It's always asked about but no one bothered to do the research until now. Enjoy Chicago: Transmarket Group - 60k Group One - 42-50k (+5k sign-on) CTC - 65k (+ 5k sign-on) DRW - 60-65k (+ 5k sign-on) Optiver - 80-85k+ Philly: SIG: 50-60k New York: Jane Street - 60k (+ 60k year-end) FNYS - 60k Trillium - 26k Chimera - 26k
This is what one would call proper prop firm. I guess they are well capitalized and make their money by getting and keeping profitable traders. Thanks for the list.
I've checked into 2 of these firms for a friend of mine. They might hire a couple of traders each year, but for the most part they are still just profit sharing firms. If you don't make money in a couple of months, they get rid of you. However, if you know something different. like maybe they allow new traders to collect money even when they make no profits please let us know. i work with about 20 traders who would be interested. thank you. c
i can vouch for those nyc numbers they're legit, but for trlm and chimera let me offer some more insight. Trillium's salary drops off after you put up 100$k in gross profit, also while on salary your only entitled to 30% of what you kill. chimera is a draw
Unless you're profitable day 1 (doubtful. Highly...), these "salaries" are enough to get you a breakfast and lunch at Burger King, and a slum "sleeping room" in the listed cities. Btw, the sleeping room takes no kids. So, make sure you're single with no kids if wanting these salaries in the listed cities. Should be an exciting read though about a guy who lives like that, and actually makes it!
A trader is not a regular job position. The salary/draw is typically meant to get u by, train, lunch and a bed. Otherwise, you won't trade to make money. You are not producing anything while you are trading for the firm, unless you are getting PNL. why should they carry you. Im surprised that firms still offer this.
I have never seen productivity in any company, not just trading, when people are making salary. Many people's laziness takes over when they are on salary. Why offer salary? There is no incentive to become profitable if you are on salary even when starting. If you have no salary, then all the more incentive to work that much harder when you start out.
I disagree with this "you're on your own" mentality. When you don't have any income to support yourself, you WILL trade recklessly in the vain attempt to eek out a pitance for the first year or so. This is why so many of you fail within the first few months. With a salary/draw and profit participation, you don't have to be a bar back until 4 am to earn money just to buy your ramen. Look at all the guys in your office who have to work a second job just to survive. They are walking zombies. They will take longer (if at all) to make it. Odds are they will be gone in a few short months. The big drawback of a firm giving salary is that once a trader figures it out, unless they are a GREAT house, what are the odds he will stay and split his profits. Unless they are giving him 1MM plus bp in the first yr, he is gone once he figures he don't need you anymore.