Proprietary advice (Chicago)

K

Kingfin2

I have been looking at propietary futures trading situations in the Chicago area for a while and wondering what the best deal would be . It seems they all want you to trade spreads for them, where I, also, want to trade outright sometimes(off my numbers,which they discourage). Some places split 50/50 and charge large desk fees, at other places they'll only give you 20 or 30% of profits but give you something of a salary, so you can eat.
I was a trader on the CME floor,for a quite a while, but decided to leave as I saw the business go to the computers and my P&L drop. I also decided I'd better have a backer as I would have to learn how to do, what I do, online. I am leaning a certain way but thought I would hit this, sometimes, great board for info. Any POSITIVE advice would be greatly appreciated. Thankyou.
 
have you enough contacts to fill paper on the floor , or bring in paper for someone else to fill ( for a split on commissions )?

are you one of the lucky ones who got in on the IPO's of the BOT or CME ?

have you read "the logical trader " ?
maybe you can contact the author or some of the others who are / were locals for some advice
good luck to you ...
 
I filled orders for a long time and then went on my own, trading, for about the last 5 years. I am a trader now just trying to find a decent place to do it. Thanks for your interest.
 
Quote from Kingfin2:

I have been looking at propietary futures trading situations in the Chicago area for a while and wondering what the best deal would be . It seems they all want you to trade spreads for them, where I, also, want to trade outright sometimes(off my numbers,which they discourage). Some places split 50/50 and charge large desk fees, at other places they'll only give you 20 or 30% of profits but give you something of a salary, so you can eat.
I was a trader on the CME floor,for a quite a while, but decided to leave as I saw the business go to the computers and my P&L drop. I also decided I'd better have a backer as I would have to learn how to do, what I do, online. I am leaning a certain way but thought I would hit this, sometimes, great board for info. Any POSITIVE advice would be greatly appreciated. Thankyou.
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The problem with prop shops in Chicago, is their methods to make money are either outdated or insane. Most of the big ones are just looking for guys to come in and do a gazillion round turns and scalp fo a tick or 2 giving the position no room. I wish them good luck in their journey to Brokeville. Then there are the ones that trade of econ numbers. That worked back when the numbers were so out of line and the market went nuts. Those days are gone. There are a few smaller ones that ,if you have a good track record, will back you and let you trade whatever methods/ways you want. As long as you are profitable and have good money management. Stay away from the bigger props...they are nothing but a waste of time.
 
Thanks for the replies. I'm still looking but have narrowed it down. A smaller operation is what I need to be looking at.
 
I just love these prop firm threads ...

there is always some poster who has never or hardly ever posted before who promises their

prop firm as being "golden"

if only it was that easy and if only we could all
become millionaires just from walking in the door
of any such prop firms ...

good luck to you
 
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