Registered: May 2013
05-23-13 02:49 AM
I'm currently trading for them myself, I started near the start of the new year.
I also was a bit iffy on the agreements, but being here a while I've learned some interesting stuff
A. The level of enforcement is pretty unknown to me. I've asked around and not a single person knows of anyone who has actually had to deal with Tower Hill's legal disclosures. I still find the rules way to vague myself, but I like this place so far and don't really mind.
B. You start out at 2000 dollars, a 10 dollar stop loss, and a maximum 5 shares position size. The idea is that you're gonna suck at first (very guilty of this) so once you get the hang of it they'll give you a bump in capital/position size/stop loss. Since in theory you'll be making money at this point, you should be able to reduce or eliminate your loss.
Increases in capital are completely at the discretion of the management. The compliance officer is pretty cool, and pretty reasonable so I have no complaints there, and from what I've experienced and the results of other guys the timing and rationale of capital increases are pretty fair.
They dont want to give you more size when you're just gonna increase the loss by that much more.
Only complaints I have:
1. The trading platform, which is very fast and has some nice sorters but very little functionality beyond that. Of course, its possible that's why its so fast in the first place.
2. Communication. I would say there are only about 40 people here in our office, and probably some remote guys too. No one really uses the chat for trade ideas, and its a fairly "do it yourself" atmosphere. We have the occasional guys who share ideas and I talk often to people from my training group and the guys I sit by, but communication is pretty tame. Half the guys dont even log into the company wide chatroom, so when someone points out that something big is happening many of them miss it.
3. The training itself. I left this for last because this was easily the most completely worthless part of the experience. The training is essentially "Here's how you use the software, here are some definitions, go trade". They aren't kidding about the "entreprenuerial environment"
I know other firms hire Assistant Traders to shadow their seniors, and learn from them but this is definitely a do it yourself shop.
Also the time it takes to actually start making money is going to be a pretty long haul. I know guys who have been negative for a year and havent made a cent. I think only about 15 guys (all older of course) take home paychecks, everyone else is still in learning mode.
Thats my two cents