thanks...no, did not blow up...I already trade futures...really this is the first time even looking at a prop firm...just thought they might give me $50,000 to $100,000 to trade...I'd love to trade an account that large...seriouslyQuote from RiceRocket:
Did you blow up? You're better off just taking what you have and opening a futures account.
You won't find anything that you expect in a prop firm. Here's the best you can expect. Profit sharing, coerced into some type of expensive education course. Pay ecn fees, which they market as ecn rebates, but you'll see. Monthly desk fee of minimum 250. They don't offer any free market data, so add your own personal requirement expenses for that. Maybe another 200 a month.
If they don't do profit sharing, expect the expenses of studying and taking the series 7, and their educational courses. And expect between 5000-25000 capital requirements.
If no capital requirement, expec minimum 8,000 expense in some worthless, outdated, required education.
Overall, prop trading is a waste of money, resources, and time. Either you can trade, or you can't, if you can; typically you can spare yourself excess expenses.
Take it from me, I've had a lot of trading experience.
Quote from increasenow:
thanks...no, did not blow up...I already trade futures...really this is the first time even looking at a prop firm...just thought they might give me $50,000 to $100,000 to trade...I'd love to trade an account that large...seriously
Quote from RiceRocket:
Typically prop firms give you 10 to 1 leverage. So, if you put up 5 k, you get 50k in margin, etc. But in my opinion, stick to futures, or save up enough to get the typical margin of retail firms.
Quote from NazSpaz:
Wow, such incredibly clueless answers. Trolling the 'prop firms' forum talking people out of prop with misinformation. Nice. Go back to running your crap futures shop.
The real answer is many prop firms will give 50-1 or even 100-1 leverage on your money at no charge so long as you use it intraday, they limit you to 10-1 on overnight positions. Clearly it is way better than any retail margin. No capital required is almost impossible to find at any place that will give you a good deal, the good firms want you to have some 'skin' in the game otherwise every yahoo off the street would want a free shot at making money there. But low capital required (10K range) is very doable by most all firms. If you have what it takes to make money that's a small investment in your future. I would stick to the Series 7 firms though so you don't end up like the poor souls with Tuco.
I traded futures for years, successfully I might add, but once I transitioned to stocks would NEVER go back. Such a better game in the stock market, by my experience waaaaay easier to win consistently no matter what the futures and forex salesmen here may say.
Quote from NazSpaz:
I traded futures for years, successfully I might add, but once I transitioned to stocks would NEVER go back. Such a better game in the stock market, by my experience waaaaay easier to win consistently no matter what the futures and forex salesmen here may say. [/B]
Quote from NY_HOOD:
they are many 'firms" that will accomodate you. go to the back room where a guy with ripped jeans is playing poker or video games,hand him a credit card check and bamm!!! you are now a member of the firm....