DESPERATELY looking for GOOD Proprietary Trading Firm in London UK

Dn1977

Junior member
19 1
Thank you for taking time and sharing your experience . I know the truths about all these so called prop firms now a days , When you are doing any sort of job and you start loving it , have that gut feeling you are good at that Just need someone to show the right direction which will probably make you successful , I do have the same feelings about trading .Unfortunately I came to know about trading very late in my life otherwise i could've start preparing early in my life to get in the route and work for some investment bank and related .
If you have drive and passion with an obsession with trading and deep pockets and years to study and fail and keep going . If you are willing to risk it all and go through dark hard times to chase the dream then there is a small chance that you could make it. I know , I have been there and it’s is brutal . But the rewards if you are one of the few , are worth it, in my opinion.
 

ironjaw

Member
71 9
I'm interested in an update. What is your position now? I do think that you're better off on your own, either running limited company to offset the expenses, take care of tax and all that then working over at a prop firm.
 

Parky

Well-known member
259 32
The number of Prop trading companies still going can be counted on one hand, which in itself answers the question about "Good" Prop companies, as all those not "good" have gone by the wayside. Sadly many led a rush to the bottom offering ridiculous leverage, wafer thin commissions and very lean balance sheets, meaning they had unsustainable models and they have gone. One laughingly even advertised as making "no profit" being run by traders for traders, championed by many and folded as most predicted. A "Good" Prop shop has been around a long time, is diverse offering multiple asset classes and platforms, has strict Risk management and offers a home to brokers, trading and trading groups. They offer full IT, Risk, Compliance as well as clearing and settlement. Those still standing tick those boxes.
 

ironjaw

Member
71 9
That's true, but I'm thinking what reason is there to work with a prop firm. Is it to gain experience or to use their contacts or framework to direct access the market to execute traders faster? I just see no reason of using one's own hard work, working for them when you have to pay for a desk and share profits with them? What's the advantage? They will only take on professionals with track record, and I mean at that level (which I hope to attain one day) I would be more inclined to setup shop at home for myself and be my own boss
 

Parky

Well-known member
259 32
OK, firstly if you are funded sufficiently to cover your own Risk profile, you should not be paying a percentage of profit, the company should be able to live on the commission on the basis they get economies of scale. But what a prop shop should offer is diversification, we have all seen contracts and markets dry up, trading strategies that work today may not work tomorrow and platforms available today could stop altogether or fall behind in the technology arms race. A prop shop will keep traders up dated with new contracts, new strategies and alternative trading opportunities be it platforms, markets or contracts.
Lastly you don't "work" for a trading company, you should be a client taking their services because they add value and flexibility.
 

ironjaw

Member
71 9
I agree, the OP was looking desperately for working with a prop firm. I would imagine, using a prop firm as a broker and being their client for tighter spreads/commissions

Palrky, not sure where you are but any recommendations on prop firms that do offer that service you mention, or course, scams aside, please.
 
 
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