THIS POST is about WHAT I can DO for SECONDARY WORK not WHAT FIRM I'M going to. IF you no anything about prop firms some firms even PAY people while they train them. This firm is not one of them but never the less it seems like a reputable firm. As for the amount they charge per share it's more than they charge at other firms but there is no initial deposit required which is a big plus to me. I won't say the name of the firm but if your looking for a firm to join just go to career builder or monster.com post your resume and eventually you'll get a call back. They told me i'll start off losing before i'm positive but I'm sure if i do leave and incur any losses they can just write it off.
LOL, this forum is really taken a bad turn...next the OPs going to get asked to post track record, employment history and shoe size ...and be called a LIAR in the process (he's not really looking for work, he's selling something)
Ok...you say "probably" last you a year. If you are going to be working with money, you should know EXACTLY how long 15k will last you. If you have never kept track of every single little expense for an entire month, you should start now to see how much you actually spend in 1 month. I can tell right away though that 15k will not last you a year. $750 rent x 12 monts = $9000 That gives you $6k left for food and going out? Now I'm a pretty skinny guy (weigh 140 pounds and 5'7) and if i really scrimp, I spend at least $250 per month on food. (not dining out, just groceries and fast food every once in a while) If I splurge, I will hit as high as 500$ per month (eatting fast food every day) You said you could get work as a bouncer so im guessing your a much bigger guy than me and your calorie intake is alot higher than mine which means you spend more on food. Now if you plan to go out and party, then you can expect alot of more expenses. Also does that $750 rent include utilities, internet, cable, ect? Do you have a car? car payment? Gasoline? I only drive less than most people (about 7k miles per year) and i spend $100 bucks on gas on a 25 MPG honda) Most normal people drive at least 12k-15k miles per year so if you have the same MPG car, you are going to be spending $200 per month. Insurance? Another 50-100$ (depending on your driving record, ect) I can tell you that your 15k will last you at MOST 7.5 months. Assuming you do have a car payment and you like to party and go out every weekend then I would predict it will last at MOST 5 months. Check your expenses for the next 30 days and you will see. Write everything down and add it up at the end of the month. Dont make the mistake I did. When i started trading I had 57k in the bank for my savings to last me while i was trading. After 6 months, I saw I only had about 30k in the bank. I thought i was only spending $1800 per month, but when I did a budget and tracked my expenses I saw i was spending 3k per month(sometimes more)! (for a while I thought someone got a hold of my back account info and was stealing from me) I really wish someone had told me what i am telling you now back then. If feels horrible to see your savings drop like that especially when you are not making money trading yet. Good luck to you though. I wish you well because you are going down a long hard road that most of us can attest to.
I don't have any car payments and the 750 does include utilities. I'll be taking the subway to work which will be 89 dollars a month and i don't eat out much but i'm good for spending about 250 a month for food those are my main concerns. I appreciate the tip on doing a budget and sorry about that I2TRADR.
What you're missing (and NOT relevant to this thread) is he's in effect paying more than 50% of profits, its another way to disguise it. So in the event that he is profitable, he's getting 50% of net but a lot less than the gross, with the difference going to the firm.
Well the payout is pretty competitive with other firms but the leverage isn't the best which i'm not concerned with because i'm new but the amount they charge per share is twice as much as other firms i visited.
Nice of you to write this to the OP, and I realize that having a good chunk of savings in the beginning is important, but you are assuming a lot. I believe the bouncer thing was suggested by another poster, not the original. Also, you are assuming he will have/need a car. Most people working in or around the city don't even need a car. Also, I am sure he will find some kind of PT work, so the 15k savings is not the end all of it. Obviously he won't make much PT, but 1-2k a month is definitely doable. What I do not believe you included (and what would make more sense) would be any college debt, if he happens to have any. I don't think it was mentioned though. If one is serious about starting their trading career, they can definitely cut back on wasteful spending and they can take it easy on the drinking and partying. Good luck to the OP...The deal and situation sounds like standard practice for some prop firms, so I don't know some folks here are having a heart attack over it.
It would be nice to know the name of the firm. If we're all here to help each other, I don't see why such an innocent and logical question would cause the OP to be so secretive. Maybe some of us would like to get in on such a good deal!
No college loans. I just kept checking for jobs on craigslist, career builder as well as monster and sending my resume to different firms. If you want some advice on firms for beginners here's a list. First NY probably the best, De Shaw, Schonfeld they only do training like once a year though but I was told they will probably be starting one first half 2010. Echotrade does training down in their wall st office I think training is like 1000 and they do that every quarter. I was told Hold Brothers does training in their morristown office. AMR Capital I know their training right now in their New Jersey office. Madison trading and any of their affilliates are good as well. Echo and hold both require initial deposits so those would be my last choice.