"They are the only direct link NASDAQ hub in the midwest if that's worth anything." That is not a true statement and it really doesn't matter if a trader can't get his money when he decides to leave.
Where is your information coming from? I've seen the electronics room and it was the largest room I've ever been in.....
I did a search and was reading previous posts. Didn't seem all that positive. How long have you been there?
What I want to know is why they think they will find people with "Bachelors degree in business or finance from a top university and History of academic excellence" on Craiglist. They are preying on unemployed trolls. Paying a draw to start...that is bad news. Here's their ad below. ----------------------------------------------------------------------------- http://chicago.craigslist.org/chc/acc/473793534.html Fantastic entry-level trading position -------------------------------------------------------------------------------- Reply to: job-473793534@craigslist.org Date: 2007-11-09, 12:22PM CST Position Summary This great opportunity to break into the world of trading at Tower Hill Trading covers the following bases: ⢠30-day training by the two owners themselves where you will learn everything you will need to know to get started. We will cover everything from trading basics to advanced strategy. This is a proven seminar that has been perfected over the past 10 years and has been used to train many successful traders during that time. ⢠Each new trader will be provided with a mentor in the height of his career to provide guidance and market knowledge. ⢠Each trader at THT will be given the opportunity to have continued trading classes, are provided with individual performance reviews, and are given regular strategy meetings to stay on top of the market. ⢠Hours of Operation: 7:30AM-3:30PM Qualifications ⢠Bachelors degree in business or finance from a top university ⢠History of academic excellence ⢠Delivery focused individual ⢠Ability to make good decisions under pressure ⢠Entreprenurial and self-motivated character ⢠Demonstrated interest in trading, financial markets, and technology ⢠Strong background in competitive sports or extracurricular activities ⢠Prior internship or experience in trading is a plus, but not required to start About Tower Hill Tower Hill Trading is a firm that brings together over 25 years real market trading experience. It is a well-capitalized propriety trading firm specializing in NASDQ, NYSE, and AMEX equities. THT was founded by two traders that were very successful in the 90âs in New York City. Tower Hill Trading provides its employees a great opportunity to gain market knowledge and experience because we are highly selective in our hiring so are able to provide large amounts of capital, training and expertise to every trader so they can maximize their potential. We pay a draw while you learn from the best. Priding ourselves on raising some of the best in the business, we work with state of the art technology and are constantly investing to ensure reliability and speed of the network and our trading system to continue our success in the business. Contact If this seems like an opportunity youâd like to take advantage of, please submit your resume to Klenglade@towerhilltrading.com. www.towerhilltrading.com Location: Loop Principals only. Recruiters, please don't contact this job poster. Please, no phone calls about this job! Please do not contact job poster about other services, products or commercial interests. PostingID: 473793534
Here is what i have learned from speaking to current traders. The business is rough starting out, very intense and can wear someone out. You will be poor for an extended period of time. If you make it with the company for more than a year, you will do very well for yourself.
"Here is what i have learned from speaking to current traders. The business is rough starting out, very intense and can wear someone out. You will be poor for an extended period of time. If you make it with the company for more than a year, you will do very well for yourself." You mentioned in your PM that you were considering an offer from this place. What was their offer? I would probably stay away from any place that has a history of disgruntled traders and a history of keeping traders money when they decide to quit. There are many other places that won't try to keep your money. Look around. Chicago has many other high quality trading firms. I would stay away from any trading firm that claims to be legit and advertises on Craigslist.
I currently work there as a trader. No, I don't post regularly on this site, and some might think I'm just trying to make the place look better. I really don't care. I just want to try to clear up this "stealing traders' money when they leave" thing. It's amazing how one guy that clearly didn't understand his contract and posted about it on the internet can have this effect. The firm pays out draws monthly and profit split quarterly. Traders keep 80%-90% (depending on how long they've been with the firm) of their net profits. However, 25% of this quarterly payout is delayed 12 months. So if a trader earned $100k this current quarter and was entitled to 80% of his net profit, he would get a $60k check in Jan. 2008, and a $20k check Jan. 2009. So, traders build up a "bank" that contains delayed payouts. As was mentioned above, this whole system might be an issue with Assent, Great Point/Maverick/Tower Hill's clearing firm - I personally don't know the business reasons. It is clear as day in the contract that if you say, "Screw you guys, I'm going to trade somewhere else," you will forfeit the money not yet paid out.
I'm looking to do equity options.....Peak6 called today and may have a position for me in January. (Fingers crossed)
What if the company terminates the relationship with the trader? This is a collar arrangement. You hold the trader hostage. There is effectively no out since there's a 1 year delay on part of their EARNED funds. I'd like to see if this would ever hold up in court.