I have worked in many types of offices. I dont mean just trading but a few sales operations. When there was a salary, this encouraged more fooling around and the focus tended to stray away from the main goal of making money. People only get serious when their way of life is threatened. The most successful people did not make money until "the gun" was placed to their heads. That gun is the fear of not eating the next day or living on the streets. You will know how to trade and manage your money when there are no other available options. This is not a game of gambling where you throw away money, but one where you make money and not lose what you have. As for "you are on your own", thats how life is. You are on your own!!! No one is on your side despite the gratuities or friendships that you believe that have developed. At the end of the day, its every man for himself and you better not be the one left standing when the music stops. When you leave, everyone talks shit and wants to grab your piece of the pie. Lots of jealousy and conspiracy. If you dont think thats the way it is then you are in fantasyland. The bottomline...you either make money or you do not eat. No salary, no handouts, no human resource department to complain about your manager, no Blue Cross/blue shield. Sit your ass at the machine, watch the pretty colors, make some money and show us what you got. If you dont like it, then there is the door.
Man calm down. The best sales people used to be the IBM salespeople. Very very huge producers. From day one, they were overpaid, overtrained, overfed... Their sales directors believed in putting all the chances on their recruits and removing any barriers to selling. Big company, massively capitalized and different philosophy. They are still there and they are still overpaying their sales trainees. I think that in trading there are these type of proper companies. First, proper training companies receive money and in exchange give you proper training. Their main problem is finding paying customers. Second, proper coaching companies receive money and in exchange give you proper coaching. Their main problem is finding paying customers. Third, proper mentoring companies receive money and in exchange give you proper mentoring. Their main problem is finding paying customers. Fourth, proper arcade companies receive money and in exchange give you trading desk and equipment. Their main problem is finding paying customers. Then , we have proper prop firms : they GIVE you money ( can be in the form of a salary or retainer,...) and in exchange they help themselves with a cut of your trading profits. Their main problem is finding, attracting and keeping profitable traders. Of course, the proper IB, hedge funds, venture capital GIVE you money and in exchange you get a BONUS. Their main problems is keeping the door shut. Et voila.
Your office must be a joke, cause that's the only reason you would want that clown there. Please, the BEST prop firms offer salary/draw. They are very selective & don't mess around. Instead of the commission churn em & burn em game that the rest play.
Wouldn't that also be the case if you worked at a real firm or fund? Why would this be any different?
Funny how minds differ. I was gonna ask your man how one works/trades and manages to post 5 times a day. Paragraph after paragraph of hot air at that.
I am having a hard time getting in with FNYS, Trillium, Chimera, Jane Street. I am not fresh out of college but I only have basically a year worth of trading at a small prop shop, but managed to get all my required licenses. Can anyone recommend how I go about trying to get in a good trading firm that has a good training program and gives a draw or a base salary? Anyone have any connections?
I'm getting a lot of PMs about where I got my information. I have friends in a few of the firms, and one that recently interviewed but declined offers. That's all I will say for obvious reasons. A couple are from what they know from others that interviewed. It's a small industry and shop talk will quickly confirm these figures. I just post them for those that aren't fortunate enough to have this in to these firms. Use it as a guide, but not as an absolute. Good trading to all.
I would also like to say that these figures are most likely BASE salary. You will also get a bonus for performance.