Generic

Nice payout.
What kind of commissions/fees are you going to be paying on your trades?
I would say that to answer your question you are going to have to figure out if you can out trade your fee structure to enjoy that 60% payout. Further you will then be able to figure out how long it will take you to amass that 25 K.

 

I have to find out about the comm/fee structure at generic, I just got the offer yesterday... Does anyone have a rule of thumb on what your vol. has to be per x cents a share of fees to make money, or something like that? I am completely new at this, I am trying to figure it all out as I go.

Also, any advice on contract snags that I should keep my eyes open to? My friend interviewed at ETG and in the contract if you leave ANY time for ANY reason before 2 years you owe them 25K. He asked them what was up and they said they don't enforce it. Then they asked him for the contract back. (he kept it, and showed it to me) Looks and Sounds shady. Should us new guys be aware that there are lots of snags like this in the contracts?

 

If you see a clause like that 'owe 25 K' run away, run away fast! Besides being ridiculous it's probably not even legal but why would anyone want to enter into an agreement with someone who would try and pull that kind of bullshit?

And dude, don't you think that you might want to determine how much it's going to cost you to trade before you even consider signing a contract! That should have been one of the first questions you asked in your interview.

You did have an interview didn't you?

:eek:

 

Do not sign any contract that won't allow you to leave without penalties. The days of "indentured servitude" are gone. If you get a better deal somewhere else, make sure you can get up and leave whenever you want.
Also, a 60% payout with full commissions is not a good deal. Go back and negotiate a higher payout (at least 80%). Best of luck.

 

First, it took you long long time to amass that 25k. Plus the crazy commission and ticket charge, and this terrible market, I guess one and half year to two years won't be too long for you to get to that point.

Second, the 25k penalty sucks. Good companies like Schonfeld and FNYS never need ppl to sign suck bull shit contract.

 

Check out the chart on VWPT, then check out the 13-D filings. Is Meyer holding the bag on this one?

 

I know this guy jtao00 and about Generic/Carlin trading. PM me if you want to hear about my experiences with respects to this.