I am a new trader, looking for a prop shop. I have an interview with WTS Proprietary Group this week, but as also looking @ SMB and Dimension .... does anyone know anything about them that I should know? WTS offers a 2-3 weeks traing course and require a 1500 cap. deposit ... SMB offers 5 week training... but I dont know how much capital they need. ANy recommendations / input ? Thanks guys.
Any kind of "arcade" type shop you go to will require a deposit around 5k..... some more and some less. If you are deciding between these firms I'd suggest you go into their offices and spend a day. Make sure that it's a style you're interested in learning and that there are atleast a few traders on the floor that are making decent amounts of money or losing a decent amount for that matter. Whether they're up or down, you want to see a few traders in the office that have the freedom to move around some capital.... that way you know the firm is not too stringent for you to eventually make a good liivng. You also want to make sure that the platform they use is decent. All the other stuff will be pretty much the same no matter where you go unless you make your way into a real proprietary firm. Concerning these particular firms I don't know first hand about their training but I've heard SMB has a relatively good program.
I worked at T3....best trading firm in the biz and I mean the best...know why scott .... who is one of the partners is always on cnbc with market commentary....great firm great people......problem with a prop firm is that it gets boring sitting with others not being able to talk to anyone while sitting on your hands all day waiting to make a trade...much better to trade from your own house......it is illegal for a prop firm to take a capital contribution.....first sentence out of the partners mouth when I arrived for my first interview and then got hired within 20 minutes but that is because I had an in.....most guys will not get hired at t3 unless u have 6-2 years of profitable trding records....
If it was so great then why did you leave? Not meant to be posed in a sarcastic manner, just genuinely curious why you would have left a firm that's so great to trade at home
And not for nothing, but now they do take capital contribution (as in a training fee, but it is all the same). Aside from that, great people from my impression. I would have loved to work there if it wasn't for the $$ they needed.
Every day trading firm accepts capital.... it's just masked as a training fee. Aside from the larger houses that are true prop you would be hard pressed to find a firm without a "course" of some kind.
How much where they asking that you decided that you did not want to work for them if you thought it was such a great firm to work for?
Beware of them. I was there for last 10 months, finally came out of them. Their training is bad. It is just 2 weeks training, no mentoring after that. They dont care if you make or loose money. They only care about their commision. Commison is very very high. 1$/100 share