Payout Structure Questions at Interview

Discussion in 'Prop Firms' started by mjc279, Oct 23, 2002.

  1. mjc279


    I am graduating college senior with an interview at heartland coming up. People always tell you not to ask about salary during your first round interview but does this apply for day trading firms?

    Also, does anyone have any info on heartland so that I have less questions to ask?

    I am interested in payout structure and trading restrictions (daytrading only or momentum and swing as well) mostly.

    thanks for any help
  2. You can do a search on them. Probably not a whole lot there.

    Asking a lot of questions at an interview is not a bad thng.
  3. mjc279


    i did a search on this site, but it didnt really come up with much, so i thought i'd start a new thread
  4. Htrader

    Htrader Guest

    I would treat heartland like any other interview and don't mention anything about payouts/commissions and the like. Admission is not guaranteed by any means.
  5. Being a college senior, you're in no position to ask about payout structures and commissions unless you're putting up your own capital. Consistently profitable, experienced traders can ask about commissions and payout.

    You should be thankful for the learning experience. Heartland has some excellent traders. If you are getting any salary, jump for joy! No prop firms pay salaries to beginning traders these days.
  6. dstod


    From what I'm aware, Heartland offers a $3200/month draw. That was as recent as two months ago.

    This is excellent for beginning traders, as there are only a couple firms that offer a draw nowadays.
  7. Just ask if there is a draw. If they say yes, consider yourself lucky if they decide to take you. The experience you will gain from working along side experienced traders is more valuable than any crappy little salary they can give you.
  8. Where do I sign??? I will send them 100 traders tomorrow.....:)

    I 'm sure Heartland is ok, but I really think that there is some major mis-communication going on. Paying a trader $3200 per month?....I really doubt it. Employees of trading firrms don't get salaries like that, if at all.

    Double check, I really doubt that they will pay a "break even" trader a draw of any sort, for any length of time.

    As I said, I have nothing bad to say about Heartland themselves, but I would really doubt that anyone who runs their firm would post something like that, especially here. Just be cautious.

    Salaries are paid to employees who do other people bidding, not discretionary trading (except in some rare cases, where they are established, and giving the company the profits garnered).

    Check further.....I am really curious...

  9. I agree with this...

  10. How's this Don, I trade at Heartland, and Heartland pays their traders $800 a week draw. Don't be so quick to doubt. Momentum still pays their traders starting out $800 a week draw as well.

    You can send them 100 traders tomorrow if you'd like, but if you're sending them to Heartland just to collect draw, chances are they're not making enough money trading to live off of, and therefore, would have absolutely no shot at getting hired at Heartland. They don't usually take "experienced" traders from other firms, and if they do, they only do so after looking over their P&L statements and sometimes even require a "risk" deposit.

    Payout for prop traders at Heartland is pretty decent too, depending on the branch you end up working at, but still better than some of the other prop firms out there.

    Draw, learning experience, and solid payout. Pretty hard to beat.

    #10     Oct 24, 2002