FORUMS BROKERS SOFTWARE
Home
 
    Forums > Direct-Access Brokers > Prop Firms > Help, my interview with Summit trading


Reply
 
Thread Tools
Old Dec 26th, 2010, 08:10 PM   #1
MZG
 
 
Join Date: Jul 2009
Location: USA
Posts: 36
So I had this interview with summit trading capital today.
They used to operate under the name Platinum plus. They did not bather to change the signs in the building.

We had this group interview with a guy named Oscar. He started by introducing himself and said that he has 15 years of trading experience and that he sees more than 90 percent of traders fail. He said that there is no way to find a good trader except by giving everybody a chance. He stressed that 90% of us will fail. And while most people feel the pressure when they lose capital and leave after 2 months, he will give the capital to each trader, and they should start their own way. He said the thing he hates is sharing ideas. Rather everyone should do his method. However it should be SWING. They use sterling platform.
Trading is with 300,000 for each trader and minimum 10,000 shares in USA equities only. Yes minimum is 10,000 shares. When asked by some one about FX, he replied the answer to all your questions is NO because it should be US equities only. The lose minimum should be 2000$. No overnight positions.

Minimum commitment is 6 months. Split is 50/50 with 3 dollars commission on 1000 shares and no desk or connection or any kind of fees.

Everything moves through a black box. He said that some of the trades my not pass if the black box rejected it. However, they will be counted for you as usually P/L. which means if you made a trade and the black box rejected it, then it was a profit, it will still be reported to you as a profit and you will be paid for it. Payment is on 25th of the next month and is all the profits minus loses minus commission minus their 50%.

The funny thing was those two people, someone with 5 years experience and other with 13 years. They said we told you that in the resume, he still apologized and asked them to leave.


NOW MY QUESTION IS what is it in it for him? WHY he will take people with NO EXPEREINCE give them training and 300,000$ for each knowing that most will lose the money. CAN day trading be that profitable to rent a trading floor in wall street with 6 full time working staff (non trader)? What he will gain?
    Quote
Old Dec 26th, 2010, 08:18 PM   #2
davidmaria1
 
 
Join Date: Sep 2006
Location: Massachusetts
Posts: 1,238
On a Sunday?
Shill...
    Quote
Old Dec 26th, 2010, 10:01 PM   #3
MZG
 
 
Join Date: Jul 2009
Location: USA
Posts: 36
and what is your problem?
    Quote
Old Dec 26th, 2010, 10:49 PM   #4
LEAPup
 
 
Join Date: Aug 2008
Posts: 6,904
Quote:
Quote from davidmaria1:

On a Sunday?
Shill...
Strange. I thought the same thing about Sunday. Maybe some outfits do the group interview kind of thing at odd times kinda like in the movie "Boiler Room."

Best of luck to the OP though!
    Quote
Old Dec 26th, 2010, 10:54 PM   #5
MZG
 
 
Join Date: Jul 2009
Location: USA
Posts: 36
guys. let's focus on the main question and not worry about breaks, weekends, holidays and time off
    Quote
Old Dec 26th, 2010, 11:06 PM   #6
LEAPup
 
 
Join Date: Aug 2008
Posts: 6,904
Quote:
Quote from MZG:



NOW MY QUESTION IS what is it in it for him? WHY he will take people with NO EXPEREINCE give them training and 300,000$ for each knowing that most will lose the money. CAN day trading be that profitable to rent a trading floor in wall street with 6 full time working staff (non trader)? What he will gain?
I really wouldn't know why he would throw 300k in the hands of rookies. Sure, their s/w will liquidate you in the blink of an eye if you start to drawdown below their pain threshold. But, how much d/d will they allow a rookie before they show them the door? Hmmm... I'd be a little leery. How much due dilligence did you do on this firm?

Btw, did you wonder why they would hold a group interview vs. a one on one. If it were my firm, I'd want to meet one on one and see who's going to be sitting in front of my monitors, playing with my money...

Keep us posted please. Most guys get these prop jobs, and never post their findings afterwords either good or bad.
    Quote
 
Reply
Thread Tools

Forum Jump



   Conduct Rules   Privacy Policy   Sitemap Copyright © 2014, Elite Trader. All rights reserved.   

WHILE YOU'RE HERE, TAKE A MINUTE TO VISIT SOME OF OUR SPONSORS:
Advantage Futures
Futures Trading & Clearing
AMP Global Clearing
Futures and FX Trading
Collective2
Automated Trading Services
CTS
Futures Trading Software
dom993trading.com
NinjaTrader Consulting
eSignal
Trading Software Provider
FXCM
Forex Trading Services
Global Futures
Futures, Options & FX Trading
Interactive Brokers
Pro Gateway to World Markets
JC Trading Group
Direct Access Trading
MB Trading
Direct Access Trading
NinjaTrader
Trading Software Provider
optionshouse
Option Trading & Education
Rithmic
Futures Trade Execution Platform
SpeedTrader
Direct Access Trading
SpreadProfessor
Spread Trading Instruction
thenut-trader.com
FX, Gold, & Stock Signals
TradersStudio
System Building & Backtesting
Tradier
Equity and Options Trading
Trading Technologies
Trading Software Provider