www.mntrading.com interviewed with this firm recently... has anyone heard of this place out of chicago and newport beach? is it legitimate? true prop, ~3 month unpaid training, no fees
Its probably a good sign they have a nice office because at least its successful enough to keep the lights on. What do they plan on you trading?
I worked with M&N out of their now defunct office in Austin, Tx satellite office, so take what i have to say with a grain of salt.... Our 'training' consisted of us working out the basic math equations used to determine the yield curve spreads in their trades (which were ultimately calculated with their software) and then huddling around the senior trader for the rest of the day, watching the markets move, but not getting any hands on experience as far as using their software and getting comfortable with execution, which is 75% of the game with M&N. This went on for roughly two months before Chicago sent down any computers loaded with the simulators. From the moment we started trading on the sim, we were expected to have a full grasp of the technology and execution, as if you could learn to drive a formula one racecar by watching speedvision for 8hrs per day for two months. The next six weeks were rife with technology issues as their proprietary software was unable to calculate and/or accurately display the spreads during high volume trading. There were literally entire days that the rookies couldn't trade because we had to decrease the bandwidth usage to allow the senior trader to trade. Our situation was not helped by the fact that the senior trader was hemoraging money out of every orifice of his body and when he asked for the money to upgrade our lines, Jim & Dave decided to cease funding the office. They didn't feel that we were progressing as rapidly as they had hoped, which was ironic considering our ability to trade was hamstrung by their unwillingness to invest in the infrastructure in the first place. The last time i was given the opportunity to post about my experience with M&N, Jim characterized me as a 'bitter former trader' who was hiding behind the anonymity of my ET moniker. Embarassingly enough for him, he was still sending me their proprietary trading information, the supposed lifeblood of his eponymously named firm, to an email address that was all but anonymous. While i respect his pit trading pedigree, i find it hard to take seriously someone who has their head stuck up their own ass as far as Jim has his.
i am going to interview just so i can use their gym.i'll make a few trades but i am more concerned with my biceps.
Still around and still setup like the old days with the perks. The gym does sound great mid-day but they also offer Counselors for mental issues which is smart.
Prop beginners really need to be more careful because the office you choose can âmake youâ or âbreak youâ I have heard lots of bad stories. It was probably a good business decision for Jim & Dave to stop pumping money into that office because as you said, âOur situation was not helped by the fact that the senior trader was hemorrhaging money out of every orifice of his bodyâ Thanks for incite... Need a good branch office that have been in business for at least 5 years or more, have resolved their initial business mistakes, have fixed their basic problems, so they won't use you to fix the problem. An office with many good traders not just one. The office have to already be very profitable in other to take on more traders. Know of any???
so it sounds like you were starting a brand new training program in a brand new office, what you described does suck, but, yeah that's not what i'm looking to do are there any problems with the newp or chi offices similar to what you described?
I have been with M&N Trading for about 6 months, having worked with another trading group that merged with them. In my 6 months, M&N has provided me an unparalled trading workspace (computers, monitors) and rebuilt an already stable trading network. The new network is producing computer to exchange response times that rank at the top of the industry. Training is led by one of the firm's partners, but all traders take an active roll in the development of the new guys. Training includes the "mathematics" of trading, shadowing traders of all levels, and trading on simulators. The atomosphere is that of a team, which becomes obvious the first time you see the office in action during trading hours. Like I said at the beginning, I've only been with M&N for 6 months so I have no idea what happened in Austin, and I feel bad for all those involved. All I know is what M&N Trading is today. A quality trading firm, with top notch techology, a supportive partnership, and great people.