Well this definitely isn't a job. You are their customer, not their employee. They are a brokerage/clearing firm and you are a customer of theirs. My definition of a job, you provide some sort of work or expertise and they pay you for your time, if you are giving them money then it must be some other arrangement. 5yr
What exactly are you looking for on this site? Trading profitably takes YEARS of staring at Green and Red candles 6 1/2 hours a day, did someone tell you it was glamorous or fun? A job provides you with a bi-weekly check and security knowing you can pay the rent and eat. A Prop firm is not a job dude. el surdo
Tells, basically this a prop firm giving you leverage on your money to trade. If you are seriously considering this venture, I would recommend investigating other prop firms. Most prop firms I have seen give close if not a 100% of your profits. They make money on the commisions you pay, so that is another important consideration if you decide to do this. Your commission rate can make you bleed to death. This a very difficult endeavor and odds are that you will lose the 5k and leave a bad taste in your mouth about the markets. Most of these firms have some sort of "training " program but the fact is it takes years of market experience to become proficient enough to make consistent profits. If you have passion for the market I say go for it. On the flip side almost anybody can get this type of arrangement so if you are not sure then I would save my 5k until you do more research and get some experience. Hope this helps and good luck.
I strongly suggest that you get a normal 9 to five with a salary and benefits. if you need too,trade part time. its a tough business and very few make it. to put things in perspective,there are tons of engineers,mechanics,and salesman and MOST of them make it. trading is a different game where only a select few make it. trust me,you don't need the stress.
Thank you guys for the feedback. I understand that this is an enormous risk that I plan on taking and I really appreciate the advice I got from all of you. I definitely will mull this over some more and learn as much as I can before I dive into this. From what I understand there is a plethora of opportunities like the one I encountered so I have nothing to lose by waiting it out. I guess I can stick with my 9-5er until I can hack it on my own in day trading. I definitely admire the resiliency you all have day trading for a profession. If you have any suggestions for books, ebooks, tapes, etc. that can help me learn about day trading some more, feel free to PM me. Thanks again tells
I'm looking for feedback on the offer I was given. I can understand people questioning the motivational factors I have since it seems like a lot of people get into this for the wrong reason. If you'd like to know, I'm interested because the market interests me. I haven't found an area in finance that'll outright hire a person like me without a degree in a related field (if you know of one, let me know!). I find myself naturally researching more and more about stocks and the market. I take that as a sign from myself that I should consider changing career paths. Obviously I know there is a substantial amount of risk involved. This was made clear to me at the interview. It was also made clear to me all over the forums that most people (90-99%) don't make it - perhaps because they got in for the wrong reason, don't know how to handle the swings, or just plain bad luck. I will admit this is a very spontaneous decision but at the time it felt right and comfortable. I will take some time to think about this as it's never a rush to get into this field. In the meantime I am planning to work on emotionally detaching myself from the ups/downs of the market or at least getting used it. I don't consider myself an irrational person and deal with stress very well. I recently graduated last year and live with my parents - laugh all you want but it's a big proponent to being able to take risks right now. I won't lie that the money is the reason why this job looks attractive, but it's not the only thing. I'm looking to mix things up as the healthcare field is losing its appeal to me. Just let me know if this deal is a fair shake. If not, I drop it. If it is, I might just consider it. Don't judge me as you don't know me or my personality. The Bi-weekly rant was based on my discontent at work. Of course it is more secure to find a job, but security is not a top priority for me right now. I can afford to take risks as of this moment and right now I'm considering one - by asking for peoples opinion on this forum. I'm trying to tread carefully with my choice here. Of course I take all your comments here with a grain of salt and think that whatever you may contribute may be of worth to me.
Sounds like a lousy deal...generally good firms have solid reputations that have decent traders working under them. Someone 'advertising' on craigslist seems very shady or at the very best amateurish, so i'd be really concerned about their 'success' rates. If they can't prove there are profitable traders that may be around and willing to help you i'd run very far away.
Send a PM to Don Bright asking him to chime in on this thread. He will give you good advice, and not try to sell you on his Firm. If you're serious, Don is who I would recommend.
In order to make it in this business, you need to have passion for the markets. If you don't love this game, even when you're losing day in day out... you don't have a shot. One thing you want to ask these guys is what kind of fee's you'll be getting [depending on your style of trading, this might be a mayor factor on you making it or not...] [oh yeah... talk to Don...] some books I would recommend... Reminiscences of a Stock Operator Trading in the Zone