Hey guys
I'm looking to get a leverage from Prop trading firms. I have about $11k. Junior student in Finance major with nearly 5 years of personal trading experience (small trades) and market observations. I developed few strategies also working on an automated trading strategies. I can't day trade with my 11k and am not making as much because I don't get much leverage from my discount broker.
If I join any prop trading firm and get 10x leverage will I able to day trade? Technically I'll have 100k to trade
I'm located in NYC What are easy prop trading firms to join. I don't wanna pay training fee or any bullshit they charge. I just want a leverage. Anyone with experience with prop trading firms please give me some advice. From my research T3 is not worth joining.
Do you have a track record of successful trading?
Would strongly recommend that you don't take out that kind of leverage unless your strategy has extremely low beta/volatility/drawdown in backtesting. Even a great strategy can blow up with that kind of leverage
Do you have a track record of successful trading?
if you want to day trade with that small sum, then you can try trading futures...however, all futures contracts are essentially based on 100k of underlying.
ES, CL, ZB, Foreign exchange, all have similar margin requirements (about 5k/contract)...but each contract is the equiv of trading 100k. That's already 10:1 leverage on your 11k...and that is the most anybody should trade with (10:1) (so you shouldn't trade more than 1 contract with that kind of money).
If you use shorter instruments on the US yield curve, then you could trade 5yr futures (ZF) or 10yr futures (ZN), where you can trade 2-3 contracts for the same 5k of margin...which allows you a little more flexibiity...but still have access to the same basic volatility. Personally, i'd recommend just trading 5yr futures (ZF)...just one contract. You probably won't lose all your money, and you will learn alot. You don't need to join a firm to do this...just open an account at a discount futures broker. Its a great way to get experience...and 5yr contracts are a great trading vehicle.
There aren't many prop firms that hire newbies in NYC....but there are many in chicago (Gelber, Chopper, ect..)(where you don't put up any money...they train you for 6-12 months...you are an employee...and then it becomes sink or swim)....some in Canada too around Toronto (DV comes to mind).
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