Hello experts need your help.. I just got offered a propietary trader trainee position with GHCO (Goldenberg), dont know if I should take it, Im new to the industry. Ive seen some pretty negative stuff on these forums about them and their working conditions so Im obviously hesitant. Some positives about the position are - base salary, benefits, supposedly excellent training, and bonuses. Some negatives are - the Golden Handcuffs (4 yr. non-compete contract), vague/ambiguous bonus compensation structure. The percentage of bonuses which go to the trader and then to company is not clearly defined... Anyone have any ideas or advice on this company? Please let me know. Is this a pretty good deal, or is there some things I should really look out for? Thanks
From what I've heard, GHCO is a frickin zoo. The non-compete clause will not hold up in a court of law, regardless of what they tell you.
What do you mean its a zoo? What else have you heard, more details if pssible please. Im thinkin that if I feel that its not for me, I prob wont go to another firm, ill just do forex trading on my own, but if im good, my question is will I actually see osme money from GHCO?
it might be a good place to learn????? who the heck else is gonna offer you a salary while you learn to trade... I don't know anything about the firm, but if I were starting out I'd probably jump on it... mnx
i had an interview here but pussed out to be safe and stay at my broker job. got a job later at HLV. getting paid to go through training sounds really, really good. non-compete sounds lame.
He is implying that animals live at the zoo and so, draw you own conclusions. You said that they offer excellent training who told you that, GHCO I bet right? Well they are hardly going to tell you that their training sucks are they. All these prop shops say the same shit about their fast systems and wonderful training. Don't be too eager for the salary either as you are then effectively selling your career freedom which may prove a disaster in the long run. Sure non-competes may not hold you from trading elsewhere but if they chase you in court for denial of profits you will waste a year of your life and many, many of your own $$$$$'s or £££££'s on lawyers, they have deep-pockets and any firm not just GHCO can make your life a misery in court just out of spite and to serve as a warning to others who conisder bailing on their contract. Plus being sued destroys your confidence and your trading suffers, I have friends who have been sued in this way and it is hard to concentrate when you have so much on your mind. If you don't believe me then just ask them have they had anyone good leave to go elsewhere before their contract is up, if they say no then they are lying and I am sure you can check court records somewhere as a matter of public record and if they do say that people have left ask them what happened next, maybe you will get an insight into the firm and the full-scale of the commitment that they expect in return for a low-salary. Just my thoughts, I say a big NO WAY but its your life and you are free to do as you please. I just believe that there is no smoke without fire, and with all the bad posts about them and the outright legal threats by Hehmeyer one time (do a search here for his post) and you have to figure that better deals exist, and believe me they do. If you are in the UK try Zen Futures as they pay a salary and are very good deals, similar deal to GHCO with a salary and a guaranteed better split plus the management have brains. If you are US based then look around as the choice is quite wide, never accept the first deal offered until you have checked out the competition. Goldman Sachs offer salaries and great training, but do they ask for a non-compete? Of course not because their employees are happy to stay knowing they have the best deal. To me just to ask for a non-compete suggests only bad things. Good luck
Kamikaze, Yeah I hear that, I have not taken the position. There is just too much in the air for it to have sit well with me. It was a tough call for me, it seemed good at the time. Im too much of a free-spirited person to be able to stay for 4 years. I probably need to grow up in that sense. Anyhow, about Goldman, it must be very very competitive to get into their training prog. here in NYC... no? What kind of qualifiications they lookin for? Unfortuantely, im only above average in terms of my education/experience. Im sure they dont even consider people if they didnt go to a top-tier school, right? So in that case who else do you recommend in the nyc area? Thanks for the in depth posts.
I think GHCO would've been a good call if your heart is in trading and they were offering a salary. You have to realize that anywhere else you go, you are going to be making $0 for AT LEAST 3 months. Probably more like 6 months before you can even think about getting a paycheck. This is something I didn't realize before I accepted the position of prop trader. Of course the firm is not going to clue you in that you aren't gonna be making any money for 3 to 6 months. I started at HLV in late sept. and have only very recently begun to be net flat or net money consistently. I'm up $72 net for the month of november (not including today) and I'm the best of my class, lol!
The bad things I have heard regarding GHCO were related to the old management and no longer apply. Which office gave you an offer? What split did they offer?