I'm thinking about opening a prop trading floor in a few

I've always wondered why they need so many monitors?

>>1254941
two or three of them is dedicated to company shit like phone functions and internal memos/news.

>>1254941
So you can shitpost and analyze markets simultaniusly

>>1254918
I started a prop trading firm out of my garage. Took a while for things to take off, mostly because of how shitty the markets have been since QE3 ended.

You have to be willing to carry that weight all by yourself.

>>1254941
Depends on what you are doing. Some are just for analyses, some are for trades, some just internal shit like mail or chat. If situations heat up you need at least a few monitors, for example watching a stock while placing an order. Also for watching other markets you cover. For example, we had 4 screens as agent traders, one for e-mail, one for constant monitoring the orderbook, one to watch the markets and one to place an order. Therefore I can't work without less than 3 monitors anymore, got 6 at home

>>1254941
News. It's usually excessive and distracts from the goal. Successful trades streamline and simplify everything.

>>1256322
Trading is so cool. I hope one day I can be a successful trader

>>1256054
Just say you trade from home. You don't have to say "prop trade" when you don't have money from clients so there's no need to differentiate between client-based trades and your own trades.

>>1256574
I thought the point of prop trading was that you don't take money from clients ?

>>1256054
Any tips ?

>>1254918
as in just providing the office space/subletting desks to like-minded daytraders or actually providing clearing services too?

the money is mainly in the clearing/brokerage end - it is a volume game, you negotiate discounts with your main clearer, pass on some of that to your clients (thus the motivation for them going with you for better rates rather than sticking with their online broker) and keep a slice yourself. You'll have to vary the fees for higher volume traders to keep them.

I've not run one by was on a grad scheme then later a partner in a small futures trading prop firm a few years ago that was funded initially by a clearing house providing this sort of service.

>>1254941
If you aren't a 1337 h4x0r you won't be able to trade obv

>>1254941
you'll tend to follow other related markets in addition to the ones you trade

In futures trading you might well also have various alerts set up or have some orders working trying to capture the odd trade in contracts further down the curve... One guy I worked with had about a dozen though half of them were just him leaving bids and offers for a few lots in further out months, occasionally he'd get hit and his custom spreadder would react... so he'd want to glance up and see what just happened.

>>1256599
Prop trading refers to trading with the firms partners own money as appose to client's money. It's only used to distinguish the difference in funds for firms that have both forms of capital invested. If you're trading with your own money out of your garage, then you don't have to say "prop trading" no matter how cool it makes you feel, you're just day-trading from a garage.

File: 2788075675_f4c242e212_z.jpg (129KB, 429x500px) Image search: [Google]

129KB, 429x500px

>>1254918
To determine your odds of success in trading, divide the number "1" by the number of fucking screens in front of you.

>>1254918
no ISDA
no trading floor

>>1257148
>no ISDA
>no trading floor

>garage-band hedge fund startup with zero capital, no investors, no licensing, and no idea what the fuck is going on

Pic related: it's what OP probably thinks he is

>>1257161

Lol. Is this a name my band thread?

>>1256868
not really there are plenty of prop firms out there of various sizes that trade exclusively with their own money... especially in HFT

>>1257148
you don't need an ISDA if trading exchange traded products

>>1258100
While you are somewhat correct about HFT (fuck em) and prop trading, check out this list of larger firms that are "prop trading firms" that actually turn a profit and see if any of them only use partner money.

>http://leverageacademy.com/blog/proprietary-trading-shops/

>>1258119
most of them do???

some of them have some client business - larger HFT firms and market makers also run ECNs and/or trading in OTC markets

though they've also mixed in firms that are mostly brokers/clearers into that list including some that have no prop business at all

it is a very muddled list comprising of HFT firms, options market makers, clearers/brokers and trading arcades

for example marex is mostly a broker but does have a small prop business as a result of taking over STA's prop business- though mostly to facilitate providing office space for individual traders and small prop groups ... they're looking to sell it, it isn't very profitable and they're mostly a broker

futex is more like a day trading firm

advantage futures is a broker and doesn't even have a prop arm AFAIK

Jane Street is an options market maker

Getco is now KCG and mostly prop/HFT though they've got some execution services...

the whole list is a bit random and muddled