Also they have a nasty non-compete which is ridiculous considering they have new guys trading odd lots.
Actually trading 5 shares.......50 dollars is a ton of room.......lol. I would guess that they have new guys trade some sort of retail account seeing how trading odd lots at prop firms is illegal.
lol, so much hate in this thread for no reason, hitnrun is very sensitive, did the kids make fun of you at school i need not defend myself, my journal is up for all to see. i have a lot of potential in the markets, i look forward to getting my mba ------- so their offices are empty? any word on why? Yeah, they'll give you tight stops in the beginning im sure, but at least it's free maverick, my draw is simply that there is no risk to me. being undercapitalized and trading scared money was always my nemesis, along with working a full time job haha and yes they are starting remote
haha @ odd lots. i would hope they don't keep you at 5 shares for too long lol i can just imagine, buying 4 shares and scaling out of a position!
Not really free....you will be taking up time there trading ridiculous small size when you could be actively trying to find a much better situation. I have been in the biz for a long time..I have never heard of a firm starting guys out at such tiny levels. They would be better off having guys start on a simulator. As far as their offices being empty...think about it. Do you really need an answer. If it was 10 yrs ago and there were a ton of prop firms in Chicago then them being empty would not be such a red flag. But with a ton of guys looking for trading jobs and with the number of firms in Chicago decreasing so much, they should be pretty much full.
What opportunity are you referring to? I've traded at a firm (my own money). It felt like a job. Maybe that's what you're looking for though. I'm not knocking it at all. You're young and haven't really worked much so I can understand. For me, I'm definitely not missing leaving the house at 4:30 a.m. to commute to an office full of people I didn't care to be around. Now, if you mean you didn't do well with futures and want to stick with stocks, I totally understand that. No doubt stocks are easier to trade. They're just not that great for intraday compared to e-mini stock index futures. Tech stocks during 1998-2000, different story. Whichever your decision, good luck from a fellow Anteater.
Ha ha...yes. But is true............ My buddy asked what happens after you prove yourself at 5-15 shares. They said they move guys to 10-30 shares. Waste of time..........
Are you currently profitable? Do they have a trading program/curriculum/training, such as Bright Trading? ES
Im familiar with them. Its a legit set up. One of the few where a non-bd can pass through high commissions without being a BD. (The owners of tower hill also own a BD which Tower hill trades through and that is where they get any mark up). Benefits the trader and firm in a few ways (no tests, quicker start up times). From what I know, no capital required is true. I don't think remote is realistic unless you have capital down, then maybe, but I really doubt after 2 weeks. I'd get clarification on that if was the OP. I cant comment on why the office seems empty or not, but how many good traders are out there right now? Even First New York is disintegrating. When the market gets tough (and stays tough for years), the crappy traders and firms immediately get emptied out by failing traders who should have never started, and firms just start selling education or stealing trader's money when they suddenly close (Madison Trading - a BD, Velez / Team Trading, Everest, whoever else). Conversely, a good firm keeps tabs on its good traders and keeps a tight ship when the going gets tough. Point is - big space is less important than if the concentration of good traders in there for you to learn from or trade with. The avatar office there in Chicago is a ghost town. They just opened up to try to poach tower hill people and it didn't work. Trading firms in ny are empty too in a lot of cases. The ones you named either are empty, charge for education, closing, have no capital, or have seriously suffered from years of diff't conditions. On the share size thing, not the worse idea if you want to (or the firm wants you to) trade the crazier symbols. They aren't pulling a WTS and having you trade BAC with 1 share. AMZN, VMW etc (I ASSUME). Before making a decision, ask if you can go check it out. I believe they've backed guys for years, and that means they should have good traders, a good working trading floor, lots of capital (in the BD, not tower hill), adding up to a decent place to learn or prove yourself.
Everyone I know who has interviewed there left there with horrible impressions. They opted to go to firms where they deposit money. Imagine that. The employment contract was a joke. In fact, I have a copy of it around here somewhere from a buddy of mine that interviewed there. And I'm sorry, I have to take issue with something. Giving a guy 5 shares to trade is not "backing" someone. Fuck, I'll back anyone on ET with 5 shares of stock. Shit I got that money in my wallet for lunch tomorrow. Let's try to keep this serious. I've been in this business for a while, probably too long. And I can tell you and anyone who has ever had any success in the equity business will back this up, the office environment is absolutely crucial to being successful. Especially to a new guy. The problem Tower Hill has is the problem all firms that offer a shitty deal have. As soon as the trader has any kind of success, they leave. Sure they have a 3 year non compete which is absolutely unenforceable. So what you are left with is all the dead beats.