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Where oh where have all of the firms gone..?
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Where oh where have all of the firms gone..?

  #1 (permalink)
Trading Apprentice
Baltimore, MD
 
Futures Experience: None
Platform: TradeStation
Favorite Futures: Emini
 
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Where oh where have all of the firms gone..?

Hey all, new guy here and I would like to say that I am happy to be a member.

My question is, I have been studying, practicing and just consuming as much information I can about intra-day trading and the market in general.

I live near Annapolis and was looking for possible desks to hopefully obtain a seat down the road, that is in a picture perfect world where I am actually pretty good at this trading thing.

I have looked all over For desks near Baltimore and D.C. And now that Chopper has closed, all I have found was FBR and DC Energy? Are there any other reputable Prop Firms near me, or will I be looking into hopping a train into Philly?

Again, I know this is down the road with the good chance of never happening, however I would like to know if a firm does exist for me. Training and mentors are obviously important to me, so remote trading with the Likes of remote trade shops is something I am not ready for.

Thanks for your time in advance everyone, I truly appreciate the assistance!

KB

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
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You know the adage, if you can't beat them, join them. Citadel has been vacuuming up the good independent small traders and funds, getting them on their platform and access to their capital, etc.

You may be better off packing up your bags and going down to Chicago for some of the remaining independent shops...

Best of luck!

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  #4 (permalink)
Trading Apprentice
Baltimore, MD
 
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Not Chicago! Lived there when I was younger for a little while and man were they some rough winters! Thanks for the reply mate, I appreciate it. What are your thoughts on the remote trading firms? Are there any ones in particular who offer strong training and support for there remote traders?

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  #5 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
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Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
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I am of the very strong opinion that for training, in person is really the best way to go. Remote will probably slow you down by 3 times at best, or at worst, never really take. It's like trying to learn how to perform surgery by watching through a web cam...just not quite the same when it comes time to make the incision by yourself.

There are a few prop firms that are good for remote support, but that's really about already having a profitable strategy and just tapping into their margin and liquidity rather than needing support on trading per se.

Just keep in mind most of the 'remote' firms these days in my opinion masquerade around as trading firms but really generate their business model off education fees. And why not. Much easier with no performance risk especially when competitors are dropping like flies against the rise machines and larger firms consolidating talent under one umbrella.

So unfortunately no remote firms I can personally vouch for. Maybe individual traders that have a good track record...but they charge some eye popping numbers to trade with them live (as well they probably should if they are basically giving you a future income stream off their edge). It's just not quite like the 90's and 00's anymore. But! Good news is that previously good traders that have turned consultants have generated lots of good free you tube videos out there to pick up the basics.

PS As a general rule of thumb, the nerdier and more awkward they sound, probably the better the education content. The more suave and smooth talking...be leery...

Hope you are able to find what you are looking for in your journey with better connections than I have in my small world.

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  #6 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
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If you have a good track record with real skin in the game, you can trade from anywhere you wish. Prop firms are not the only ones who allocate funds to traders. You can approach funds, CPOs, and private Family Offices.

I suggest that rather than looking for a location start researching what criteria the companies above use to allocate resources and under what terms. You will be surprised that money is not easily given even if you have a positive track record. This is what most think: Just show a real positive live track record, and everyone will start writing checks. Not the case.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #7 (permalink)
Trading Apprentice
NYC, NY
 
Futures Experience: Intermediate
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Posts: 14 since Oct 2016
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mattz View Post
If you have a good track record with real skin in the game, you can trade from anywhere you wish. Prop firms are not the only ones who allocate funds to traders. You can approach funds, CPOs, and private Family Offices.

I suggest that rather than looking for a location start researching what criteria the companies above use to allocate resources and under what terms. You will be surprised that money is not easily given even if you have a positive track record. This is what most think: Just show a real positive live track record, and everyone will start writing checks. Not the case.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Hi Matt,

I'm relatively new to this world, been trading for about 2 months but have about 11 months of serious self study / simulated trading exp. I spent this past april working on market timing and in May started trading, first week did SIM and was profitable every day, starting second week to third, I passed a TST 30 k combine with the following stats -
5% return on 30k account in 9 business days. Profit factor - 2.76. Max drawdown - $262.15 (less than 1 % of account starting balance). 70% profitable trades (57 total). Profitable trades 17% larger than average losses, every day i traded for the last 4 weeks has been profitable.

I will be doing my funded trader prep starting monday. My question is what advice can you please give me on how to break into a trading firm or what can I do to position myself for managing OPM. I will be attending an ivy league mba this fall and will spend the rest of my summer intensely working in improving my trading. Any advice would be greatly appreciated.

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  #8 (permalink)
Elite Member
Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader & Jigsaw
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Most people going to elite colleges don't need to ask these questions because the information is jammed down the throats of prospective finance students. Jw, Where did you go to undergrad? I know at Stern there are excessive on campus recruiters. Take advantage of the alumni base to get in contact with prop traders or HF traders. Also take a look at Wall Street oasis (the website). Idk the recruiting difference between undergrad/grad, but there should definitely be a number of prop firms/hf's/BB's recruiting on campus in June/July.


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  #9 (permalink)
Trading Apprentice
NYC, NY
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: 6E, ES
 
Posts: 14 since Oct 2016
Thanks: 4 given, 7 received


Raider View Post
Most people going to elite colleges don't need to ask these questions because the information is jammed down the throats of prospective finance students. Jw, Where did you go to undergrad? I know at Stern there are excessive on campus recruiters. Take advantage of the alumni base to get in contact with prop traders or HF traders. Also take a look at Wall Street oasis (the website). Idk the recruiting difference between undergrad/grad, but there should definitely be a number of prop firms/hf's/BB's recruiting on campus in June/July.


Thanks, I did undergrad at Boston College. I have a few years work exp at two major banks but in non-trading roles. Unfortunately I did not know enough about trading back in undergrad days to pursue it, it's just this last year that i discovered this and became addicted to the markets. I tried to do some linkedin introductions however, most traders seem to ignore the social media outlets (prop trades/hedge funders) so it's been lacking in traction.

Also I just started trading more seriously after i left my job, but so far I seem to have been connecting the dots and I think I'm over that hill to start to be a profitable trader ( i spent at least 2k hours on simulators though over the last year), I understand the price action pretty well just needed to attune to the timing. I want to have a track record before school.

I will be attending an MBA program at an institution with a highly regarded undergrad (Havard, Penn, Columbia, Yale) so I'll see if I can tap into their trading recruiting but I know that a lot of it is geared towards engineering, comp sci students and I'm from the business side, so I'm not sure how that will turn out, that's why I want to get a trading record to help my profile.

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  #10 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,040 since Sep 2010
Thanks: 1,920 given, 2,753 received
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rodrigcn View Post
Hi Matt,

I'm relatively new to this world, been trading for about 2 months but have about 11 months of serious self study / simulated trading exp. I spent this past april working on market timing and in May started trading, first week did SIM and was profitable every day, starting second week to third, I passed a TST 30 k combine with the following stats -
5% return on 30k account in 9 business days. Profit factor - 2.76. Max drawdown - $262.15 (less than 1 % of account starting balance). 70% profitable trades (57 total). Profitable trades 17% larger than average losses, every day i traded for the last 4 weeks has been profitable.

I will be doing my funded trader prep starting monday. My question is what advice can you please give me on how to break into a trading firm or what can I do to position myself for managing OPM. I will be attending an ivy league mba this fall and will spend the rest of my summer intensely working in improving my trading. Any advice would be greatly appreciated.

@rodrigcn, I want to congratulate you on your MBA achievement. I miss my school days because periods of growth, exploration and learning from people who apply their expertise in the field is priceless.

On all your other experience, I would not belittle it as every experience add value. However, I believe that it would not add significant value in trading OPMs. First, you have to be fair. If you want to trade other people's money, you need to prove that you can take your own capital and managed to succeed with it. Then, you can proceed to family and friends, and once you build a track record on that, you can become licensed and ask OPMs. This is, in my opinion, the fair way and the methodical way to proceed if you want to be a money manager. The psychological burden of trading other people's money is one that many underestimate, and I hope my advice can help you get there.

Best of luck,
Matt Z
Optimus Futures,

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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