Thank you all for getting back to me. I'm sorry I didn't respond earlier, I had some problems with my computer. All of your suggestions really helped, but now I am at a difficult crossroad. I have accepted a position at this prop firm, but I can't bring myself to sign to sign the non-compete agreement. It is a 36-month and I need to have 25K in my account at all times. If I ever go under 25K for the month, I may not get paid, and....Every 3 years, I also have to sign another 3 year agreement. Please let me know if this is standard in this industry. My problem is that I also have another offer on the table offering me 50k/year doing settlements...any advice would help
It just goes to show you, that when you got the college degree, it seems there are many offers... A trader like me without the degree...gets no offers.. Michael B.
3 years is an exceptionally long time - to the point that it may not be enforcable in court. Might be worth buying an hour of lawyer time to check out the whole non-compete. Many are so obnoxious as to be worthless, or so I am told.
25k at all times??? This is not standard at all for a prop position. 5k is the standard. This doesnt sound like a good deal at all, too much of a binding commitment, albeit the non-competes probably would not hold up in court if you decide to leave before then. I would look around for a better deal if I were you.
Thank you all for your opinions and suggestions. When I first read the agreement on Friday, I was like, âWhoaâ¦let me take this home with me so I can dig through it over the weekend before I commit myself to something I may regret.â I have heard of 2 year agreements, but never a 3 year, and the account minimum did seem high (might take a long time to even get up to the point since I am just starting out). I have also heard from a few friends that it may not hold up in court since it is so restrictive, but I was told to watch out, because although they may not be able to prevent me from working elsewhere, they may be able to sue me. Again, thank you for all your help. Iâm going to give it some more thought and bring it to a friend of mine who just passed the bar, to see if he can dig through it and tell me exactly what I am liable for.
Whoa indeed. Lets see, with 25K you can trade your own account on stocks - kick in another 25K and why would you need them ? A real job does not require that you put up capital. Are you in california ? This type of agreement probably would not fly in California - consult a lawyer. Make sure you have another offer and then you can go back and ask them about the money requirement and the non-compete - like what are you offering that is soo valuable that you think you can enforce a three year noncompete anywhere, and especially if I move to california ?
These days I can't imagine anyone signing something that restrictive. It's a pre-2000 era contract. I don't know your story, but $25k can get you far with any prop firm, 100% payout, sub .005 comms. Check Genesis, Bright, Echo, Assent, Evo etc.