Refco/Mac Futures typical deals?

Can you someone explain the three year contract to me in more detail. Does it mean you are locked into that profit sharing arrangement for three years?

What particularly are you locked into for a three year period? I'm assuming you don't have to hang around for three years if you get a better offer somewhere else. Is this the case?

Runningbear

 

You are supposed to stay for 3 years even if you get a better offer.

 

Does that mean that if you wanted to leave within that period, you'd still be liable for the desk fees for the whole three years?

Runningbear

 

Not just the desk fees, but the percentage of your profits they're entitled to through your agreement. Theoretically, they can stop you from trading for another company. However, in practice, it's almost impossible for them to enforce these types of contracts.

 

okwon,

Are all Refco/Macs Prop traders under contract for that period or is it negotiable?

Runningbear

 

Sorry, I don't know exact specifics about Refco. I work for a different firm. I only made general comments on the contracts because you have them at every shop. In general, with a track record everything is negotiable.

 

I recently left Refco chicago, all of their contracts are negotiable if you can show a track record...

 

Cheesy, why did you leave? Did you get a better deal somewhere else?

Runningbear

 

scalper12,

Have you accept the terms?

 

So where can I find a shop that has APIs and allows me to trade remotely (so I can eliminate all the fees). Also let me hold up to 50K (maint requirement) worth of stuff. as long as my initial deposit (approx 20K ) stays above 0.