Discussion in 'Prop Firms' started by gooch, Oct 30, 2002.
Any feedback would be helpful
do a search(upper right hand corner).....there is a lot of info on them in the old threads. i suggest starting with the last page first and working backwards.
i work there. do a search, then if you have any other questions, PM me.
They are mostly prop with very few retail customers. (this was in the retail section)
you are ready to
1. pay them commissions
2. learn nothing new
3. get stuck into a 3 year contract
4. have no salary
5. have no benefits
6. pay them commissions
7. pay them commissions
so, if you are looking for all of the above, ETG is the way to go
If you want a salary and benefits while you train go to FNYS, it's the only place to go
My advice regarding ETG is to look into other firms.
A friend of mine worked for them as an employee. He told me to stay away He told me stories that were less than professional in regard to how they treat their employees and how they treat they traders.
As far as training their new trainees, you are given some guidance and then left to your own devices. You may have some words of support from other seasoned guys, but not really much.
Don't be mislead to think that you may be sitting next to a big producer.....It won't happen.
Alot of the traders whom are still there are there because they are waiting for a payout from the bullrun. Most in the past have moved on to other shops with better rates for trading.
You are there to generate commissions and that's all. Don't believe anything else you they tell you.
Look into First NY Securities. i hear good things about that shop for newbies.
I'll take your word for it regarding ETG! After all, this is your first post, and you have been a member for a few hours.
do your research.....there are all sorts of places to trade....you need to find out ALL the details........
different firms suit different people, depending on their situation. the salary at first new york has to be nice, though it comes at a price - you're a slave for some other trader and you won't be trading while you're getting it. most people learn quickest by doing, not watching.
hold brothers evidently has a draw for a little while and you get to trade, which has to be the best deal out there. the price, you're locked into a contract, but who cares about that if you're getting good rates (they self clear). goldman sachs has a two year contract for analysts.
echo, bright, and andover are best suited for people who have experience, and are willing to risk their own money to trade. they obviously aren't best for newbies. since they risk absolutely nothing on their traders, they can offer you good rates.
worldco has heavy hitters and you get to be on a team who gets paid based on how you do, so has an incentive to teach you. they self clear and therefore can offer low rates. downside, supposably their software sucks, bullets on good stocks are supposably hard to get, and the nx function is subpar.
etg is switching clearing firms imminently and will now have rates that rival, if not better, rates of firms that are self clearing and those where you have to trade your own money. the plus, no money down. the minus, a lengthy contract.
it depends on your situation. i work at etg, but frankly, hold brothers seems to have the best option out there right now due to the draw and fact that they can (though i don't know that they do) offer low rates because they self clear.
one last thing: there are disgruntled traders at EVERY firm, prop firm and otherwise. my girlfriend works at goldman sachs and you would think every employee hates it by what she hears people say. for trading firms, it probably depends on how well the trader is doing, or did, to determine whether they have anything positive to say.
sorry....too late. i think bright is switching to instinet just to try to remain competitive. i've been pm'ed some pretty low rates but was not impressed with company stability and management. etg may become more competitive than they would have been if they hadn't been pro-active, but again they are late to the party.
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