If he turns the corner and is up for a better deal, he should first go to his existing firm. "Look, you're taking 40% and have these commissions and this firm will give me 100% and these lower commissions. If you can give me as good a deal, I'll stay, but otherwise, thanks for everything and I need to move on." A smart firm would have him sign something, but he should be careful not to get locked into anything that will keep him from being flexible in the future. Like, maybe commit to a year, but no more.
Hi all, thank you all for giving me so much suggestion. The company I will work for doesnot need me to contribute money and doesnot need me to pay the loss, but they will get a not small amount from my profit as my account in the contract. That seems not so bad at least for me who is a poor guy at this moment. But I really believe that this position doesnot need too much background. the firm just picks up person from the street, and then see your value when you do this. if you do good, they just keep you, if you do bad, they just kick you out. So I just feel that this position is really not as attractive as some other derivative trader position. Do you guys think so? All the suggestion are welcome Roumeo
Ruomeo, Are you saying that if you do bad the firm should keep you anyway? Cash, wouldn't the legnth of the contract be directly proportionate to the value of the training recieved and the cost of it?
There really are few, if any, "jobs" as a daytrader. Trading is a business, and needs to be thought of that way. those who seek "jobs" will most likely end up as most do, on the street or locked into some stupid "contract." A good businessperson will treat this like any other business, train properly, align themselves with a good firm, and keep an eye on the whold business picture (costs, viability, support, etc.). The "95%" is accurate only for retail traders (as far as the previous reports were concerned). Professional traders are somewhat better. Since the requirement for licensing came into effect, the professional numbers have improved considerably. Again, 99% of all business ventures fail, most within the first year. So, as a group, we're doing pretty well, IMO. Don
If it is a proprietary position with no individual capital contribution and they eat the losses.. I would read the fine print.. they have to be raping you on fees. and the payout is probably so small... I would rather eat my own losses for decent fees and decent payout.. let the real traders stand the test
There's nothing to it: if oyu have any cash to put in, they'll take you. The GPA and what school you went to only applies if you want to go without any capital contribution. Other things matter too such as if you are real aggressive and pain in the ass towards walter and play the song and dance...he might take you in. he loves the crazies of the world...People who are driven...almost nuts like himself...and I mean that in a positive way. He gives lots of credit to people who are willing to work 101% 24/7 and devoted to life of trading. Only was you're gonna make it as a trader.
Two numbers in this thread are haywire. R says that 95% of traders lose money. Not the ones I know, and I'm talking about work from home remote traders, like me. It is far from only 5% of us who make money. Try 10 times that. Bright says that 99% of new businesses fail. More nonsense.