Discussion in 'Prop Firms' started by Drectified, Sep 5, 2003.
Okay thanks that jogs my memory.
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.
You might want to consider trading remote to expand your options in selecting a firm. Don't sign a non-compete unless you are getting something very valuable for it. Their "training" and propietary methods is generally not especially valuable, regardless of what they tell you. Most firms successful traders are trading commonly known strategies with the trader's own specific twist on it, combined with their skill/intuition.
Asking if they will pay for the tests I think is ok (a little demanding - good for you!), if I was a manager you might be able to convince me to do that if I believed you were sincere about this career.
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??
It is hit and miss. A few traders do very well, most lose enough to have to quit at some point. Look at the number of traders out there, most of them fairly new to trading. Proof that only a few will make it long term.
3 - Contribution: I have yet to find a place that requires under 5K, and was wondering if it exists.
Generally, the less you put up, the more you will pay in commish, or in a reduced payout. This is dangerous, since a high comm or lower payout REDUCES your chances of success. Success being that you are earning enough to keep doing this for a living.
Very few places will let you in for no contribution (FNYS, I believe is one..), but they cannot take the risk on you losing their $ without charging you more to compensate for that. Push for them to let you in for as little as possible. Negotiate.
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??
You will likely pay for your Health Ins. If you are unmarried, no dependents or health problems, you may be better off with just an individual policy on your own/high deductible. Will likely be cheaper than what the firm offers even at their 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???
Not sure about CT. If you go remote, no commute is involved.
6 - Commission: Given my rookie status, what should I expect to be a "reasonable" or "good" deal in terms of my commission charges???
VERY IMPORTANT. You need low comms. No more than .007, and get it as low as you can. Push for this - it is that important.
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.
Compare it to your worth in the job market. If you are entry level say for instance IT or financial and can make $60k in NY metro area, and maybe it is worth $10k a year to you to trade instead of working for "da man", you need to make $50k trading or you should be looking to do something else. I wouldn't put income targets on my trading. Once you find a method/s you use and if you are doing it right, will be able to get a ballpark of what y9ou can reasonably expect to earn using that method. It could be $1M a year or nothing, depends on how good your method and skill.
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