Axer do you have any info on this shop ( you can pm me).
Which Prop requires less than $5,000 deposit?
- Thread starter ceo2008
- Start date
Axer do you have any info on this shop ( you can pm me).
I would be leery of this firm. The website is cheesy looking, picture on Home page is not even done right. Not much to the site at all! Just my 2 cents worth, and it's not much,
Quote from traderdave72:
I would be leery of this firm. The website is cheesy looking, picture on Home page is not even done right. Not much to the site at all! Just my 2 cents worth, and it's not much,
Anyone trading with these guys ? (pm me if you want)
cheers
If a prop goes under, pro or risk based, SIPC does not protect you. SIPC only protects retail account holders. Been discussed here berfore:
http://www.elitetrader.com/vb/showthread.php?s=&postid=1591212&highlight=sipc#post1591212
there are a few firms that are flex with risk capital deposits. .. depends on your style & experience. only real protection, sipc insurance, strictly is retail.. then again most traders do find the right firm to trade with by doing their homework to build a trading relationship. most firms are honest, their not into trying to disappear with your deposit, you just have to know who your working with , then you will have peace of mind that your money is safe.. their is good & bad, just do your homework thats all. most daytraders are probably not retail, at least that come on et for the most part.. regardless of all the negativity about sub llc. prop firms.. if these firms were not around, then daytrading would be tougher for most, a lot fewer traders for sure. providing capital & other tools to be on a prof level is a major plus. entry point in the last few years has been easier then ever for people to daytrade.. a major plus.. its about finding the right business partner period..
Hey I work now at lynx trading and have been there for 2 months. So far everything has been great. It is a smaller firm which is only a few years old and is only now starting to attract more traders. So far they are a lot better then the only other place I ever worked in Montreal, Golden Market Management. At lynx I get 80% profit compared to 65% at Golden, I get 30 times my deposit (vs 20 at Golden), my daily stop limit is 5 times as high (1000$ vs 200$ at Golden), and best of all there is no pressure. At Golden I swear by God I would make 500$ in a day and I would get 2 emails from the managers telling me I am not trading enough volume I have to change. They push you around because they are full of themselves I think. The managers do not even make any trades and they would constantly be telling me I was not trading properly even when I made money. I would increase my volume and get bumped out of my positions because of the low daily stop loss they have. It was frustrating to say the least. Also I was promised overnights at Golden and only found out when I did not close a position that what they meant was only after a long time with them would I be allowed overnights. This was not how they presented it in the job interview and it caused me to lose about 400$ the day I had to close a position overnight on a low volume stock I thought I could hold. Anyways I suggest Lynxtrading to anyone, like someone said they are really easy they have a minimum deposit of 1000 dollars and they should give you 30 x on whatever you leave them. I am no expert but I do know that Lynxtrading rips Golden Market Management.
ceo2008:
Here is a directory of prop firms, which has been posted on numerous threads. It's a bit outdated, from 2007, however there are many firms still around today, check it out:
http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html
Although $5k seems the norm these days, some U.S. based firms will take $3k to start. Also, keep in mind that the lower the initial contribution, the lower the initial daily drawdown, which only makes sense, both for you and for the prop firm.
As long as you conduct proper due diligence and trade with a firm where you feel comfortable with their terms and with the integrity of management, you're off to a good start.
Best of luck.
Here is a directory of prop firms, which has been posted on numerous threads. It's a bit outdated, from 2007, however there are many firms still around today, check it out:
http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html
Although $5k seems the norm these days, some U.S. based firms will take $3k to start. Also, keep in mind that the lower the initial contribution, the lower the initial daily drawdown, which only makes sense, both for you and for the prop firm.
As long as you conduct proper due diligence and trade with a firm where you feel comfortable with their terms and with the integrity of management, you're off to a good start.
Best of luck.