these firms are recruiting from my school Jane Street Capital, LLC Group One Trading, L.P. Chopper Trading WH Trading, LLC Wolverine Trading LLC QVT Financial LP - hedge fundish? Gray Whale Capital - little information on the website any advice or anything i should know about these firms? according to the school recruiting website gray whale is a prop firm but their website mentions almost nothing about it. i am not exactly a new/unexperienced trader but would start out as one, just to get the whole "package" of their training program. i would like a prop firm that doesn't require an upfront or very little for their training - cuz from this website i heard that firms that charge a lot have little confidence in their system, etc etc. i'm a senior at a top 5 finance biz school in the nation. i thought about applying for banks and try to get in their sales and trading division but they said they were looking for someone far more experienced(in terms of years). i m looking into prop firms cuz of the upside and immediate hands on trading as well as the education. i would say the prop firm route is a risky one considering most of my peers would be getting a stable pay while my financial future still lays on a balance. well my parents and peers are split on the extremes when it comes to this decision if anyone could provide some advice or inputs on these firms it would be greatly appreciated.
all of these are high frequency trading shops, i believe all of them pay a decent salary. nothing to do with prop as mentioned on these boards.
but even on their firm website it clearly stated that they were prop shops? how do they defer from the prop shops mentioned on this forum? oh yeh i 4got SMB capital is also on the list. i thought SMB capital was definitely a prop shop?
Hi I have been searching for prop shops which don't cater to quant/automated strategy type traders (such as those listed in the previous thread). I hear schonfeld and quad are 2 firms which have 'manual' prop traders..does anyone know of others in the newyork/greenwich/westport area? Thanks
two types of prop the first is where they train you to trade their capital, ie Gelber, Jane St. etc The second where you are asked to deposit risk capital ie Bright trading, Echotrade, etc. You still are using company leverage but the model is different. You should ask whether you are being hired as an independent contractor (1099) or as an employee. You should know this if you have read thru the threads here on prop it has been discussed ad nauseum. Good luck.
Wolverine, Jane Street, Group One, think WH too--all those pay a salary and make their money from order-flow oriented strategies (market making, high-freq, something similar), all very legit. SMB, others like that, just pay you a draw on your profits from daytrading stocks. Definitely legit prop firms, most in Chi & NYC, a safe way to go in terms of pay w/ good upside once you become a trader (most you are being trained for first 6-18mo) via a year-end bonus, much like a bank.
Stay in touch with these "peers" if possible. They may turn out to be your best research and over time answer your questions; as well as let you know when opportunities appear.
90% of my peers have switched to accounting due to this financial crisis. most have zero tolerance for risk and therefore have a certain fear of the market. but yea sure i'll keep in contact with them