Thanks for the consideration, fastprofitstaker. I have done some research into the currency market that initially sparked from a keen interest, although I am yet to look specifically into the prospects of starting a Forex prop firm and the various intricacies involved in such a venture. It seems that very few prop firms actually engage in trading spot FX (Marex is the only one that comes to mind), while most other niche prop firms that strive to partake in the currency market actually trade FX Futures. As such, it's no surprise that 60% of the daily $4 trillion stems from swaps and other derivatives. Iâm not exactly sure why such a phenomena exists- perhaps the OTC nature of the FX spot market diminishes the prospects of market making revenue for prop firms. I still have a considerable amount to learn about trading and the ever evolving market dynamics. As such, I've set myself a benchmark of 10-15 years to gather the experience, coupled with the intellectual and monetary resources required to establish an innovative Foreign Exchange prop firm. I also believe some key developments could take place in the Interbank market over the next decade, both technologically and fundamentally (particularly in the realm of emerging market currencies). Furthermore, many of my trading idols are, or were key players in the FX market: Paul Tudor Jones, Bill Lipschutz, Ray Dalio, Bruce Kovner, Michael Marcus, Ed Seykota, George Soros, Jim Simons among many other traders never fail to inspire me. Iâd also love to hear about your experiences as a prop trader in Toronto. I certainly cherish meaningful conversations about the markets, particularly with entrepreneurially minded folks. If you do decide to start a prop trading firm Iâd be more than happy to be of any assistance.
I'm not surprised I applied for an interview at Globus last year ( I just wanted to see what they had to offer ) they didn't even have the courtesy to reply to turn me down. When you are dealing with unprofessional people like that its a good sign the firm is not a very good one.
In their defence, it's pretty standard now for most companies not to reply to job applicants they don't plan on interviewing.
Globus is posting ads in on Toronto Craigslist again looking for experienced traders with a "a new cost efficient structure."
That probably means one thing: new owner; someone bought out the ofifce rights thinking he will give the business a shot with a "new" business strategy of attracting good traders with high payout. Beware of these promisses. It has been done before. never works and business closes down until another new owner steps in.
This is not the case at all w/ Globus. I spoke to a few people over there in the last 2 weeks. The owner is the same for 10+ years and the new structure they are implementing is actually pretty interesting. It seems like there is only a flat fee per month which breaks down all the way to .00022 (when you divide by your shares traded ) with 100% payout and no other fees with high volume. No data/software/clearing or any other fees. The reason some of you think they are going under is because the Toronto office isn't catered to traders any more, they use it for servers and such. 95% of their business is remote. Don't rule them out, they're alive and kicking.
Huh?? .. Maybe their clearing is .0001? .00005?? Per symbol? You've been registered for 7 years and you ask this question?
A very good question and one should always ask themselves it when contemplating a prop firm. When the offer is too good to be true it means exactly that. unplesant surprises follow..