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Prop Futures Trading Firm
- Thread starter jarrettmp
- Start date
Quote from Feeman:
Also, you seem very angry and looking for an argument.
If you have a therapist, consider examening this behavior.
I have a difficult time dealing with people with IQ's under 50. Anybody who can tell me with a straight face that Crude Oil is illiquid should be in a loony bin. Your comments are outrageous.
http://en.wikipedia.org/wiki/Benchmark_(crude_oil)
"Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark.
The first futures contracts on crude oil were traded in 1983, with the Chicago Board of Trade (CBOT) and the New York Mercantile Exchange (Nymex) both attempting to take advantage of the government's de-regualtion of crude oil. CBOT's initial contracts had delivery problems, so customers abandoned it for Nymex. [5]
Crude oil became the world's most actively traded commodity, and the NYMEX Division light sweet crude oil futures contract becoming the world's most liquid form for crude oil trading, as well as the world's largest-volume futures contract trading on a physical commodity. Additional risk management and trading opportunities are offered through options on the futures contract; calendar spread options; crack spread options on the pricing differential of heating oil futures and crude oil futures and gasoline futures and crude oil futures; and average price options."
traderchi128
Guest
Quote from Maverick74:
Well, I started a thread about 40 pages long called the perfect prop firm that went into this. Unless you are willing to back yourself, no one is going to give you money on guessing market direction. There are some big firms in this town that are still putting up healthy numbers but they are spreaders and HFT shops. They make consistent money. Maybe one day that will stop and they'll start looking for punters again. It could happen. But right now these firms get 500 resumes for every one or two spots they fill. It's very competitive. VERY! If you truly believe in yourself, put some money up and see where the chips fall.
I wouldn't say directional traders are at any disadvantage vs "hedged" traders when it comes to landing jobs at big firms. At the end of the day if you have an excellent track record, that's what is going to get you a job. A lot of the spread/hedged strategies are overcrowded trades that end up being disasterous. Just as risky at times as guys who are one sided or directional. When you look at the big "real" firms out there, First NY, Schottenfeld, Schonfeld....they probably have more directional guys.
At the end of the day if you have a scalable strategy that has excellent returns with low drawdowns, you will get into these firms....regardless if it's a spread/hedge strategy or directional.
Quote from traderchi128:
I wouldn't say directional traders are at any disadvantage vs "hedged" traders when it comes to landing jobs at big firms. At the end of the day if you have an excellent track record, that's what is going to get you a job. A lot of the spread/hedged strategies are overcrowded trades that end up being disasterous. Just as risky at times as guys who are one sided or directional. When you look at the big "real" firms out there, First NY, Schottenfeld, Schonfeld....they probably have more directional guys.
At the end of the day if you have a scalable strategy that has excellent returns with low drawdowns, you will get into these firms....regardless if it's a spread/hedge strategy or directional.
Those are stock firms you mentioned, not futures. And no, good directional traders don't have the same chance as spread traders. Most prop firms today rely very heavily on technology and high frequency trading. A guy who simply trades direction does not fit in well with the strengths of most prop firms.
I laid down a challenge to peternam on here to call around the various prop firms and see who would hire a pure directional trader and he never reported back to us. I already knew what the answer was.
If you want to trade direction, your best bet is to start a CTA.
I think I said this before...
It doesn't matter what you trade or how you trade. I talked to many of these firms Mav keeps bragging on.
You will be grouped into 1 of 2 groups regardless whether you are a paper trader, spread trader, directional trader, just out of school and never traded.
You will be grouped into either
1. Made 1+ million last year
2. Didn't make a million
I think Mav is a bit of a big talker.. I wouldn't pay too much attention too him. He's out selling these firms that don't pay a salary like they are gold.
It doesn't matter what you trade or how you trade. I talked to many of these firms Mav keeps bragging on.
You will be grouped into 1 of 2 groups regardless whether you are a paper trader, spread trader, directional trader, just out of school and never traded.
You will be grouped into either
1. Made 1+ million last year
2. Didn't make a million
I think Mav is a bit of a big talker.. I wouldn't pay too much attention too him. He's out selling these firms that don't pay a salary like they are gold.
Quote from Lucias:
I think I said this before...
It doesn't matter what you trade or how you trade. I talked to many of these firms Mav keeps bragging on.
You will be grouped into 1 of 2 groups regardless whether you are a paper trader, spread trader, directional trader, just out of school and never traded.
You will be grouped into
1. Made 1+ million last year
2. Didn't make a million
I think Mav is a bit of a big talker.. I wouldn't pay too much attention too him. He's out selling these firms that don't pay a salary like they are gold..
lol...
Then why did you keep e-mailing me asking me for help. And of course I obliged. I sent you a list of firms to call. I have nothing to sell here but the truth. What more do you want me to do for you. Do you want me to post all 20 e-mails you sent me along with my responses? I won't do it unless you say it's OK. But I think it would be fair to show how much I tried to actually help you and give you honest advice. And I never steered you to a firm that I have any relationship with. So seriously, what more do you want me to do?
Bone, I don't doubt you've had some trading success. But you come off as a big blow hard.. blow blow blow. Keep it up. It'll just make you tired.
Quote from bone:
Feeman, by the looks of your Crossland statement in the 'Journals' section I make or lose your account balance in a single day.
Tell Jim Zellinger and Ed Hague I said "hello" over there at Crossland - I knew them way back 20 years ago when I cleared TransMarket Group, and then later on when I cleared Advantage.
Maverick,
I didn't know when I started that you were a blow hard. I was hoping you might fund me or have some connections.
If you remember that when this started.. I had claimed that these firms were NOT hiring discretionary traders and were looking for engineering/math types for HFT.
Now it seems you've came in agreement with me because now you are saying the same thing.
I had most of the firms you referenced me too already.. you were the one claiming 100 firms in Chicago.. you gave me a list of 30 that I could find on the web.
Yes, you speak the truth.. I did send you many PM's (not emails) asking for funding or connections. I have asked others here the same. Remember, also I knew you were running your own trading firm. This was one reason I had asked you. I thought you might see my talent and help me out.
I also remember you've said that for a retail trader that direction was the only game in town. Now you are saying that prop firms don't trade direction.. But you've also been quoted as saying the spread edges that props trade aren't accessible to the average retail trader. Sounds like a catch 22?
I didn't know when I started that you were a blow hard. I was hoping you might fund me or have some connections.
If you remember that when this started.. I had claimed that these firms were NOT hiring discretionary traders and were looking for engineering/math types for HFT.
Now it seems you've came in agreement with me because now you are saying the same thing.
I had most of the firms you referenced me too already.. you were the one claiming 100 firms in Chicago.. you gave me a list of 30 that I could find on the web.
Yes, you speak the truth.. I did send you many PM's (not emails) asking for funding or connections. I have asked others here the same. Remember, also I knew you were running your own trading firm. This was one reason I had asked you. I thought you might see my talent and help me out.
I also remember you've said that for a retail trader that direction was the only game in town. Now you are saying that prop firms don't trade direction.. But you've also been quoted as saying the spread edges that props trade aren't accessible to the average retail trader. Sounds like a catch 22?
Quote from Maverick74:
Then why did you keep e-mailing me asking me for help. And of course I obliged. I sent you a list of firms to call. I have nothing to sell here but the truth. What more do you want me to do for you. Do you want me to post all 20 e-mails you sent me along with my responses? I won't do it unless you say it's OK. But I think it would be fair to show how much I tried to actually help you and give you honest advice. And I never steered you to a firm that I have any relationship with. So seriously, what more do you want me to do?