I hate my Broker or Prop Firm

Discussion in 'Trading' started by trade555, Jul 23, 2002.

  1. marcD


    I have been trying to get started with Schonfeld. I believe you are right about Trade555 being delusional. They are very selective, and I don't believe they are holding the doors open for anyone (I know I will feel lucky if I get in). Especially someone as childish as this guy. Also, it was explained to me that I would start off really small, and that I would only be allowed to trade intra day if I get hired.
    I have been trading from home and hope I do get the chance to trade with Schonfeld. I think I can learn a lot there. They seem to have a lot of good traders, and good training.
    RS7, can you tell me how you worked with them? Or anything that may improve my chances of getting hired?
    Thanks, Marc
    #41     Jul 25, 2002
  2. so, if you can't hold overnight, how do you make the big winners? It seems that starting out small and trading for 1/4 pt. moves is a breakeven deal after commissions and fees. How do the newbies at prop firms make any money ?
    #42     Jul 25, 2002
  3. PS: I don't work at Schonfeld, but I have worked WITH Schonfeld in several capacities over many years. Trade555 is delusional. [/B]

    I spoke to schonfeld yesterday and they are offering 29k a year salary and decent buying power. If you don't belive me call them and ask for that new deal they are offering.
    #43     Jul 25, 2002
  4. mbs


    just my 2 cents but a couple of things you've said suggest that you are trading with "scared money"--never a good start, "chasing the market" suggests you haven't been properly trained and your high level of frustration will likely keep you losing...
    i had a friend at worldco whose cut was substantially higher but they didn't make any money either...due to the fees...
    you should definitely move to another firm...or take a break and work for a financial firm that offers broadbased training...not specifically geared toward trading....
    i'm always skeptical about firms that promise to teach people with little or no experience to trade...
    also.....not getting paid a salary is ludicrous...it guarantees you'll always be trading with "scared money"...
    good luck with whatever you decide...
    #44     Jul 25, 2002
  5. sounds to me like Schony is the trying to be the UPS of trading. Anyone who's worked at Big Brown knows what I mean.
    #45     Jul 25, 2002
  6. Who's big brown?
    #46     Jul 25, 2002
  7. (UPS)...you know,big brown trucks, big brown uniforms etc..bring you nice packages.
    #47     Jul 25, 2002
  8. <a href="http://www.racing.ups.com/racing/truck/"><img src="http://www.racing.ups.com/racing/truck/images/carvtruck_main.gif"></img></a>
    #48     Jul 25, 2002
  9. Hey do they race them?
    #49     Jul 25, 2002
  10. You can click on the picture to get the skinny.
    #50     Jul 25, 2002