Personally I think Madison is a good place to work. Rates are high but the team atmosphere in some of the groups is great for beginners to learn tape reading and scalping. Grimer you obviously have worked there, is there a reason your bagging it so bad, another than the building sucks and they have pizza every Friday. Lets not forget, paid health insurance and no capital down, those are some perks that most firms definitely don't offer newbies. One suggestion I will make is that if you do interview try to get around and talk to all the different group managers, since the atmosphere and trading style can be a little different in each. Risk is generally kept like this if your trading limit is 500 shares in any stock, your daily loss limit is $300, with a 1k shares its $700.
I will have to strongly disagree and go with brokerboy. At first, when I read this, I thought you were absolutely right. However, I am recently going through some BS risk control which is in fact losing me money while making the firm commissions. If you are losing consistently, that is one thing. But if there happens to be a misconception that a certain style is a risky one and will result in hits, well don't put that misconception on me. Just like brokerboy said, this is my living and I am not in it to lose money and take hits. If I am adjusting my style to smth real and not some preached BS (in this case, lame ass penny scalping based on bid/ask size), it is because I want to make money and more money. Over the past 2 days, I saw about 2 grand slip away because of positions I was forced to close out and would not be allowed to take. I'm supposed to somehow build up my account in this crappy environment while completely restricted from trading the newly learned style that overall has been quite successful to me. So now I am losing consistently since my trading options are so limited. But then, it is almost all in commissions, so I guess it is only a loss to me, not the firm. If the "risk control" affects the trader's ability & potential, well then please keep that shit away from me. If it is a bad trader taking stupid trades, that is when you jump in. Like the asshole in my office that lost 25k overnight the other day so now they crack down on everyone. Great, I can pretty much forget evolving my trading now and am stuck trying to build up an account with a worthless style. Thanks risk control.
yeah, but you get free kosher pizza on friday dude.....just keep staring at the dusty filter they make you trade off and pretend the guys that have been there longer aren't trading against you.....and please ignore the fact that everyone there is net negative and always will be.
they don't fire you that quick. the charge you a cent a share. so you can trade 1,500,000 shares a month and lose net 10k and firm still makes money. they believe in the women and food theory to keep you poor and happy.
ebo.......you're wrong on all accounts, not that I understand or care what your stake in this is......but again, A V O I D.
you want to keep this thread at the top of the board and have me get into some real SPECIFICS, that is more than fine with me....however you want to play it.
Grimers right... its where I started almost 4 years ago. Had some good traders which would help you but will charge you a ridiculous commission rate... you will NEVER be net positive on a month.... Go to learn.. then leave