My insights are... If you expect the firms to teach you to become a profitable trader, change careers because much of trading cannot be taught. It's a self-fulfilling business. I'm a high school drop out who took the GED to goto college and dropped out of college to start trading. Academic stuff has little to do with your success. Now, I'm not telling you not to trade. I'm telling you that this is a very self-reliant, extremely individualized, and self-fulfilling business. It's tough because you only have yourself to lean toward and nothing else. It all comes down to your desire of how much you want to suceed in this business. Personally, my recommendation would be working in a hedge fund and learn at those firms. You'll be able to network efficiently(Networking is very important, next to your skill as a trader) and at most times, they're a better trader than the guys at the prop. Personally, I find "most" hedge fund traders much more helpful and much more skillfull than the guys at a prop.. This is based on my personal statistics. You'll start off being an assistance anyhwere you go, so mind as well start off by working for someone who's statistically better. Most funds change their staff around this time of the period before the new fiscal year. Try sending resumes to them too. Good luck and hope to hear a buzz about you in the Street someday.
Can anybody mention prop firms that do offer a salary during the learning process? The question was posed but had very few responses. Good luck w/ first new york. I'm also trying to get my foot in the door.
I have heard Momentum and Heartland do offer some kind or salary/draw. I don't know how long they last though. They probably start cutting people if they are not showing promise after a few months.
Robert, I'm going to be looking for a prop firm in about 2 months and was wondering the length of the wait in SD. Does Echo allow remote trading?
First let me say that I haven't seen the contract, it's still a week before I'll know if I got the job. Don't know what the "evaluation period" is, but I was told that even if after the first year, you are not showing profits, as long as you are on still working hard and improving, you can receive more than the minimum yearly bonus (as well as keep your job). Like I said, I have not seen the fine print, although there was little mention of how many people fail and are fired. I am guessing that this could be for two reasons. 1) That they are trying to hide the fact that you will get canned sometime during the second year if you are still not profitable, or 2) That the training and mentoring is very effective, and that eventually a trainee WILL be coming a profitable trader. The training seems very good. It consists of two weeks in the classroom, followed by 8 weeks (minimum, was told it usually takes 12 weeks) simulation on firm's software, afterwhich the trader goes live, and must keep track of all trades, and keep a weekly journal which must be submitted to managing trader. Managing trader reads and gives advice/insight to each trade, making sure reasons for entry/exit were justified.
I have no trouble believing there is a waiting list in SD office. I have visited the office and there are some very successful traders there. The training appears to be top-notch. I have kept in touch with some new traders there and they are VERY satisfied, not left to fend for themselves. I would be on that waiting list myself if I lived on the west coast.