Looking For a Prop Trading Firm

Discussion in 'Prop Firms' started by EQTRADER, May 10, 2002.



    I've been there 6 yrs. all his "SUPERSTAR" traders who went home long every night with max buying power and made huge money 2 years ago have been getting SMOKED. These guys are down MILLIONS in gross over the last year and a half. Schonfeld fucked up and let these cowboys get way out of control.In the mean time he negleted the trader who was making a nice living and their all going to get screwed, myself included... You will see...
    #11     May 10, 2002
  2. You could try Worldco, I believe they have an office in Boca. They mostly trade NYSE. But, why not stay put and see what happens. Why so negative ? I think prop firms are more likely to stay in business if they get rid of the excess expenses and non-productive employees that they tok on during the tech bubble.
    #12     May 10, 2002


    Schonfeld offered "partnership shares " in his company less than 2 years ago, all the chumps that bought in lost about 70% of their investment ( the min. was 100k per), this mass layoff may just be a way to cover his ass before he goes...........
    #13     May 10, 2002
  4. If you think about schonfelds legendary golden handcuffs you'll realize this. Don's harping about handcuffs brings up another point.
    To prudently manage an LLC assets should be kept to a minimal level. Handcuffs represent a delayed liability coming due this DEC. You should be able to work this out. :eek:
    Add in Schonfeld's policy of getting the best real estate around. Self clearing so big overhead.
    Its also a very cliqish organization that places alot of value of experience relative to say PL .
    Add in the market.
    This adds up to bad bad things
    #14     May 10, 2002
  5. ~~~~~all the chumps that bought in lost about 70% of their investment ( the min. was 100k per)~~~~~

    Schoney gave us the option of cashing out all or most of the money we paid into the partnership, without suffering a loss. They're supposed to cut the checks to us in July. Call me crazy, but I think we'll get our partnership money back without a hitch.

    As far as the 2000 kicker goes, well I'm not as optimistic.
    You do know that technically, Schoney is NOT legally required to pay our kickers. It's in the fine print of our contracts.
    You seem certain the kickers won't be paid... Do you know something that I don't? Please share...
    #15     May 11, 2002


    The managment has become terrible
    #16     May 11, 2002
  7. Did you just edit out your 'Vegas' post?
    I read it anyways...

    Last year they really let us 'Cowboys' trade away seven figure amounts, I'm under the impression that that's mostly under control. Nobody in my office (Chicago) is down big this year.
    (Or up big, as trading does in fact suck ass.)

    Still, I could see how a grind-it-out- Joey Knish trader could get bitter at management. (I'll be impressed if you got the 'Joey Knish' referrence.)
    #17     May 11, 2002
  8. vinigar


    Ouch!!!!!!!!!!!!!:mad: .....its the sign of the times bud....many firms of all types are going under with the market so bad....only a few will come thru with their nose above water.... why don't you just work for yourself?....how do you know that Bright, Echo or others are not going to follow the same way....you don't want to jump from the frying pan into the fire do you? You have great experience and can turn a buck, so why don't you just say screw them and trade on line from home for YOURSELF!
    #18     May 11, 2002


    I heard they let go 70% of the traders in Chicago is this true ? How many were gross positive?
    #19     May 11, 2002


    The Issue is buying power,and trade support. But you do have a point.
    #20     May 11, 2002