Discussion in 'Prop Firms' started by mm-trader, Apr 27, 2001.
Does anyone recommend a proprietary firm that pays a salary. ETG no longer pays a salary.
To my knowledge there are no firms paying a salary anymore.
I sent you an e-mail a couple of days ago. Did you happen to get it?
I think Penson securites and Southwest Securities both offer Prop. trading but I have no idea if they pay a salary or not.
Didn't get the email. I am currently out of town in Arizona trading at Echo's office here, instead of CA. I'll be back probably next week.
what seems wrong is the fact, not element, that not only is risk involved, but we are at the cusp of that risk quotient, and we through sheer audacity defy the notion that we need that comfortable, reassured notion of a salary, and we can brave the weather, whether its raining, snowing, freezing or perfect sunshine.
Hey, who doesn't feel on top of the heap, whence our trades go right, and we were in them from premarket, before the futures skyrocket, or the opposite scenario, whence we're short, well before others take their positions or bullets, and watch the entire sector tank, thus proving us right.
Hey, they just don't pay salaries for that sort of stuff...
and it looks like limitdown's got it right.
I have heard of plenty of starter salaries, but it goes like this. you get 40k, 45k slalary for about 4-6mos maybe longer. Its just enough time to teach you a little and get you running. But it boils down to the same thing. If you're not profitable, you're done, and the fact that you get a salary for a short time, just doesn't equate with getting profitable.
All the guys I know at big firms (ie GS, etc) are paid the really big $$ based on profits. period. yeah, they get nice big salaries, but truth be told, if they're doing nothing but losing money they gotta go.
so what to do now? I have the same dilemma.
Here are some that I'm pretty sure still pay a salary:
Momentum Securities (tradescape)
First New York Securities
Not sure about Heartland and Schoenfeld.
Easiest way to find out is just call. There's a big list of firms on elitetrader. Give 'em a ring.
I recently met with a rep from Heartland and he told me that new traders are paid $2400 a month for the first 6 months after which the salary is entirely performance based. We didn't get into specifics over the payout rate during the those first few months as I briefly met with him at a college job fair.
Check out their website: www.heartlandsecurities.com
Separate names with a comma.