Starting at a day-trading firm soon

Discussion in 'Professional Trading' started by tells, Jul 25, 2008.

  1. tells


    So I'm entirely new to this and I'm thinking of signing on with a day-trading group in NYC. Can anyone give me any feedback on what I should expect in terms of the contract/fees?

    bump me to a different thread if this question doesn't belong here.
  2. tells


    Let me clarify since no one is replying to my post:

    I have an offer to become an equity day trader. I have never done any trading before and apparently did "well" with the interview. The company is asking for $5k up front ( I asked why and they kinda circled around their answer giving me responses like: "it's your reserves", "it's yours and is given back to you if you decide to leave" - trying to be reassuring but I remain skeptical). They also state that they'd give me 85% of my earnings and 90% if I deposited $10k -- I found this strange as well).

    They tell me there is an extensive training period that will teach me techniques that have given their group a higher attrition rate than the average (about a 20% success rate). They work with Blackwood Pro and had a nice computer farm when I visited. The group operates inside a larger LLC called Dimension Brokerage.

    They tell me I have $100k+ of equity that I'll be allowed to work with.

    They post on craigslist everyday for the same position

    I had my second round interview on the phone.. which after 20 minutes, I was offered the job.

    Now, I do interview well (I was recently offered a research position at Cornell Medical Center with a 2.27 GPA because I had convinced the Head Researchers it was just me having fun in college). I have a BS in Biological Sciences and am just tired of my work in clinical research. I used to play a lot of poker and do well in the college scene (I even ran my own game with rake). That apparently was what got me the offer for this position. I would like a response from anybody since I am such a noob to this field. I want to know if it's likely that I'm getting scammed or if I should be glad the opportunity has come knocking.

    Thanks much
  3. Surdo


    It's not a "job", and anybody with a pulse and $5 Grand is hired!
    Get a real job with a salary. MSK is always hiring people with shitty GPA's and science degrees. You have your whole life to learn the markets properly without a $5000 donation to a prop firm.
  4. Did they ask you for a Series between the numbers 1 and 99, like Series 7, Series 55, Series 69?
  5. ammo


    would you give you 100k to trade with? if the answer is no then ask yourself would i give 5k to a guy dumb enough to hire me to trade? Then maybe i should give him 10k.
  6. experienced posters should have access to a menu starting with a DESTROY thread button.
  7. Most prop houses require at least a 5K investment. They limit you on your intraday and overnight BP.

    Bright Trading has been on ET for years. They would be the only one I would consider. They offer remote trader opportunities...
  8. tells


    I've worked at MSK for more than a year now and I absolutely want out. I'm not looking to get the same job with a different name either. What's your definition of a "real job"? A bi-weekly paycheck you count the days to? No thanks.
  9. tells


    No. I think they sponsor for the series 7 though.
  10. tells


    Glad you found it necessary to waste your time criticizing an amateur. I appreciate the attention.
    #10     Jul 28, 2008