I trade my own acct with about 150k. I do well but I need better than 2:1 leverage to get to where I want to be sooner. I am happy to put up capital at a prop firm, I am even willing to share profits. (I have read in these threads people saying do one or the other, but not both. Duly noted.) Here are the essential issues though:
(1) I do not want to get the series 7. I do not want to spend months studying. I have spent 5 years figuring out how to trade and it is just a hoop I have no interest in jumping through.
(2) I need to trade remotely as their are no prop shops in my town in the Pacific Northwest.
(3) I do not want any pressure to trade someone else's system, to churn or to trade large size. I trade roughly 2000 to 4000 shares total per 50k of acct. equity per day. It is not much size but I have excellent returns (ave = .75 to 1% on equity per week with less than 25% losing weeks and less than 1% losing months .) [losing weeks have never exceeded 1% of total equity. Largest peak-trough drawdown ever = 2.1%]
(4) I need to have the leeway to hold positions up to 6 days. My average hold is 1.4 days.
(5) I need a per share cost, not a ticket cost as I trade small amounts of 10 to 20 stocks a day.
To get the leverage I have been seriously considering starting a fund. But that'll set me back 26k. Someone just reccomended a prop firm but I know very little about them. sO here I am with my questions
(1) I scoured the bright trading website and didn't understand what they meant by "haircut" = 1% of leverage per month. Can someone walk me through exactly how this works.
(2) Any firms that meet my needs as described above? Is it just wishful thinking or might I find a home for my trading?
(3) What kind of leverage can I expect with a prop firm? I trade both long + short. I do not strictly trade pairs, but often I have long/short positions on simultaniously. My max risk exposure is 1.5% of equity at any given time. Most often (80%+) it is 1/2%.
(4) Any other advice to a prop. newbie
Thx!
(1) I do not want to get the series 7. I do not want to spend months studying. I have spent 5 years figuring out how to trade and it is just a hoop I have no interest in jumping through.
(2) I need to trade remotely as their are no prop shops in my town in the Pacific Northwest.
(3) I do not want any pressure to trade someone else's system, to churn or to trade large size. I trade roughly 2000 to 4000 shares total per 50k of acct. equity per day. It is not much size but I have excellent returns (ave = .75 to 1% on equity per week with less than 25% losing weeks and less than 1% losing months .) [losing weeks have never exceeded 1% of total equity. Largest peak-trough drawdown ever = 2.1%]
(4) I need to have the leeway to hold positions up to 6 days. My average hold is 1.4 days.
(5) I need a per share cost, not a ticket cost as I trade small amounts of 10 to 20 stocks a day.
To get the leverage I have been seriously considering starting a fund. But that'll set me back 26k. Someone just reccomended a prop firm but I know very little about them. sO here I am with my questions
(1) I scoured the bright trading website and didn't understand what they meant by "haircut" = 1% of leverage per month. Can someone walk me through exactly how this works.
(2) Any firms that meet my needs as described above? Is it just wishful thinking or might I find a home for my trading?
(3) What kind of leverage can I expect with a prop firm? I trade both long + short. I do not strictly trade pairs, but often I have long/short positions on simultaniously. My max risk exposure is 1.5% of equity at any given time. Most often (80%+) it is 1/2%.
(4) Any other advice to a prop. newbie
Thx!
