Chicago WTS Open House - Jan 17th

Discussion in 'Prop Firms' started by JCTradingGroup, Dec 22, 2011.

  1. JCTradingGroup

    JCTradingGroup ET Sponsor

    WTS PTG, the global leader in proprietary equity trader and technology solutions, will be holding its first open house on January 17th at 4:30pm at our new Chicago trading floor, located at 209 West Jackson Boulevard, Suite 600, Chicago Illinois.

    We are excited to meet new prospective traders that are interested in trading with the overall best trading firm in the world. If you are interested please register before hand at the WTS homepage:

    Please feel free to contact Raymond Doyle, Vice-President of Sales and Human Resources, anytime during normal business hours 9am-4pm at 212 509 3800 x209 or email . Recruiting will also be conducted by JC Trading Group.

    Below are some of the facts of WTS, the upcoming open house and the new recruit training program

    1. Introductory Seminar
    Our introduction seminars are conducted periodically on our trading floors The Seminar lasts about two hours where we introduce WTS PTG, The proprietary trading industry, basic concepts and trading strategies. After our presentation there will be a Q&A session.
    • You will need an invitation and confirmation ID to attend. Seats are limited, please register in advance.
    • You should bring your resume with you since interviews might be scheduled with candidates who are interested.
    • Attending the free seminar, in no case guaranties the possibility of enrolling in the new associate training course.

    2. New Associate Training Course
    Our new associate training course is mandatory for all candidates without previous trading experience wishing to join WTS PTG. The course last more than 60 hours and covers all the essentials trading concepts necessary to start a successful trading career. The most important subjects including market structure, ECNs, dark pools, trading software, trading psychology, trading strategies will be covered and candidates will be tested to confirm appropriate understanding.
    • This a mandatory course for all new prospective associate.
    • The only way to enroll this course is to be selected by WTS PTG after an interview.
    • Candidates will need to successfully pass a final test before graduating and receiving a certificate which will allow them to become a new associate.

    3. Advanced Course
    The advanced training course is intended to WTS PTG associate with at least one month of experience. The course will last more than 60 hours and cover more advanced trading concept and strategies. Successful strategies will be implemented in real time with the trainer. Strategies like merger arbitrage, opening strategies, pair trading, and dark pool arbitrage will be studied intensively. The candidates will also learn how to use advanced features of the trading software and how to do research and back testing.
    • This course is not free. You can discuss the costs and details and the possibility of enrolling.
    • After successfully passing a final test and graduating, the candidate will receive an advanced trader certificate.
    • After the course the candidates will have access to real time trading strategies support and analysis of trades for a period of 3 months.
  2. Who rated WTS PG, the 'global leader in proprietary equity trader and technology solutions'? That's quite a stretch. If you they are truly merging with Dimension and offering Blackwood Pro as their DMA, they are in the back of the line on Technology providers... And don't even bother looking at their balance sheet on That cements them near the back of the pack. Best part, how can WTS PG - a CBSX broker dealer - be a global leader. The CBSX doesn't allow traders outside of the US. Well, I guess I knew it was them complimenting themselves anyways, I just question how truthful the whole sales pitch is if they can't even keep their own self pumping to one continent.

    Seriously, these guys have one training strategy. Its called rebate trading, and if you do it, A) you're not getting hired for a job. B) You are going to eventually told you need to put down $1,500. C) So bring your resume, but as long as you have a pulse and a checkbook, you'll be accepted.

    D) If you don't know what rebate trading is, try staring at a level 2 window of SIRI, NOK, S, or Ford for about 5 minutes. Then imagine doing that for full day. Then imagine the same for a few months. Then imagine what you could have done with the $1,500 bucks and the 6 months you wasted learning nothing and making nothing. This strategy is NOT a starting off point and no other prop firm will ever accept you into their training program or hire you.

    Here's another highlight - 'the overall best trading firm in the world'. Don't by shy about yourselves guys. Also, what is Jc's relationship to WTS? JC used to be with Oceanview, and now if you check the website, they don't even admit they are part of WTS.

    Anyways, just don't waste your money, and don't be suckered by this pitch. Its probably worth the comedy, but ask any current trader out there how tough it is right now, so why are these TV informercialists dragging new traders into the market now?

    And if you are going to trade in Chicago, there are other places which actually have point to point connections (not cable modems to 12 different softwares). And a chunk of them are legit, or at least have legit traders to learn from, and aren't dragging some guy from NY in to pitch you on some crap training strat. Check out his Linked In page - the guy's just a trader that can't make money so now he does seminars to drag people into his firm.

  3. hitnrun


    this office in chicago is this a partnership with jc trading or

    strictly a new office opened & managed by wts corp in nyc ?
  4. SgtSlotter, what is your problem with WTS? Why do you hijack every thread on elitetrader that even mentions WTS? Out of your 62 posts, almost everyone is anti-WTS.

    I have traded with them for 2 months and only have great things to say about them. I have been paid both months without even asking for a's automatic! They have more routes than any other firm out there....I guarantee it....and some great routes that will save you money as a trader.

    I have read through your posts. You are very knowledgeable (or at least your think you are) about CBSX/SEC/FINRA rules, as well as being personally familiar with the principles of WTS and JC Trading Group (who I trade with at WTS).

    This leads me to the conclusion that you are a failed trader that traded at WTS as well as JC. Maybe you were even involved in working with WTS since you are so familiar with them. You obviously have a vendetta against them.

    We get your point....move on. While you are sitting home unemployed trying to figure out how you can get money to start trading again, they are adding traders and opening branches.

    Go back to selling mortgages.
  5. Congrats to WTS! I've been trading for them for a while and think they run a great shop. SgtSlotter seems to have an issue with them, however, I haven't found any issues with them.
  6. Of course i have a problem with them. No one answers the important questions.

    1) How do they have international traders if they are a CBSX broker dealer which I was told does not permit them?

    2) The question which will shut me up permanently I can not get an answer to is how much of the firm's money is Class A member capital (the owner's money) and how much of the firm's capital is made up of trader's capital. Opening branches and subgroups at a rapid pace is a red flag to me, since it could be for a devious reason to 'expand' (they need new capital to supplement old capital or for operating purposes). LET ME BE CLEAR - I really hope this isn't the case and I hope they are opening branches etc for the right reasons - demand from successful traders or they're able to train guys to be successful. Since trading has been VERY tough, and WTS is famous for rebate trading Citibank which stopped when it reverse split, this seems a bit of a stretch, so I think this is a fair to question to want an answer for.

    Again, answered by a CEO or President or FINOP of WTS, the fill in the blank below would appease my concern, and I'll stop all the questions.

    From 'Name, Title and Date': _______

    Total firm capital = X $$ (usually I don't think it is a polite question to ask about a company or person's money, but since they are asking you to put money into their company, and this is required to be publicly available information in the brokerage industry (just that the last public filing was about 12 months ago at this point - see for all firm filings), I think it is fair.

    Total Class A member capital = Y $$. (Asking here: what is the ultimate owner or owners of WTS capital currently in the the US broker dealer all the subgroups are a part of)? Reason I am asking is: if trader # 987 goes through his money and beyond, how much is in there from the ultimate owners to cushion before the other trader's pooled money gets hit? I'd also like the same person to word it clearly that the firm's Class A owner's are the ones providing the cushion, and there isn't some sort of loan or something putting the other trader's (aka Class B members) ahead of the Class A owners in the case of a trader or subgroup blow up.

    Total Class B member capital contributions currently in the firm = Z $$.

    = = = =

    Y + Z should equal X. If Z is too much or all, then there's an issue. If there is a significant cushion (current numbers, not initial investment) from the Class A owners, then I drop the questions and let you guys off the hook on the shameless promoting like 'best overall prop firm in the world' and 'technology leader' when they bought Blackwood Pro, potentially the world's worst trading software.

    By the way, I think this should be asked and answered of any firm you consider putting money down at, not just WTS.
  7. reddy09


    Does WTS offer Redi?

    I am a remote trader in Chicago suburbs...been looking to get out of the house and on to a trading floor. Looking forward to meeting you on January 17th.

  8. The whole idea of making an intelligent judgement of how sound a daytrader 'prop' firms finances are make no sense to me. Anyone can lie or falsify this anyway. Unless you're an insider running the company, there's no way to know. If Bear Stearns, Merrill Lynch, MF Global, Barings, LTCM, and on and on can go down - ANY of these daytrading prop firms can. You can't make a reasonable judgement and so it seems don't waste the time - try to minimize your contribution - and have the attitude that you're there to generate income off your contrib and if you lose your contribution it's not the end of the world.
  9. octsa


    Beware of that tsw, it's only one franchise from the office of mtl.
  10. For newbies who don't care about their $5,000 or $1,500, ok. But for any real trader, your monthly paycheck is at risk. And you risk downtime if the firm goes down.

    Regardless, with about 2 hours of effort, there are several resources to try.

    1) Kick the pavement, check out their home office. Is there anyone trading there? How many seats, and how many are filled? Look at their risk module to see how many people are trading.

    2) The yearly statement of financial condition - done by an independent auditer - is required each year and is usually posted a few months into the year, on, I think as an Edgar search or search for company filings.

    3) If a firm is FINRA, you can find out about their record on brokercheck at the finra site. Only FINRA bds, so no help with WTS, but help with other BDs if they have net capital violations.

    But, agreed, that's the limit of the law (although you could call the exchange and ask if firm is in good standing).

    Regardless, despite the temptation for firms to use OPM (aka trader capital contributions), it doesn't work for a legit firm. And legit firms tell you (and some have no trader capital at all.) Most firms think telling you how much cushion they have is an attraction to realistic traders, so ask and see the reaction. Stuttering, avoiding, etc. = not good. Quick answer, showing you a focus if you are depositing a lot of money, getting shown a bank or brokerage statement = all good things that should give you a little confidence.

    Anyways, if a firm outright lies about their status, and you have to ask for them to actually lie - how much cap, how much is owners cap, any pending lawsuits or regulatory actions against them?)- then the corporate view can be pierced (by fraud). It can still take years and then the owners may not have or be able to hide their personal money, but it does put a stamp of credibility on the whole thing.

    So don't trust anything but yearly independent statements, but ask the right questions, avoid problems later.

    #10     Dec 30, 2011