I am sure this is a stupid question. Are there any pro firms that have some sort of beginning salary or stipend. I am eager to enter trading and determined to do well. I lreally don't want to wait another year or so to save up living expenses money. I like to strike while the iron (my determination) is hot. Specifically, I would be looking for ione in Southern California, although I am willing to relocate to NYC area. Thanks
back in the heyday you could easily get a draw against future profits. these days, it is very unlikely. the only place i've heard of that pays a salary is first securities of new york.
These are not salaries but a draw on future profits -- Momentum Securities, Heartland, First New York ( I think a salary) and some Futures trading firms in Chicago.
y would someone want to pay you a salary to learn when they can recruit so much talent on this website? In trading you have to pay for your training (not just monetarily).
Unfortunately a firm that will give you a salary, will give you a low payout ratio and lock you into a long term contract, which will take all bargaining power from you. Once you become a profitable trader, you're gonna be miserable cause the firm will keep most of your profits. You'll pay them 100x more then the salary you collected. Don't worry, trading will be around. Don't rush into to regret it later.
SwiftTrade used to, but in their everlong quest to fuck the traders, they removed it. That was step one in the quest...
It wasn't because they wanted to f**k the traders, financially it didn't make sense anymore. New traders lose money. Even the commissions you generate in this slow market aren't enough to cover the losses and pay the salary. In the past traders were trading alot more volume, and made money faster, so the firm got to keep a big chunk of the profits plus commissions. Traders got used the good times. Firms were willing to do anything cause the money was growing on tree's. The day trading industry underwent the same bubble that the dot coms went through. When the firms finally started to tighten the belts torun the firms like real businesses without unlimited revenues, they needed to cut their expenses dramatically, and this didn't sit well with the traders that were used to the good times. The new breed of traders coming in, will be used to working at firms that run the firm properly w/o all those financially unsound perks. And in a few years the only complaints you'll here are about poor customer service or systems. Not about what benefits were cut.
How much of your profit do you get to keep? Remember, every trade you make costs the firm money. They're clearing firm, or even if they're self clearing, they get charged per share that gets traded. Every ECN order is charged back to the firm. Running systems costs money. Plus all other costs. So if the traders aren't profitable, the firm is losing money.