Compensation for traders at top firms?

Discussion in 'Trading' started by sammybea, Mar 25, 2002.

  1. That would be "showboating' and really troublesome legally. We have Million/year traders, let's just leave it at that.

    I like where you're going with this, however...since it is generally a better feeling to be in charge of your own destiny than to be subject to the "whim and fancy" of your "superiors" at some brokerage firm.

    Hitman is on his own, legally, and I hope he can stay out of trouble.
     
    #51     Apr 1, 2002
  2. Hitman

    Hitman

    Look, as much as I love Worldco I have to admit that the type of trading we do is the least risky (read: smallest potato) as far as the overall food chain is concerned. And I noticed how Don Bright called Bright a "big firm" and labelled Worldco something else, sorry Don, Worldco is the second biggest firm behind Schonfeld and Bright should be in the second category until you get some breathing bodies in New York area.

    Unless you already have a tons of money to blow choosing Worldco or Bright for that matter over a trading position in GS is plain stupid. What heck, you can get into Worldco with literally nothing but heart, you can get into Bright with just 25K, at least you have to work for GS.

    That said anyone talking about 500K as "nothing big" is due for some nasty surprises when they start working in real life. I would shine Don Bright's shoes for the rest of my life for that kind of money.

    Not everyone can get into an ivy league and those that do, it is better to appreciate it and understand that there is more than one way to success, and those of us who didn't born with a silver spoon in our mouth or going to private school in a Mercedes Benz have other options, such as Worldco & Bright.

    P.S. I have a copy of the account statement for every single number I provide, and I don't see why would the Fed rush down my office because I made some claims on the message board. Every single word I say, I mean it, and I don't see how is that anyone else's business.
     
    #52     Apr 1, 2002
  3. axehawk

    axehawk

    LOL!:) I think we all need to goto the beach and relax somedays. Too bad for me the temperature of the Detroit River is about 40 degrees.


    AXE
     
    #53     Apr 1, 2002
  4. liltrdr

    liltrdr

    It's like pulling teeth to get some numbers around here. Everybody seems to think that the only way to make some real $ is to sell one's soul to the banks in new york. Smack those punks down Don. Show everybody what's possible in the prop trading world. Can you at least answer the question: "Are there any eight figure traders at Bright (net commissions of course) for 2001?" That's not even a number. Just yes or no. You can leave the rest to our imagination.
     
    #54     Apr 1, 2002
  5. sammybea

    sammybea

    Hitman, what you are doing is not only very legal, but extremely insightful and frankly noble.

    There are no legal issues in posting percentage of net profitable traders at a firm. If someone lies about the numbers at his firm, that is one way how he can get in some hot water with the federal government since he would be trying to promote his company under false numbers. He chooses not to post which is fine and therefore no legal implications.

    But the fact is, promoters of daytrading firms will not release net profitable data unless it does them any good. Why will some 22 year old, fresh out of college (lets hope!) enter a firm where the percentage of net profitable traders is very low. The fact is million dollar traders is a selling point. Just like Trump has big winners in all of his casinos. Hitman, don't let anyone discourage you to post. Its sad to think anyone would suggest there are any legal issues considering you are not selling anything. Good luck to you.

    Don, a messgae to you. You are probably one the "brightest" guy on the board. You daytrading empire looks like a huge success. Most can only hope to get to your level. Please don't say there are possible legal issues with Hitman. It simply is not true.
     
    #55     Apr 1, 2002
  6. BudFox

    BudFox

    Could someone with a law background confirm whether or not Don Bright is bulls****ing us about the legalities of him posting traders profits?
     
    #56     Apr 1, 2002
  7. nitro

    nitro

    LOL LOL

    nitro :)
     
    #57     Apr 1, 2002
  8. Hitman

    Hitman

    I can tell you that with the exception of the hedge fund guys which is an entire different division with totally different rules, I don't think anyone at our firm made more than 2.5 million in 2001.

    There were approximately a little less than a dozen seven digit performers, half of them came close or broke the elusive 2 million mark.

    This is out of a pool of more than 700 traders, or around 1.5%, so your chance to make a million a year here is about as good as anywhere else in life. (Read: it is not that easy :)
     
    #58     Apr 1, 2002
  9. BudFox -

    Come on, would Don BS us about anything? :)

    For instance, why would anyone want to work/trade for GS or any other trading group when they could trade at Bright?? Prop firms are the center of the universe afterall.

    Those guys at the different firms in NYC and Chicago pulling down over a million bucks a year with no personal risk must be insane!!

    LOL
     
    #59     Apr 1, 2002
  10. liltrdr -

    By "prop firm" presumably you mean a GS, JPM, etc. - not a Bright/Worldco - otherwise, why would you want to move to NYC just to do that?

    Re: Taxes - I believe it's 6.85% NY tax plus about 3.6% for NYC tax - so on $200K the state/city tax would be about $20,700 - over 3 times what I pay in Illinois, but probably not bad if you currently live in California.
     
    #60     Apr 1, 2002