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kmgilroy89
Registered: May 2012
Posts: 375 |
06-02-12 01:58 PM
Jane Street- Usually considered the best.
SIG- From what I gather this is the 2nd best, but I don't know big they are in NYC. Most people seem to work in Philly.
Trillium Trading- Pays $500 a week I believe, not as much as Jane Street or SIG, but much better than nothing.
Chimera Securities- Does not pay during training period, but pays salary after training period.
FNYS- Considered one of the best, at least a couple of years ago, but I heard on WSO they were going under. I don't know how true this is.
Any others?
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kmgilroy89
Registered: May 2012
Posts: 375 |
06-03-12 08:04 PM
Quote from ronin266:
Transmarket group, Hold Brothers
Thanks. I emailed Transmarket Group to ask if they have junior trader positions in New York. I get the impression from their website that they are only in Chicago. Hold Brothers is in New York. I'm emailing them to see if they take people who want to begin a career in trading and train them.
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EvOTraderV2
Registered: Jan 2012
Posts: 316 |
06-04-12 02:46 PM
with the CBSX firms, discretionary trading positions usually aren't paid. most deposit a require.
You can still check these firms to see if anything is available in risk/administration/back-office. I know quite a few traders who ended up finding employment in back-office positions after being unable to trade their own capital successfully. Either way, there are positions and you can learn the business the good old fashioned way while getting a salary.
It's going to be very difficult to find discretionary trading that is fully-backed, let alone with a salary. Most places that offer this have a very distinctive style that can't be implemented at another firm. Trading firms are often structured around a particular strategy/style of trading. I think a back-office gig can get you the experience you need to know what you're doing trading.
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ronin266
Registered: Jul 2006
Posts: 241 |
06-04-12 05:39 PM
Many of the firm OP mentioned, offer the old trainee/assistant/junior way to start working with them. Specially chicago ones, oh, btw OP, you should add Tower Hill to your list, forgot about them.
A serious Prop firm will never let you play your capital for a couple of obvious reasons and will pay all the software expenses (at least until the preparation period is done). I really doubt that the rate of success of their traders would be higher if they made their trainees pay 300/month plus the risk capital.
All those "prop firms" that are active in ET, are just trading arcades and bucket shops where the owners mostly are under-capitalized themselves, and just will "hire" their profitable traders without putting a cent to their training, managing, selection, etc earning the money from the commissions and software fees spread. They mostly don΄t know how to trade themselves, so to not leave the stock market, they go and open a sub-account at WTS, HB, etc and try to earn a living milking out their "traders" lol.
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EvOTraderV2
Registered: Jan 2012
Posts: 316 |
06-04-12 05:50 PM
that's a very big misconception. A lot of prop firm owners are very successful themselves. Many traders, myself included, choose to trade discretionary because the payouts are higher and the commissions are lower.
if you knew you were profitable, would you rather keep nearly all of your profits or give half of it away? the no-capital upfront model is mostly for people who can't sustain themselves independently and need some type of downside. I hate to put it that way, but that seems to be the major difference between the two. The success rate is much more dependent on the trader and their skill set than any training program. Nobody can train you to perceive the market, you have to learn to see it through your own eyes. If you're using a firm's strategy it's going to be difficult to walk away and start trading that elsewhere. There's 2 sides to every coin.
not to be rude, but it is a bit naive to think all the traders at discretionary trading firms are at a bucket shop. I bet some of the firms you mentioned have just as much if not more 6-7 figure traders.
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