I just wanted to give a couple useful items.
1) I wanted to remind you guys that there is a prop desk in La Jolla near San Diego. I actually may join it after I get some success with SMB as they have the highest payout I have seen in the industry. But they lack a training program and mentorship. The name of the prop shop is Ocean View Capital and its website is the following: WWW.OCEANVIEWTRADE.COM. Mike Kestler is one of the partners and senior traders. They have the same commissions as SMB but have 90% payout structure and you have to have $10k on deposit with them and they will provide you with the intraday buying power that you need.
2)During my 2 days off this week, while I was waiting in the hospital waiting rooms I reveiwed a couple sections of "The Daily trading coach". Came accross tradingrm.com. This is another prop shop mostly dedicated to option located in Chicago. There website is at tradingrm.com. I reccomend you guys check out the blog.
Jason, not sure if you have checked out the site yet or not but it sounds promissing for someone in your shoes. I like the blog to.
Thats all.
Dom
Thanks Dom. Regarding Ocien View Trade how did you find out about them and have you heard any first hand accounts from traders about their reputation and experience?
ReplyDeleteI actually know the owner Mike Kestler. I had a brief experience with them when they went by Tuco, but then they fell into some regulatary issues with the SEC, which they have since cleaned up. Mike is a standup guy and is very good to his traders. I really would had started with them, but they do not have a formalized training program. The office in in a great location with in walking distance of the beach.
ReplyDeleteThanks. I reach out and see if I can setup a meeting in September. I am looking to go to a seminar on a new charting program from Worden that I may add to my technical arsenal. What do you think Dom? Are you now looking at joining them or going with SMB?
ReplyDeleteIts complicated. I went with SMB for the training because Ocean View does not have a formal training program. And I still plan to go live and trade with SMB capital as I want to finish the mentorship for the next 6-8 months. I think this is the best way to develop my intra day trading schools. But I think that once I feel comfortable enough, I will move over to ocean view because they have a flat payout of 90% which is the highest you are going to find in the industry. Next time we all meet I will bring the payout tables with me for SMB to go over them with you and Jason.
ReplyDeleteBasically what I am saying is that I am leaving some money on the table by joining SMB, but in my opinion it is actually going to save me a lot more money in the beginning to get over the learning curve, so it is worth it. But there will come a point where I will want to get the highest payout possible, with the minimum of capital at risk.
Hope all of that makes sense. But yes I am going with SMB to start.
Mark,
ReplyDeleteYou asked if the daily trading coach had a list of prop shops and unfortunately the answer is no. It just has SMB and trading RM. As these are prop shops that Dr. Steinbarger has contact with and were mentioned in the book. There are lists floating around the internet, but I am not sure how accurate they are. But if you do some searches on "prop shops", Day trading shops, trading arcades, you should be able to find some. Let me know if you need my help. I am sure I can pull up some archived sites I have.