Does anyone have any info about Prop Firms in New York that require "no capital contribution" And how competitive is it to get into a prop firm? I know of T3, opus, trillium but it seems to be nearly impossible to contact a prop firm or hand them a resume where it does not go into a black hole. I specialize in trading ES futures and would like to know if anyone has any information on a Futures trading Prop firm?
Proprietary Trading IN NEW YORK
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Although I can't provide you with a list of just NY firms and those without requiring a initial contribution, here is a lengthy list that you can go through:
http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html
The majority of these are in Chicago but many are in New York too. If you have the time and patience Google the names and visit their websites.
You're going to have to do the research, but you will have find many that suite you.
If you "specialize in trading ES futures", then why can't you fund a trading account yourself?
i think its not realy more money, b/c commissions on futures are actually much fatter. The issue is risk on futures is much higher than on stocks. Also - its even harded to be successful in futures then in equity. Futures are not a fractured market, so less opportunities for inefficiency (im talking about day-trading, not arb)
also - futures are more home to chicago, nyc is more of equity home.
What is the main reason prop firms require capital contributions? And what is a general capital contribution required?
I would say that the main purpose is to provide the firm with some insurance or protection against you in the event you do something stupid.
Think of the contribution as a business proposal where you agree to give the firm some capital (to show confidence in your trading ability) and then you obtain their capital too which provides the leverage. It's a business partnership. It is somewhat like going to the bank and getting a loan to trade... though this is a not a very good analogy.