Hi Guys, I'm been offered a position with a futures group and I need some advice. I was offered a position trading company capital, 50/50 split, two months training, and 2 grand a month draw, 3 year non compete. The guys told me about how bad groups are designed to get guys to do volume to rack up in commissions. Instead they make their money by me being profitable and them taking half. I went through 2 interviews that were intensive with math and logic questions. My biggest concern was that they claimed the guys who make it through the training make big money in a year, year and a halfs time. ET has a terrible bias against prop, but I want to see what people think. Also, is askign around the arcade the best way to guage the quality of this group? Thanks
ET has bias against fake prop because 90% of those firms/groups are chop shops. Basically US equity prop. Once, during wonderful times, they were actually real prop, but those days are long gone. Your deal sounds decent, although that draw is painful, dunno how you're gonna live on that. Guessing you're staying with mom & dad. That sounds like a good firm, enjoy. But don't expect guaranteed success and realize that if you fail to make progress, you will be given the boot. Yes it is quite possible to make serious money within a year & half in futs, very possible. At the same time, it is easier to blow out the next day. High leverage, high potential but also high risk. So brace yourself.
Are they charging a "desk fee" as well. I know of a west coast futures prop that does the 50/50 split without volume pressures, but they take the first 3,000 and then go to a 50/50 each month. Therefore if you have a weak month, less than 10,000 profit, you won't actually get much at all. Be sure to check this.
I moved to chciago 4 years ago for 24k a year. It is doable. Not really as hard as it sounds. I still went out and had a car. (it was paid off.) If you have no debts it is really do able. Go for it. It sounds like the company is making a commitment to you.