Don't misunderstand me or my premise here. Our top, multi-million dollar types, tend to keep larger positions overnight - not closed out each day. Thus a better fit for us. And, we'd be glad to work with Mr. Shreddog - but I assume that he has a "deal he can't refuse" already...if not, I would be glad to chat. The thing is, as accountants, we know our "actual" costs (not just a differential between GS and traders) and having a "loss leader" only works at Walmart. As far as long term traders, well over half have been with us for 8 years or longer - but, yes, we enjoy training new people as well. We prefer to retention to recruiting, but a combination of both has worked well for us. As always, just reference this note when and if you and/or he want to chat. All the best, Don
NYOBScalper: what clearing house, clears high vol. at this rate (.0004-.0005) and what do they consider high vol. Thanks
Hey Don, Enjoy the weekend, and may I suggest a nice restaurant in La Jolla? Trattoria Acqua, which is located at the cove. Great stuff!
I made a typo, said 5 cents per 10000, meant 5 cents per 10000, which is .00005 (quad 0 5). That's the low end, high end is .0004 for low vol small operation.
Clearing is through GS, then they're going through DirectEdge on monthly volume discounts in excess of 10M shares, so they're at a .0001 to .00015 cost level. Their gross margins are at least a cent, probably closer to two, so 100-200% on every share. I can't understand how they can't be profitable. It's just a matter of volume and frequency and risk management, and going in and out for a nickel, they're making money, don't let anyone try to fool you otherwise. This says nothing of their hedging against positions. That alone is worth the price of admission.
What a coincidence, could it be the same Maverick? http://newyork.craigslist.org/mnh/acc/1878296447.html Equity Option Trader (NYC/Remote) Date: 2010-08-03, 11:24AM EDT Reply to: careers@mavericktrading.com [Errors when replying to ads?] With our best year in business, we are looking to add new traders from the NY area for this year. Maverick Trading will put up the capital to trade and our traders keep up to 80% of all earnings. No prior trading experience is necessary as all new applicants will undergo a training program. We are searching for motivated people with a math/finance/economics background we can teach to manage and control the risks of the financial marketplace. To get more information about the trading position, the firm and the recruiting process, start the application process which will take you through a series of short videos and information pages. This process will answer most questions about our recruiting process and end with our online application form. After the recruiting process is complete, you will be contacted by a recruiter for a suitability interview. http://www.mavericktrading.com/apply.php Apply Now Our top traders can make $50k+ per month Location: NYC/Remote Compensation: commission based Telecommuting is ok. This is a part-time job. Principals only. Recruiters, please don't contact this job poster. Please, no phone calls about this job! Please do not contact job poster about other services, products or commercial interests.
Volume again - I was told you trade a lot (over 5 million = .003 for everything). Even over 1 million is .004 first 1,000, .003 over 1,000. Don
No car this time, stuck in Barona (they're picking me up a the airport)....but I'll check it out next time. Thanks... Don