Getting your profits

Discussion in 'Prop Firms' started by switze22, Feb 4, 2009.

  1. Hey,

    Question.

    Say you work at a Good prop firm, like SMB or FNYS in New York. (or anywhere else)

    Traders will say "Oh I made $1,000 today" or some other amount. What happens to that money?

    Say you have a $100,000 account to trade with and you keep 80% of your money. Does the $$ you make keep getting added daily to that $100,000 and then you get a paycheck and start over or what?

    Pretty much, how do Prop Traders get the money they make.

    Thanks,

    David
     
  2. I walk in with the same buying power everyday no matter what I make or lose. A seperate P&L account keeps track of what I will get paid, which is distributed once a month.
     
  3. "Employee type" firms simply pay you something monthly or whatever.

    Firms where traders keep their profits, should be able to take money whenever they please. Our guys can draw money twice a week if they like.

    FWIW,

    Don
     
  4. i agree 100% with Don. most of these prop shops say its impossible and too much paper work to pat people once or twice per week. they say they are'nt afforded accounting departments ect... thats a bunch of bs.
     
  5. Traders should only be able to withdraw a portion of their profits on a monthly or quarterly basis. The firm should be able to keep the rest for personal use and to support other traders.
     
  6. fluideq

    fluideq

    don i agree firms hoard
    cash to churn
    the best traders get to feel the money
     
  7. take your profits as quickly as possible; every week or every 2 weeks. after all,thats how the rest of the world gets paid.