70% was on the table when we discussed it, but in the end slightly over 50% were axed. Gross positive? What's that? No, seriously I'd say about 20% were gross positive over the past year & a half. Nobody up more than a few grand in that period.
Yep, you are right the issue is buying power and trade support. I can't deny that. I don't make a lot of money working for myself, but I do make enough to make me happy...and the only person I have to worry about ....is me. Yes you are going to have much more buying power with a firm and all the fringe benefits and support that goes along with it....I hope that you find a good firm and that you are happy. Although I trade for myself, I do read the threads on this site regarding pro firms....I think that I read somewhere in one of these threads that Don Brights firm has a quality control section to prevent certain traders from doing the type of things that you have described. Moreover he has written numerous times on EliteTrader at the risk of all the piranha in here to help and enlighten people. He has been accused of spamming his firm here....maybe so....but despite it all... I think you ought to email him and have a talk...maybe after talking with him you will be assured that the same things won't happen to you all over again....moreover, I would like to hear from Don on this site as to exactly what steps or measures his firm has taken as regards this matter that you have brought up. Finally if you do settle on a firm...please be so kind and reply to this site what and why you settled on a particular firm and if they addressed the problems that you described.
I traded at Bright's Vegas office for 3.5 years. As far as capital and risk, I have seen Bright's balance sheet (the LLC) and the last time I saw equity numbers, Bob Bright and Eddie Franco's $ in the LLC represented about half of the firm's capital. So, he does have many millions at risk, along with the traders. He also personally takes huge positions. (I think most people reading this would consider the truth of his positions to be almost unbelieveable). I know he personally made $6-8 million trading during one of the years I was there. I used to trade a joint account for Bob. Once he trusts your trading, your leverage will be VERY high.I once bought 1.1 million Enron in a 5-minute period for our joint account (we actually made money). I guess my main question is: If you've been trading so long, where's YOUR capital and why would you give someone a piece of your P&L? I can give you some info on other firms as I've checked them out. I don't know of anyone who'll give you more rope than Bob if your strategy makes sense. Just in case you are wondering, I no longer am affiliated with the firm.
I recently heard that the actual number of traders laid off was 400 in the Chicago office. Can you confirm this? axe
I heard it was around 50 ,which is a large percentage. I also heard the LA. office will be totally closed down, and that the 3 South Florida offices will be consolidated to one in west Boca going from 300 traders to about 50... not good
So here goes: It was 50 out of about 90 traders who got laid off. As far as Cal & Houston that descision has not been made yet. Florida will see consolidation.
NONE of Schonfeld's good traders, including EQ would quit before December, for golden handcuff reasons. Also, Although Schonfeld isn't perfect, it's a tough time for EVERYBODY right now. Name one daytrading firm that isn't stuggling right now....Schonfeld isn't immune...
I also heard the laid off traders who have kickers coming in Dec. will get them unless they recruit traders away from schoney... hear anything on this ?
When you say "golden handcuffs", do you mean that you and EQ had to sign a no-competition contract? Or that you won't get your bonus unless you hang around until the end of the year? Also, I guess that the resume I sent to Schonfeld last week is being used as firewood (LOL) now that they're laying off so many of their traders. Axe