Interesting controversy....wow a lot of interest. I respect what Schonfeld has done, but things change, and we have to just admit that. I'm not going to comment on the details of some guy losing all that money, or how much the firm lost last year, or how many layoffs they had (pretty scary, howevery). What I will say.....is that the game is over when my brother takes 1000 traders anywhere....and blows millions of the traders money....a little extravagant, don't you think!! Consolidation is happening at a feverish rate, and there is desperation in the air (having "price wars" and selling "under cost" just to stay open a couple of more months)....and I really hate the shoddy business practice of stealing other Firm's traders with "lowballing" and b.s. Treat trading like any other business.....get all the details of your "partner" or "firm" or "llc" (no sus llc's and no, never a franchises). Put up some money, take charge of your career, no big deal. And if it's not working for you, perhaps find something else to do.....trading is not for everyone.....and no reptuable firm is going to "pay you to trade" ..not anymore. Let's hope the good traders continue to do well, and we will do our best to keep our traders doing the same.....and, yes, we are still growing...... Good Luck to everyone!! Don
Don you crack me up Flip back a few pages and find Genes post, you may learn something... PEACE and good trading, Commisso
I share Candle's apparent surprise at the claims that current markets are so difficult on traders. In 1999 I was a new trader and I lost money. In 2000 I was still a new trader and I broke even. In 2001 I made some money. This year so far I have exceeded all the personal goals I set for myself when I started over 3 years ago. The markets still seem plenty volatile to me. Is this really an environment that is particularly tough on traders? I suspect, but am unsure, that the real challenge is being faced by the firms themselves as the competitive squeeze has forced the fee structure down and with it most of the "gravy" profits are out the window. Granted I'm a directional trader, and not always just intraday. I've never done heavy spread or pairs work, so spread tightening and the associated efficiency hasn't affected me much other than enhancing the efficacy of my exits. Don or anyone else knowledgeable on the business of running a trading firm care to comment on why so many firms appear to be surfacing belly up?
Bro, I never said that trading was easy for me these days... I am finding things pretty tough actually... Candle
Im trading my own money, but I have leaned more towards Minis. They tend to have the best Volatility. Now granted I just started this week and im only trading, at the most, 5 minis. Scalping them, not holding them for more than a few minuets. A lot diffrent than equities. When I was at schoni, i traded NewYork equities, and most move like a snale, some techs would move but overall, penny every hour....to slow. The market is difficult but i have switched to futures...hopefully I will learn to Arb with some friends of mine in the Naz. Pit. But I've started all over again, and im just applying the basic trading fundamentals i use in Equities to futures.....Oh yea, and Im not forced to trade everyday.....discipline.
I just called Schonfeld and the receptionist told me that they NOT closing any offices; that in fact they were opening an office in Brooklyn. When asked whether or not they were hiring, she said no at first, but then said they might be hiriing for the new office. I assume this was a weak effort at damage control; or was it???.... Axe
************************************************** Hey Can you post this message for me on ET's Schonfeld thread? I was able to see my boss's study of our competitors a few days ago, and I can tell you right now, people can throw rocks at Schonfeld all they want, they still have MORE capital than ALL OF THE OTHER FIRMS on the street combined, that's right, I am NOT joking, this includes everybody from Worldco to Bright. While some of this is because they do more overnight/swing's than any other firm, you can not deny the strength of this company for being still, the number one day trading firm in this country. Yes, their payout is god awful, but their training smacks down all others and you do not have to pay $2000 for it. While their overall growth rate is non-existent (not a surprise given that they are not hiring), they are not losing much ground at all. So until someone knocks them off, they are still the undisputed king of hills. This is by no means saying that they are the best choice for everyone, but let's put it this way, they have some of the greatest talents anywhere, and for them to take a lower pay out versus other firms, there has to be a reason behind that, those folks are not idiots you know. ************************************************* I am posting the above on behalf of Brother Hitman, which he private messaged me (his posting is blocked). It is posted purely as a favor for my dearly departed Brother Hitman, and does not necessarily mean I disagree or agree with the content. I am simply posting on behalf of a departed Brother... nothing more, nothing less.
What is schonfeld? Why are people still talking about some place called Schonfeld? interesting comments though. Not