New York City prop firms

Quote from EvOTrAdEr:

I wouldn't call it discrimination. You're not discriminating when minimizing risk. Hiring someone from a top school with good grades is one of the best ways to be certain the person can handle the competitiveness and excessive work required.

What would you do with thousands of applications? How would you start to sort through them? The school they went to gives you a pretty good idea of how hard-working the person is. Of course, it could just be some rich mama's boy, but most of the time it's just someone who worked extremely hard their whole life for the opportunity.
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I think when it comes to hiring quants, programmers, and analysts then going after Ivy League/Top schools is definitely the way to go. But trading....not as much.

You really need to find people who have handled adversity in their life, dealt with stressful times,etc........see how they handled that.

Because in the end....I don't care how smart you are, the market will mess with your mind...make you look foolish.....put you high a top the mountain, then boot you right off and bury your head in the ground. It's a big ol mindfuck rollercoaster.

I guess my opinion is based on prior experiences (I posted a story on here a ways back about when I got a job after college with a CTA and had to compete vs 3 others for a spot on the desk.....the guy who failed miserably and flamed out the worst was an Ivy League kid who left Salomon to try and get on this desk). That and I know of some firms now that only hire Ivy League types. I have friends at these firms who have been trading for yrs....and I'll quote them " These guys we hire are beyond smart...but they have tough times taking losers and can't grasp risk management".
 
Recruiting traders is akin to recruiting athletes. profitability has to do with innate personality traits such as courage, patience, loss management, ability to control emotion, etc. there are milions of educational services on how to trade but so few succeed because you can't teach anyone to be an nba basketball player.

Quote from EvOTrAdEr:

Great Point. Trading is an independent skill, it's not a manufacturing or office job. Prop Traders generally operate under k1 structure (net capital gains) and not w2 employee structure. If someone can't even risk a small capital deposit, how can you expect to trade your own account?

If you want to trader for a living you have two choices:

1) Work your ass off and get into an ivy league school, graduate at the top of your class (well over 200k). You can then get a wealth management or investment banking job and if you're very impressive, may get as an apprentice and work up to trader (about 10 years of banking work, but you'll receive a decent salary.) the odds, about 5% success rate

2) Register with a firm and trade their leverage, risking your capital. Study hard and learn to manage your risk. Get a nice run and get the track record. Build your account up or take your PnL and trade firm capital on a split. Most firms (FINRA and CBOE) will back you if you have a track record and a good strategy. - about 10% success rate.

Whichever route you choose to take (corporate salary world with no risk or risking your own capital in the market) you will have to give up a lot and work hard. Stop dreaming. nobody is going to give you all the upside without any of the downside.

No firm is going to back you and teach you how to trade at their risk. The failure rate is about 90%. If firms did this, not one would stay in business. If you want to learn a skill that will last you a lifetime and provide you the ability to cut your own deals and be your own boss, trade prop. If you want a job, go to school
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1. I am willing to risk a small cap deposit. In OP, I said 1K and under.

2. I am not asking for upside with no downside. Read what I said about comms and payout in my OP.

3. I don't need to be taught. I am self-taught, and I have spent over 30K on that, not books or courses mind you, but the hard-knocks of real, live trading experience.

All I'm looking for is a firm, that can take me in with a small deposit, see how I do, and make their decision from there. I have a track record too. I could produce statements from my broker.

Quote from EvOTrAdEr:

Great Point. Trading is an independent skill, it's not a manufacturing or office job. Prop Traders generally operate under k1 structure (net capital gains) and not w2 employee structure. If someone can't even risk a small capital deposit, how can you expect to trade your own account?

If you want to trader for a living you have two choices:

1) Work your ass off and get into an ivy league school, graduate at the top of your class (well over 200k). You can then get a wealth management or investment banking job and if you're very impressive, may get as an apprentice and work up to trader (about 10 years of banking work, but you'll receive a decent salary.) the odds, about 5% success rate

2) Register with a firm and trade their leverage, risking your capital. Study hard and learn to manage your risk. Get a nice run and get the track record. Build your account up or take your PnL and trade firm capital on a split. Most firms (FINRA and CBOE) will back you if you have a track record and a good strategy. - about 10% success rate.

Whichever route you choose to take (corporate salary world with no risk or risking your own capital in the market) you will have to give up a lot and work hard. Stop dreaming. nobody is going to give you all the upside without any of the downside.

No firm is going to back you and teach you how to trade at their risk. The failure rate is about 90%. If firms did this, not one would stay in business. If you want to learn a skill that will last you a lifetime and provide you the ability to cut your own deals and be your own boss, trade prop. If you want a job, go to school
More...
 
You may just want to look for a job at a bank or something. you're not going to get anywhere as a trader risking 1k. 1k won't even cover your commission costs. 25k is needed to trade in a retail account. you're not going to find a prop firm for 1k.

1500 is the bare minimum you'll find and you'll be disappointed regardless because you will not end up surviving the learning curve with that. 1500 minimums are programs just to help you get your feet wet and decide if it's for you with the least amount of capital on the line. most traders lose 10-20k learning the business and that's with continuing education.

it's not a poor man's game. the new regulations like the series 56 exam will probably make the minimum 5k for every firm out there, maybe even 10k soon.
 
Kind of off topic, but whatever happened to Assent?

I tried calling their number off their website and it didnt work.

Did they merge with lightspeed?
 
Sungard owned Assent and a few years ago spun off their prop trading business. Their platform, called Anvil, was sold to Lightspeed.
 
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