spyderman, i was in the New York office initially. do u trade at a prop firm or do u trade your own money from home?
mr minty- trade my own money....I have several freinds at shoney and at their behest interviewed there....but saw no advantage (for me personally). the biggest stumbling block was the "deal". To make 50 or 60% I had to wait 6 months to get the bulk of that....as they only pay you 20% of the "gross". Really not a bad deal for the stock side.....as they are essentially self clearing and you pay no commissions....(unless you trade "net"...which lets face it...you have to have net profits to survive in this business in the long run.) surprisingly the futures commissions were relative high for an active trader, and not the rebate like on the stock side......Also I like getting paid at the end of every month......for me personally I just need that reward....so for example....if I "grossed" 15k...and 5 k was commission....I'd get a check for 3k.....whereas...just getting paid on net would give me 10........the other problem....and this is just a personal issue....I would feel pressured to put on more size......for example if i wanted to put on a 20lot...it would have to be a 100 lot or a 50lot.....to make the same $$$...depending on the gross or net deal.....thats just me.......I don't like seeing deep red numbers when the going gets tough..... .....how is it going at shoney? most of my friends who urged me to join are no longer there.....
LOL..... I was with schony at the top of their game. In the chicago office, with the RUSSIAN and the Crazy JEW. I learned from both. At the time i was with schony, the firm created excellent relationships with their traders and gave each trader a solid foundation and teached the skill of Momentum trading. However out of 1100 traders, very few were really profitable. Most were "commison traders". Real short, they got payed out on their commissions, since schony was self clearing. Very few were truly up positive on true profits. I was very lucky to be surrounded by whom i traded with, and they have all left schony to move on. No hard feelings between myself, my fellow traders that were with me, or any of the top traders that left the firm. The Firm went through some changes and a eye opening experience in 2000 which lead to my decision to move on and trade options. Shortly there after schony fired many traders, shutdown offices and schony regrouped. IMHO I belive schony is the best place for a rookie to be. If they still have the same philosophy that Steven Schonfeld pushed. (not his trading philosophy, that game is over, but Mentoring philosophy.) If it was not for Schnoy, i would not have learned what i did about trading, taking losses, etc. I would have never had the chance to be mentored by a few great traders. So, i would say call schony up and go with them. Get active if hired, seek out the best of the best and sit with that person. Learn learn learn. don't worry about payout.....the Schony payout method is complicated but it works out to be a good deal. And so you know.....that even though Schony got into some serious losses in 2000-2001....schony still payed out the Kicker, (defer. P$L payment) to all those who had one coming. That move in and of itself should tell you that they are professional and honorable. best of luck
any firm associated with broadway trading, which was run by guys that sought to bring in traders to churn high priced commissions, i would not want to be associated with. whose best interest do you think they have in mind??