spoke with a prop firm in NJ (don't remember the name). It was the worst offer imaginable. They wanted a $25k deposit and you get 4:1 leverage for daytrading, which is of course the amount you need to daytrade retail with the same buying power. It gets better...my profit split would be 50%.

Who in the world would open an account with them where they take 50% of my profits and I end up putting up all the money and getting only 4:1 leverage.

What a bunch of idiots.

I won't say, but I'm pretty sure who ran that firm, and his name has been alllllll over this board. Yes, that is a pretty crappy deal, LOL.

Don

 

[GGSAE]

Well I wouldn't say i'm comfortable with my trading, i'm making constant adjustments. Actually tonight I plan on spending a few hours to tweak my edge for this current low volatility environment.

In fact, one of the traders is my group does trade futures regularly (his success is comparable to and if not better than in pairs), so many of us are not thinking linear in our trading. I'm sure i'll branch out to other instruments, but pairs just takes up too much of my time right now

 

[the gardner]

it seems to me after reading all this that WORLDCO was the finest of all the firms,it was a real prop firm with awsome capital allocations,and that most of the other newer firms today are bieng truly run by worldco people

the genius was walter scott bruan,wall streets rembrant

 

[chewbacca]

Quote from the gardner:

it seems to me after reading all this that WORLDCO was the finest of all the firms,it was a real prop firm with awsome capital allocations,and that most of the other newer firms today are bieng truly run by worldco people

the genius was walter scott bruan,wall streets rembrant

^^^^this guy is walter scott bruan

100% confident on this.......what kind of guy registers and immediately comes out with a statement like that as his 1st post.......and giving the title 'wall street rembrant' to walter is a dead giveaway.

 

[chewbacca]

Quote from the gardner:

it seems to me after reading all this that WORLDCO was the finest of all the firms,it was a real prop firm with awsome capital allocations,and that most of the other newer firms today are bieng truly run by worldco people

the genius was walter scott bruan,wall streets rembrant

how's it going walter??
hiding in sri lanka now?? got kicked out of thailand??? LMAO

 

[the gardner]

if you read the thread their are many posts that are just as flattering , as for sri lanka that is where i reside , and i am only here because of him ------ok

 

[Maverick74]

Quote from chewbacca:

how's it going walter??
hiding in sri lanka now?? got kicked out of thailand???

I don't think there is a chance in hell Walter would post on ET. He is not that kind of guy.

 

[chewbacca]

i think you think too highly of the guy
here's a previous walter incarnation:
http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=21979
even michael parness and vn have been known to incarnate onto ET to defend themselves in the 3rd person.

 

[Maverick74]

Quote from chewbacca:

i think you think too highly of the guy
here's a previous walter incarnation:
http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=21979
even michael parness and vn have been known to incarnate onto ET to defend themselves in the 3rd person.

That wasn't Walter and neither is this one. You must not know Walter very well. Anyone on here that knows Walter knows that he is the last guy in the world that would waste a single minute on the internet, not to mention ET.

Megadon is not Walter either. definitely not Walter. LOL.