This is true, ANYBODY posting a 1/2 mil losing month, after struggling for the past year is going to be cut in shares.
I am a Schoni trader who just left, resigned. Of course they fired 75% of traders across the board and are closing down all offices except NYC. Chicago is going to be combined with a local hedgfund Schoni is involved with. However, its all a part of the street. Schoni was at the top and now it suffers what all great players suffer....close to blowing out. Schonfeld was a great firm, many good traders were groomed. I left with a positive Gross number putting up easy 3 to 5 thousand a month trading 40% of the time. Prop firms are finished. Schoni was the last man standing and now is the hardest falling. I will be back to trade with a LLC giving me 15 to 1 and charging 7/10ths of a penny. This is the game now, bring your own capital, Schonfeld is over, their game is finished. Of course they will limp along like a wounded animal until someone stronger comes along and take them out of the game. Its "wall street" baby, best of luck to all.
Many are living in the past, unwilling to accept what it comming down the pipline. Schoni will not be standing for long, its a weak animal now, limping along, in a dangerous jungle. Many will soon see and those top traders at Schoi will take the next step in their career. However you will always have those faithfull captians that go down with their ships. That is Wall Steet
top in my share size and buying power, Part of the game is being down. Now, all true traders understand that you really make all your money, maby three months out of the year. I did well at schoni for the type of market in the last two years. I had a hell of a mentor who put up 7 million in one year, I did 120 thousand in one year. Last year i did 25 thousand, and this year I was down 5 thousand, but i left, so there is still the second half. You have to understand trading to understand how one can be down and still be in the top rankings. There are guys down 2 million, one guy got hit for 40 thousand in jan. We trade size bro, Trust me, almost all the the great traders came out of schoni. Many of those who made millions are now down a few hundred, it is all part of the game, for real traders.
I understand. I run a private trading company and we understand size. You are saying that the three years you are talking about the most you made was $120,000 and your average over the last three years was only $50,000? Is that typical for their traders?
What "true" traders understand that you only make money a few months of the year or that being down is normal? If that is what they taught you there I understand why they are blowing up ...