I have recently left a job trading equity options at the cboe and I am trying to learn more about prop trading firms. -How is the interview process? -Examples of different deals offered. -Capital contribution. -Technology and assistance. -Potential income(what a typical trader might make) I do not know anyone who works at these type of firms, but the overall opinion I have heard is somewhat negative. Any insight would be appreciated. Thanks
Curious, why did you leave your job? Did it not work out, or are you just looking to move on your own? "-Potential income(what a typical trader might make)" A typical trader makes nothing. A typical trader loses money. You have to be special, dedicated, hard working, and disciplined to make money. I would check the P&L thread for a lot of people who post from Swifttrade though. If you are working at a REAL prop firm there is no financial contribution. I believe they call them Pro firms. If you are contributing capital, they just give you buying power and a rate and you trade. Why leave the CBOE though? Want to trade equities instead?
I wouldn't listen to this JMowery kid, he seems like he has a case of "sour grapes". FWIW, I secured a near six figure position at a relatively medium sized firm in Chicago trading derivatives right out of college. If you have the right resume, there are plenty of jobs out there.
Did he indicate what/if he had college education? Sour Grapes though, c'mon, you started a thread in a professional forum about what kind of car you should buy, and this is your second post. What do you expect from those of us who actually don't get supported by mommy and daddy still , and get a free education from them, I didn't have that opprotunity, so zip it "kid" I show respect and give respect, but you already act cocky. He also asked about capital contribution, meaning he was more than likely expecting to contribute capital at a PROP firm, which means he was inquiring about going to a prop firm like Trade Vision, Assent, or something of the likes. Not a firm that requires education like you, lol. Pay attention and show respect or get none.
It is very difficult to make money at the CBOE these days. The spreads are so tight and with all the added liquidity options are usually fairly priced. Very tough to find profitable trades. Are there any Chicago based firms that someone could recommend?
So you are looking for equity trading or options? http://www.chicagotradingservices.com/ looked interesting, had that in my favorites for awhile. I tried the Liquid platform, great stuff, does Options and Equities. It's that new stuff. So you could kill 2 birs with 1 stone. That is the only one I know of though. For options, good luck, I think most firms these days are going to Futures and sticking with Equities... a lot also do Forex.
you need to step your game up. i too once worked at the cboe and got canned and complained about it being so hard to make money. its hard to make money no matter what u trade these days, every bid-ask is tight now. but lots of people are still making big cash, including the people u stood next to in the pit at the cboe. what u really prolly need is a change of attitude. you cant hold your hand out and expect people to throw you bags of money. that was my belief when i was there and it sure was wrong. trading is hard work and u will need to work harder to take money from someone else.
How did you make the transition from trading at the cboe to trading eurex futures? Just curious considering we have a similar background. I'm really interested in learning to trade the futures markets. With options now trading in pennies, the advantage to being a MM is worthless