Cool. I wish prop firms would trade against me. Imagine all the liquidity and price improvements I could get! They could sell before I buy, or hit my bids. Would be awesome
Kudos to you for coming out of there as the 1% who made money. 99% don't, or are marginal at best. They make money on massive volume rebates, trading against losing trader's positions (i.e. hedging), delays on routing and on price differences, and on using your capital to trade their own positions. Did I read you right? 20 cents per thousand at 40%? Did they at least wear a condom before you signed the contract?
You consider 20 cents per 1000 a lot? Where can one get a better deal? Yes 40% is low, but what else can you expect as someone who has never traded before. When you're new and not making money, there's no difference between 40% or 80% of nothing.
WRONG. The absolute worst deal you should be getting at any prop broker is 80/20 split, $5000 down ($1500 at WTS, $2500 at most at any of those other chop shops), 20:1, at 0.05/1000 and even that's rape considering what they're making off your volume and rebates. My rates at Dimension and WTS and any prop shop were less than 0.02/1000 and 95% at 40:1+, with $5000 in, AND paying my S7 fees. Some guy in NJ offered me 30:1, $5000, 0.0225/1000 with echotrade but the VP BizDev, Brian Spaide wouldn't confirm who it was or the terms and the contracts were never amended to reflect my "deal". SCAM. They'll freak I posted this, but if they hadn't jerked me around on all the other terms and their software and technical support sucking, I'd still be there pulling down my deposit numbers every day, NET. No fucking way I'd keep my profits in trust with any of these "brokers." And fuck their two week "paychecks". It's MY money, I want it out every day, 4:01PM and in my bank account at 8:01AM the next day. Sorry, I'm so sick of these threads. PM me in two months when I'm running my own shop/fund. I'd love to see your numbers and give you a real shot at making some real money without getting fucked in the process. That goes for anyone else out there tired of getting bent over the desk every month by the establishment. DOESN'T anyone realise YOU are paying them, not being hired for a job? They WORK FOR YOU. THEY TAKE YOUR MONEY. THEY TRADE AGAINST YOUR CAPITAL, WITH YOUR CAPITAL. THEY MAKE PROFITS OFF YOUR VOLUME AND REBATES EVERY MONTH LIKE FISH SWIMMING INTO THE NET. It's as close to a Ponzi scheme as the SEC will allow legally. Bueller?
To the OP: Any swift/title/WTS/MGB/whatever etc branch that requires you to put a deposit and doesn't pay you out at least 95% (should be 100% but w/higher comms) involves you running out of there ASAP. Swift and Title should NEVER ask you for a deposit, I never needed to pay anything but data fees. For the actual interview it depends on the office, but generally it shouldn't be too hard. Couple of brain teasers, simple math etc.
Word. I had my Title interview about 3 weeks back, and although I don't want to rant about the company on the net, all I have to say is that it was pathetic. It seems like they were willing to take in anyone and everyone- I had the feeling of being hired even before I introduced myself. The only condition, which affirmed the action of deterring me, was the $480 upfront in bullsh!t "training fees". There were about a thousand and one moments that I wanted to burst out laughing during the interview, it was truly hilarious. Anyone have the contact details of the Richmond Hill Swift branch? Thanks for the heads up guys. Without your experienced advice I wouldn't have known what to anticipate and would have probably been suckered into joining a boiler room.
I think this thread is a good indication of the life and times of this type of prop in general. Very very VERY few people in this type of environment are making money from what I know, so you can't expect to walk into a branch and get a risk free start. Of course in my head I think that a risk free start is what SHOULD be the norm, but it costs $150 a month for sterling, rent is ~2000 for the office you sit in, internet, the computer itself etc etc. When you have no profitable traders to pay those costs, you really cant expect anything else. Its just not the type of market right now where manual monkey trading is going to be easy to learn. Sure, there are exceptions to everything and there are people manually trading making money, but from what I know, everyone is down from what they used to make and even some have left trading completely. In all honesty I'm not sure what the best route is to learn trading right now. I guess it would be start somewhere that gives you the cheapest start possible, combined with at least reasonable technology, and some people with experience balanced with logical and reasonable expectations.
Hi, Take care of haters. This guy boston... looks like he wants the moon for free and he spreads false shits. Title Trader will not make you a trader, YOU WILL. They should give you a base and help you to avoid most of the really newbie mistakeSSSSS. Also, they will provide you a solid risk management. It is very flexible from office to office. I have traded with 2 of their affiliates and I had different terms. Also, I have traded under WTS and I prefered Title. I thank this kind of thing to exist because their money management and their low trading fees made my trading career possible. Like it's been said, you need to be able to have enough money to survive at least 3 months and be willing to work VERY hard. How long would you need to make a degree ? Are you sure that this upfront $480 was "Training fee" or it was plateform and office fee ? It is normal that they ask like 3 months of plateform fee in advance because they put time on you and some lazy guys give up after 5 days so you should understand. If it's training fee I would disagre but I don't know what's their training. Maybe you could negociate it if it's training fee.