Trading remote for a US Prop firm in Canada

mabenn · May 14, 2008

Quote from APA:

you guys wanting a prop shop

none of you are traders

real traders don't need prop, cause futures give all the leverage one needs

but if you trade specific stock edge, you might need prop, but soon your edge will be taken by the prop

sooooooooo where was I

Oh yeahh none of you are traders

Sorry maybe I wasn't clear about what I'm thinking. I am leaning more towards an office where traders can come and trade all instruments according to their style/method, have access to MORE capital then they would dealing on their own (probably), Share the office costs (the more there the better it is for everyone), but overall become better traders and the idea would be to make more money too as a result.

Are you a trader? What makes you a trader?

NazSpaz · May 14, 2008

Quote from APA:

you guys wanting a prop shop

none of you are traders

real traders don't need prop, cause futures give all the leverage one needs

but if you trade specific stock edge, you might need prop, but soon your edge will be taken by the prop

sooooooooo where was I

Oh yeahh none of you are traders

Oh, poor unenlightened one, if you only knew... Stick to your futures, in a few years you can scrub our toilets for us, we stock traders tip very well, we can afford it.

:eek:

APA · May 15, 2008

Quote from NazSpaz:

Oh, poor unenlightened one, if you only knew... Stick to your futures, in a few years you can scrub our toilets for us, we stock traders tip very well, we can afford it.

:eek:

ok lets put insults aside

futures give me leverage that your prop shop gives you

so again........I am right, why would I go prop

the only benefit of prop is to hang out with the guys, what else ??????

NazSpaz · May 16, 2008

Quote from APA:

ok lets put insults aside

futures give me leverage that your prop shop gives you

so again........I am right, why would I go prop

the only benefit of prop is to hang out with the guys, what else ??????

As you said, for the edge. Futures you have to be right (at least I had to be). Stocks and a calculated edge, I don't have to be right, just know what I am doing. And the universe of what we can trade is so much larger. I tried futures, don't miss it at all even though overall I made money in them. My bad days in futures were BAD, much worse than I have in stocks. I have found much more consistency in stocks.

Obviously to each his own, but I made the blanket statement about futures simply to rebuff the blanket one about stocks. To the right person futures is better, and vice versa. For me stocks are a lot easier and rewarding. I don't hang with the guys anymore by the way, bought a big house and went remote, which is probably why when I am bored I come here now.

shiko2000 · Nov 6, 2008

mabenn, hello, have you started your own prop firm? I am especially interested in Forex prop trading. cannot find any in Toronto.

mabenn · Nov 6, 2008

Quote from shiko2000:

mabenn, hello, have you started your own prop firm? I am especially interested in Forex prop trading. cannot find any in Toronto.

Not quite yet. I'm putting together the business plan now, starting as a trading group, managing a small group of funds, starting with 1 mill, then building a solid track record of at least 100 trades, then raising 10 mill. I'm looking for traders, programmers, etc to bring to our team once it's set up. PM me if you are interested.

shiko2000 · Nov 6, 2008

i am definitely am. i started trading Forex on April 21 this year. i have been trading live for already 3 months. 1 month with MB trading. and 2 months with Oanda. Right now I am already managing my micro account for 1 month. Return is +24% so far.
I am scalping and do not hold overnight positions. I will email you my results and I continue of course. Are you going to have remote trading or in office only?

FanOfFridays · Nov 6, 2008

Quote from mabenn:
building a solid track record of at least 100 trades, then raising 10 mill

:eek:

mabenn · Nov 6, 2008

Quote from shiko2000:

i am definitely am. i started trading Forex on April 21 this year. i have been trading live for already 3 months. 1 month with MB trading. and 2 months with Oanda. Right now I am already managing my micro account for 1 month. Return is +24% so far.
I am scalping and do not hold overnight positions. I will email you my results and I continue of course. Are you going to have remote trading or in office only?

Nice work! what is your definition of scalping?

We do plan on having remote trading, afterall the forex markets are 24 hours, and i wouldn't want to be at the office for 24 hours/day would you? There will have to be standards in place though as far as your home setup goes.

Once things are set up, the traders we bring into our group will be put through an extensive training program which will help them find a method that works best for them (among other things). Then they will have access to a portion of the funds under management and be able to execute orders on live true interbank market feeds, with super low execution costs (1/5 pip and smaller).

Order size will be minimum 500k on this platform so traders will need to be in top notch shape! *(That's equivalent to starting at trading 5000 and 10,000 shares)

Traders will also be able to put their own funds into the pool of funds, and get greater returns/payouts overall without the management/admin fees of normal investors. If for example a trader puts 50k in of their own money, it would be applied to their trading method if they choose or to the overall returns of the trading group (or a mixture of their own and the group),

I'll keep you all posted.

shiko2000 · Nov 6, 2008

Wow, that sounds absolutely great!
1/5 pip spread. Oanda never goes below 0.9 and most of the time it is 1.2-3 pips.
My definition of scalping is trade that gos from few seconds to few minutes most.
I am looking for small profits. 1-5 pips. Occassionally i am able to take more but rarely because i close profitable position the moment I see price hesitation.
The fact the you will have training is excellent. i would certainly benifit from money/ risk management. Still cannot figure out stop loss question. In stocks prop shops, they say 2-3 cents per share and get out. i would like to see what is similar stop loss for Forex scalping in my case.
Understandably trading is with low leverage as low as 1/10. I traded maximum 1/50, now mostly 1/10-1/20.
In my traiding I am looking for break outs (big/ small) and trend following. Now I trade with 5 seconds time frame with my eye on 1-5-30 minutes frames as well to see bigger picture.
i already have my strategy but need solid risk management. I have about 90% or more winning trades.