I just saw an advertisement for "Spike Trading" on monster. It has the same address/location of a spike trading you can google; on 30 wacker, chicago. This name randomly came up with a buddy of mine in chicago. It was one the firms he mentioned I stay away from when i was looking to get into trading 4-5 months ago. Ironically, Refco was a place he said was a solid choice. Well, has anyone ever heard of Spike Trading? (and just to let you know what my bias is, I'm not too concerned with criticism like, "ghco is a terrible place because of no competes, ect....blah blah" or "this place gives a bad split, commish too high, blah blah". I think a place like Echo or Bright or wherever that takes a capital contribution is fantastic as long as there are profitable traders there. And that happens to be my main concern. (Its ironic, because i'm at a place with no cap contribution, its funded by a hedge fund, and I have no debt/wipes clean every month, 50 percent split that slides to 80, my commish blows, but for a total newbie, sounds like a decent deal. Well it would be if my freaking manager or co-workers were positive this month, or any other for that matter. Its terrible that I'm the only one of 5 people that are profitable this month, and by only the smallest margins....but then again i trade pretty small sizes so whatever... I think you get my drift. Any helpful suggestions on finding a trading place with REAL traders that can show a profitable pnl would be great...i could care less at this point whether or not a capital contribution is required, because I've seen what its like to be around traders that are not only unprofitable, but cannot teach you anything you would actuallly want to hear. Hedge fund smedge fund...I don't care anymore, i just want to find some profitable traders I can at least bounce ideas off of without having to feel like talking with my co-workers/boss is literal poison in my ear. Thanks (i'm obviously a little frustrated)
perhaps you should look for firms whose principals are millionares from trading PERIOD, or whose best traders became 6-7 figure superstars. ask around ... heck maybe even offer to clerk for a top group just to get your foot in the door
Yes, I HAVE heard of Spike Trading. From what I understand they are run by some Jamaican gentlemen. If I remember correctly they practice a religion that permits them to smoke marijuana (they call it "herb") while they work. As a result, it is important to keep good track of your trades and balances, because they sometimes get high while typing out customer's P&L statements. I am not absolutely sure, but I believe a friend of a friend has been in their offices and says that it is a very casual environment. On "casual friday" for instance, dress is optional and many opt for nudity. Apparently there is a unisex hot tub in the break room and often there is a party going on there. Personally I feel that people should be comfortable at work so that they avoid stress related mistakes. I am sure that the combination of soothing hot water and dope make for a very casual work environment. If you decide to go with them, please keep us advised. One Love Mon Steve
steve, i would have loved to watch you tell that story, just to see if you could keep your face straight. what a laugh!!
and thats the funny part. The guy who started this training program has a lot of cash...he drives a nice car, porsche, and I think he is fronting a lot of the money for this. But i'm starting to wonder if he is a "bubble trader" ; i've heard that term used, but don't fully understand its meaning. I honestly don't know how he made all the money he did given his current trading. (i guess thats why he took some time off in 2000ish till now). Oh well. I used to remember Spike trading as a place that didn't have a cap contribution. Either things have changed, or this is a different Spike.
In the last two years, Spike has completely changed hands. I trade there now and it is run by a couple of big floor traders and a stock trader from NY. They do stock prop. (with cap. up) and futures retail (both with training). In my limited experience, Spike has been very straight forward with me, and like any place, there are some huge money makers and some traders who make nothing. Bottom line is... you can count on being treated fairly, but don't expect the secret to the Holy Grail..... it's all about what you put into it. (And since it's an issue.... the owners drive a mercedes, range rover, and a hummer)
Hey Pat: Its a long holiday weekend, and as I have mentioned in another thread, I am a "type A" person who cannot wait for Monday. I guess I let my imagination get away from me. Hope you've had a good year. Steve