the deal you got is pretty much a scam but you might have no other choices but to accept it at first, if you have no capital and no experience. Once you've got a business set up, which might take up to 2/3 years if you ever get successful, you'll have to renegotiate and probably leave this firm. Make sure to keep a copy of your initial contract and read every pages of it. Look for the lenght of the contract, the money you'll have to give them if you want to leave before your contract is up, the non compete stuff, make sure you are not liable to any debit balance in your account. Good luck
Firm doesnt take 100% of the risks. That's 100% crap remark. they limit the size of what the trader can trade so that they don't risk much. And in most cases, junior traders stay close to flat gross but obviously down net after the gigantic commissions.
You are not talking about first hand experience with RBC obviously. You would not be long $10mm overnight unless you were there for an extremely long time and had millions in your account. If you were down $100k in your account, you would not be trading there still. Good shop, tightly run, just don't like to see any misinformation out there.
Dont trade with RBC. I have been trading there for 6 years. Carlin merged with RBC a few years ago. Management have changed alot. They promised you one thing and mean another. I know the owner of carlin, Ron, really well. By aware of David Abramson. He is a con artist. He tells you different story everytime. I am glad I left the firm. All my friends who also were really good traders left there a few months after I did. They dont have a training program like they claimed. They put you with an experience trader and HOPEFULLY you can learn something from it. Hope this help.
LOL...Ron Shear and the "Rabbi" Mr. Mayer....good guys. I went to Ron's "transfer or power" to RBC party last year.... Don
I'm not sure about RBC Carlin, but I have interviewed with RBC Capital markets, also know as RBC Proprietary Trading Group. Their website is www.RBCGPS.com. They are located at 11 Broadway. They are part of the actual trading desk for Royal Bank of Canada. New traders keep 60% of profits, 40% going to RBC. All new traders are given training for the first year. Classroom sessions are held before the open, and after the close of the market. Traders don't pay any types of fees. Traders actually trade RBC Capital. They only hire about 2% of the people they interview. It is extremely hard to get hired by RBC. New traders are first given $500k in capital to trade. Depending on performance, that can be increased to as much as $25mil. They don't take any capital from you, and you are not liable for any losses if you decide to leave. It is definately a great place to start a career in trading. Any of the banks are good places to start out if you are new. The only thing that you need to make sure is that you are going to be trading for the bank's actual trading desk, and not for a seperate entity using the bank's name. Many times traders will go and open their own firms which are then sponsored by banks. Always check to make sure that you are going to be trading for the actual bank, and not for one of their sponsored entities.