Have you ever want to work full time as an equity trader with high leverage ratio and day trading lesson that you can get from a proprietary trading firm?
Step 1
Ask yourself: Are you currently an experienced day trader that can make profit consistently or a beginner but eager to learn how to day trade?
For experienced day trader, initial capital contribution is required but you can trade remotely or in their office.
The ratio for a beginner to survive is very low (I think only 1 out of 30 people can succeed at the end).
Moreover, almost all proprietary trading firms don't pay you salary. You only get paid if you make profit in your trading account and share the payout ratio with them. Most of them require initial capital contribution but they do provide training.
Please keep in mind that most beginner will fail and never see their initial capital contribution again (I think minimum is $5000).
This business is hard and is not for everybody.
Step 2
There are a whole bunch of proprietary trading firms on East Coast New York and Chicago area that you can choose from.
Proprietary Trading Firms Directory:
http://www.traderslog.com/proprietarytradingfirms.htm
The one I recommend is
•World Trade Securities - WTS Proprietary Trading Group LLC, is a privately owned proprietary trading firm based in NYC, New York and a member of the CBSX and is SEC registered.
http://wtsprop.com/index.html
They have three structures in place for traders and keep it very simple and clean no matter if your experienced or new you get to pick what structure you want.
-Structure 1: 90% payout / .0005 (.50 cents per 1000 shares) - capital contribution
-Structure 2: 99% payout/ .001 (1.00 per 1000 shares) - capital contribution
-Structure 3: 50% in-house training program, no capital required. Must pay $1,500 for training course. When you build your account to $5,000 your payout goes to 75-90%
Step 3
Key things to find out for a good proprietary trading firms:
- Leverage: 6:1 or 10:1 or 60:1
- Sponsorship: Series 7
- Mentoring: What the level
- Community: Are top traders gathered at this firm
- Pricing: .01/share or .007/share or .005/share, also other fees
- Tech: Execution Speed, Routing, Charting Tools and etc
- Payout: 90% or 95% or 99%; Weekly, Monthly; Direct Deposit or Check
- Selectivity: How difficult is it to get in
- Financials: Does the trading firm have plenty of capital or is it on shaky ground?
- Reputation: How well known is it
Step 4
Out of all these prop firms, some people say that the top 3 that offer a salary and provide good training are (but they are harder to get in):
1) Jane street Capital: http://www.janestreet.com/
2) SIG: http://www.sig.com/index.html
3) DRW Trading Group: http://www.drwtradinggroup.com/
Step 5
The only thing that works in this businss is these 3 little thing. And these 3 little things are the traders secret and what many do not understands.
1. Support and Resistance.
2. Cut your loss early.
3. Discipline
These are the only thing that works in this business. It’s what helps you stay alive in this business, and it’s what helps you make money in this business.
