New Trader Trainee- Advice on Firms

Discussion in 'Professional Trading' started by Thrilla_14, Apr 26, 2006.

  1. About to be college grad (2nd Tier, 3.2) w/ finance major looking at trading in prop shop upon graduation. Have been interviewing with several firms but am unsure of the reputations of the firms I have been interviewing with since i am, basically, a noob at this game. Any advice would help. Which of these firms, if any, have good reputations? Keep in mind that I cannot change my credentials. So only helpful feedback please :)

    The Firms:
    Chimera Capital
    Prestige Capital
    Carlin Group
    Caliber Financial
    Great Point Capital (Chicago)

    Also, what careers can I expect to find after a successful trading career? Maybe after an MBA?
  2. Stay as far away from Chimera as possible. Chimera is it's own trading group, unlike Prestige which houses many groups. Needless to say, Chimera doesn't feel the need to compete as vigorously because they don't have other groups around them pitching candidates right next to them (not that groups within Prestige are allowed to poache - they aren't - but having other groups around has the effect of encourage lower rates generally). Chimera also puts up all the money for you - but in the end - it's not worth it.

    I started at Chimera - nobody has any BP and the owners are tight-asses. The owners (well, only one trades) position trade intraday while they force everyone else to scalp. At Chimera, do not expect to take advantage of trending days - they'll force you out of winning positions if they think you are holding too long. They want thier commish!

    Just STAY AWAY FROM CHIMERA. Shit, they don't really even like thier noobs to look at charts!! You REALLY think you can make money getting chopped up by fake bids and offers?

    Oh, by the way, Chimera doesn't even tell you the rate or split until you arrive for your first day at work, so I'll just tell you:

    All in per share = .01 ($10 per ticket)
    Split = You 75%, Them 25%
    They also lock you into a one-year non-compete

    A final note:

    There is an influx of asians at these firms. There is nothing wrong with that in and of itself obviously. But, it begs the question that perhaps asians make better scalpers (my own first-hand impression is that they are huge gamblers)? I saw one arrive at my firm yesterday at 9am jumping out of his dad's dry cleaning van (seriously) and running up like it actually mattered that he was late.

    If you are asian (since 9 out of 10 of Chimera's noobs are asian), your first good trade would be fade the expectation that you are going to get chopped up scalping. Ever wonder why so few of your asian trader friends make any money? These firms prey on your race for a reason (gambling tendencies) - use that to get in and then deploy a less random strategy.
  3. wow, i gotta say, that was not the response I was hoping for. I guess, I could really use some more advice on Chimera (or other firms that are hiring). It seems that they are the firm with the most upfront interest right now. I mean, I'm about to start looking for apts in lieu of a possible offer from them. I hope that someone else will post with more info.

    Thanks for the heads up Fader
  4. CTT


    I've met with Caliber Financial, had a very nice experience with them. I sat down with the Director of trading there and while you do have to put a capital contribution of $5,000 to begin trading, it seemed like they were very willing to help out and train people. Seemed quite a personal experience compared to a group training session and I think the training goes about 6 months.

    They sponsor you for the series 7 but you pay for the tests and materials, around $500 I was told and then that amount is credited to your acount so you then have to put up the remaining $4,500.

    ...and just some random info: they are a division of Hold Brothers, actually right across the hall from them in their Jersey City office. Not sure if that is good or bad, but there you go anyway.

    If you want some more info on their fees and commissions, send me a PM and I can give you a better idea.

    Hope that helps,
  5. dogma


    I am also considering Caliber Financial. Could you please give me more information on their fees and commissions? How are they different from Hold brothers? Caliber Financial told me that they would take of 20% of my profits where Hold Brothers would only take 1%. Why there is such a big difference. I would appreciate any input and feedback. Thank you. Best regards.
  6. You've posted this like eight times. Start a new thread asking specific questions you need to understand about the prop business model: how commissions work, how the payout works, what are the good and bad aspects of the industry -- first. When you are in a position to understand (after weeding through a lot of garbage comments you'll encounter) the basic business of prop trading, you can begin to look around at different deals and see what the market has for new trainees.
  7. How does Chimera Capital attract all those asians do they put up a add in a Korean news paper?
  8. CTT


    I'm not sure why Hold would only take 1% From what I have learnt is they are going to take more like 50% of your profits. Their payout is lower because you are not putting up any capital, it is all their risk. Caliber will give you a better payout of 80% if you front $5k. With Caliber both their payout and their commission structure gets better with the longer/more you trade. Not sure exactly how it works, but prop shops are looking to protect themselves, so the better you are, the more you trade, the more they can offer you.
  9. first off, bluff- your not funny

    secondly, im suprised that this thread started getting hits again. My original purpose for this thread was to get a more indepth view of the prop business and the firms that are out there.

    So to be specific, could a prop trader please respond on their opions of prop trading and maybe suggest their favorite prop firms?

    How important is a the type of training you recieve/who has best training?

    What opportunities exist for traders after a successful career at a prop firm?

  10. newguy1


    i thought caliber financial management, the place where steve t works at, didn't require a capital contribution. (this was a few months ago)

    have things changed?
    #10     May 5, 2006