Are they solid? the training program still going on? Just in case I get canned in NY and have to move to Hotlanta.
I worked for ETG within their trader services department rather than as a prop guy, and can answer any questions you might have about the firm. I was scapegoated and fired for making a mistake that was about 25% my fault, so my answers may be bias, but I will try to be objective and helpful. By the way, Bob Kantor did in fact retire and Jeff Mester was promoted to CEO/President.
Ok Drectified, time to spill your guts. What's latest insider info at ETG? What are they charging per share etc., payouts. How do the new incoming traders do? How long do they give them? What are guys netting after a year or so?
Saw an ad of theirs and wanted to know a little more about them before I applied. Don't laugh, but do they pay a salary (I don't think they do) ? How much size do you start trading, and how quickly can you increase your size (I know based on profitibility, but what kinda numbers) ? And what's the cut, and how are the fees that a trader would pay (data, desk, internet) ? Thanks in advance. Vega By the way, I've seen their website so I know of the stuff their, just trying to get an inside opinion.
Salary? HA!!!! Maybe in the old days when they were 1st starting out. Now they are nearly a full-fledged retail outfit. How much size you start trading depends on the individual deal you work out with management. If you bring solid profitability, a large capital contribution and trade a lot of volume your commissions and other fees will obviously be better. Unless you are a huge player with a great track record, or know the managers personally or professionally, once your cap account runs out, so does your time with ETG. Unless of course you decide to deposit more!!! The fees also depend on your status as a "big guy"....but for your average joe I hear they are close to the norm. After having worked for that group of Nazi's (the one guy who is very nice happens to be Jeff the newly appointed CEO, and a few guys in trader services where I used to work who handle your problems) I wouldn't suggest it.
I worked for ETG in Northbrook a while back when Jeff was the office manager. He is a really good guy. Taught me to trade. Worked real well for me as I made enough to go on my own as a customer. They just started training again. They do pay some trainees small. A salary would be an exageration. I found all the people there were very helpful. I can see why I would not like them if I was fired for something that was only 25% my fault like drectified was. I reccommend call their offices and ask for Jeff. He will take your call or get back to you. There is a guy Greg there who can be a real hardass. Watch out for him.
I agree to call thier offices but no way will Jeff or Greg return your call. Someone else will though. ETG is a very stand-up firm in my opinion. I have nothing but good things tosay about them. They take a percentage of your profits, their rates are slighly higher than others but not by much. After you prove yourself size is not a problem.