I've recently been offered a position with a prop trading company here in Canada. They want $300 upfront to cover 2 months for the data feed, and this will also be applied to start-up costs and losses. Is this standard, high or low?
>> Hello Rocka well I have no idea what you are talking about but usually when offered a position one receives money not give it. $300 for 2 months data feed seems alright but that money could be better used using the services of a good stock picker to help you sort your ideas and then you could enter your trades normally online. Also best not to refer to " losses " right off the bat. Assume the best and hope for just a little less. ~ stoney
Not at all Rocka just sit back and trade! If you need to rent a cubical somewhere that's going to cost you but all this level 2 crap is for free these days with an poweretrade account or other online offerings.
From the letter to offer me a position: "You will be expected to cover the monthly costs of the data feed for the software that you will be using. Usually, this is done directly with the vendors and we can help set that up on the first day. Youâll subscribe to the first 2 months up-front, so youâll need cash or cheque in the amount of $300, which will also be applied to startup costs and losses. After the first 2 months, your trading costs will form part of your payout." This is an operation powered by swift trade. If I respond with "How about for free?" think they might still take me on?
Rocka this is sort of a scam they want you to pay the vendor directly? Like for a feakin bloomberg machine?> pro rata that out my friend you'll be paying these chumps $300 a month for the rest of your life no matter how you do. READ the fine print. ~ stoney