Questions for a Rookie...Please explore

Discussion in 'Prop Firms' started by Drectified, Sep 5, 2003.

  1. I am new to this forum as well as this business. I graduated a good school in '02 and have danced around several jobs in finance since. I feel that my heart is in trading, but want to put myself in the best position to be successful and take an EDUCATED risk, rather than selecting any prop firm.

    I would greatly appreciate anybody in the business giving me their input on the following questions.

    Much Thanks,


    1 - Licenses: Are there any firms in the NY/CT area that not only will sponsor you for the 7/55/63/3, etc... but pay for them as well? Possibly it might be a condition in the "Non-compete" agreement?? I have checked out ETG, Echotrade & Lynx Capital, wasn't overly impressed with any of them.

    2 - Training: Is there a particular firm known for its exclusive profitability, or it's mentor's/senior trader's being the best at creating new stars??

    3 - Contribution: I have yet to find a place that requires under 5K, and was wondering if it exists.

    4 - Does any firm offer any actual benefits (health, dental, profit, etc..) that are NOT fully out-of-pocket but at a discounted group rate??

    5 - CT Branches: I live in Fairfield County, CT, and it is an expensive and time consuming commute to NYC. One I don't feel I should make for a position w/o any compensation, that I may end up not making any $ in for 8 months. Are there are major firms or those with branches in CT to solve my problems???

    6 - Commission: Given my rookie status, what should I expect to be a "reasonable" or "good" deal in terms of my commission charges???

    7 - Expectations: What are REASONABLE expectations for an income assuming this line of work is meant for me and I can make a good living at it? I know this is a difficult question and too general to give a serious answer, but I just want some sort of ballpark figures to use comparitively for an alternate career. Any help here would be greatly appreciated.

    Thanks guys!!!!!!

  2. :eek:

  3. I realize it is demanding, but any help would be appreciated.
  4. acrary


    Forget prop, you're in the Gold Coast. Drive up or down the Merritt to the route 7 exit. Take it northbound and goto the Merritt Corp. Park.

    Manchester Trading LLC
    101 Merritt 7 Corp Park
    6th Floor

    Ask for Susan.

    Bring your resume and offer to work for free until either they or you see the value you bring to the position. Why? Because Susan is Victor Niederhoffer's wife. If you already live nearby you might as well start learning from one of the better firms.
  5. Sorry I can't help you with your questions, but welcome to the club. The club of fools who have spent the first two decades of their lives pleasing their teachers so that they could become good followers in a big organization. I made the same mistake, if you can call it that.
  6. Speculator1929

    Speculator1929 Guest

    Check your PM, I made a suggestion that I don't want posted so as not to advertise for any one firm.

    It meets many of your criteria but not all.
  7. I'm in Stamford, CT. Lots of funds around. Especially one notable one.
  8. Most people refer to southern orange county from Newport Beach to Dana point the Gold Coast. I was unaware that anything back east compared to that. But your post is sparking my quest for anything that equates.
  9. The original Gold Coast is the North SHore of Long Island where the Great Gatsby once plied his trade. I think Nelson DeMille even wrote a book about it.
  10. xbrxx



    Just curious... Have you ever traded? If so... what? futures... options.. equities? And did u make any money? And why do u want to? As for the last question... it is a pretty difficult question. What do u consider good? A trader pulling 50k a year? consistently for the past 10 years? That good? I mean, there aren't even too many guys who do that. As you know, 90% of all traders, or better yet, wanna be traders, bust within their first year. So that guy getting 50k a year is good, since he's in a elite 10% of traders. There are a few guys on this board who would never trade if they only made 50k a year. However, there are 10x amount of guys hoping to pull that kind of money from trading. They could easily get a corporate job and make that, but guess what... either they are trading addicts, or just believe they will someday make it. who knows... The question for you is. Do u think you can make it? Do u think that you can beat those odds? The numbers are against you. Why do u wanna trade again?

    #10     Sep 5, 2003