Hello, I have recently been offered a position as an equity day trader for a proprietary firm called World Trade Securities located in Canada. I had a few questions, I hope someone can give me some insight on this. I would consider myself a newbie to day trading especially for a prop. firm. I am working a stable job at the moment, however, I am not in a field I would like to be. This offered position interests me so much, but still there are a few negatives and a few conditions that makes me confused. I am offered to trade the firms capital with a max. loss of 40$ a day (which they actually cover). The only fee I am being asked is the training fee which is approx. 1k + tax. There is NO SALARY in this position... You can only make money on the money you actually earn (from which they take their part). Furthermore, you have to recuperate all your losses before they start paying out. This is obviously a starter position. I was informed that the available capital assigned and the stop limit to you moves up the more successful you get. I am curious as to how much you can actually make working for these kind of firms... I have NO CLUE as to what a DECENT trader could make in a year. I do understand there is a learning curve to this job.. but If I end up doing this only to make 40k for the next few years It's really a turn down. Has anyone had any experience on these kind of positions? Any clues as to what to expect as a salary within the next few years? Any help would be appreciated.
and that is why you have a stable job in a field you don't like If you can't figure this deal out, you sure as hell will never figure out how the market works they prey on you because they know you are just an employee you were born an employee and you will die an employee but I'll give you credit, at least you are an unhappy employee, that's a start
I understand that.. But it would be illogical for them to not charge that 1000$.. Why would they spend time training someone and giving them capital when the person can just decide to lose all the money he wants and leave... A person can lose more then 1000$ during a year. However, I am still confused by some of the answers.. Would you care to explain how it is a scam? They are an international organization.
Initially they wont let you trade live until you are profitable on a simulator. If you lose more than say $100 they will put you back on the simulator. No way they will let you lose anywhere close to the training fees you have paid them.
@Southall Thank you so much for your replies. You have been great help. I think I am going to dodge their offer. I guess I can always keep trading .. Just not day trading for a firm.
I really appreciate your help. I will be dodging their offer as of now. Guess I'll keep trading ... just not day trading that is. Thank you again.