non-compete agreements

Discussion in 'Prop Firms' started by smithweston, Mar 18, 2009.

  1. are they common in this industry?

    i will be signing papers soon to open an account with a prop firm in NYC and forgot to ask during the "interview" about this.

    if they are, what form do they take?

    i will make sure to read the paperwork before i sign but any warnings for red flags would be greatly appreciated.
  2. Traders come and go all the time. It's the nature of the business. I don't knw if there are any non-compete agreements but I do know that many firms don't require you to sign paperwork and/or binding contracts to be apart of their trading group.

    Just make sure that your firm is nothing like these guys. After doing some research about some firms I applied to I found this about one of them:
    Prop Firm Review

    As long as you are careful, do your homework and check everything out, you'll make the right decision. Good Luck!
  3. clacy


    non-competes are extremely difficult to enforce, unless you are stealing clients or customers at your new job. I wouldn't worry about it in the least.
  4. If you keep your mouth shut about your past and present, it is very difficult to find you to make a noncompete stick.

    It is not like every prop shop exchanges their trader lists with every other, looking for possible former workers...
  5. Never sign a non-compete or employment contract...

    Firms should be doing something so that their traders WANT to stay, not staying because they are locked into some deal