Help, my interview with Summit trading

Discussion in 'Prop Firms' started by MZG, Dec 26, 2010.

  1. MZG


    So I had this interview with summit trading capital today.
    They used to operate under the name Platinum plus. They did not bather to change the signs in the building.

    We had this group interview with a guy named Oscar. He started by introducing himself and said that he has 15 years of trading experience and that he sees more than 90 percent of traders fail. He said that there is no way to find a good trader except by giving everybody a chance. He stressed that 90% of us will fail. And while most people feel the pressure when they lose capital and leave after 2 months, he will give the capital to each trader, and they should start their own way. He said the thing he hates is sharing ideas. Rather everyone should do his method. However it should be SWING. They use sterling platform.
    Trading is with 300,000 for each trader and minimum 10,000 shares in USA equities only. Yes minimum is 10,000 shares. When asked by some one about FX, he replied the answer to all your questions is NO because it should be US equities only. The lose minimum should be 2000$. No overnight positions.

    Minimum commitment is 6 months. Split is 50/50 with 3 dollars commission on 1000 shares and no desk or connection or any kind of fees.

    Everything moves through a black box. He said that some of the trades my not pass if the black box rejected it. However, they will be counted for you as usually P/L. which means if you made a trade and the black box rejected it, then it was a profit, it will still be reported to you as a profit and you will be paid for it. Payment is on 25th of the next month and is all the profits minus loses minus commission minus their 50%.

    The funny thing was those two people, someone with 5 years experience and other with 13 years. They said we told you that in the resume, he still apologized and asked them to leave.

    NOW MY QUESTION IS what is it in it for him? WHY he will take people with NO EXPEREINCE give them training and 300,000$ for each knowing that most will lose the money. CAN day trading be that profitable to rent a trading floor in wall street with 6 full time working staff (non trader)? What he will gain?
  2. On a Sunday?
  3. MZG


    and what is your problem?
  4. LEAPup


    Strange. I thought the same thing about Sunday. Maybe some outfits do the group interview kind of thing at odd times kinda like in the movie "Boiler Room.":D

    Best of luck to the OP though!:)
  5. MZG


    guys. let's focus on the main question and not worry about breaks, weekends, holidays and time off
  6. LEAPup


    I really wouldn't know why he would throw 300k in the hands of rookies. Sure, their s/w will liquidate you in the blink of an eye if you start to drawdown below their pain threshold. But, how much d/d will they allow a rookie before they show them the door? Hmmm... I'd be a little leery. How much due dilligence did you do on this firm?

    Btw, did you wonder why they would hold a group interview vs. a one on one. If it were my firm, I'd want to meet one on one and see who's going to be sitting in front of my monitors, playing with my money...

    Keep us posted please. Most guys get these prop jobs, and never post their findings afterwords either good or bad.
  7. MZG


    I should have said group orientation instead of interview because after that he did one to one interview.
  8. LEAPup


    If you don't mind, pull this thread up, and update it after a few months there as to the good and/or bad. Best of luck!
  9. cstfx


    IS it $3/1000 shrs or .03/100 shares(from your other thread)? 2 different revenue streams.

    Also, what do you mean "minimum loss" of 2k? OR should that be max loss?
  10. Wait, you had a group interview with a prop firm on the sunday after christmas?

    How many people showed up and where was the interview?
    #10     Dec 27, 2010