lets face it even top brain surgeons don't make the kind of money traders at many IBs and hedge funds make..........so now every kid wants to be a trader right out of school............there are more kids that want to be traders than there are legit trading positions at IBs and hedge funds........the retail prop firms understand this and are aggressively trying to recruit these kids for 'jobs' at their churn and burn shops........the SEC needs to crack down on this very hard........these firms are SPAMMING every job board with their 'job' offers.......what kind of 'job' requires 5k up front, totally ruins your ability to ever be a great investor or trader by forcing you to churn for pennies, and has a 99% failure and burn out rate? i think prop firms are great for experienced, capitalized, PRO traders.........but to lure unsuspecting college grads with MBAs - kids that have droped 150k on their education is pure evil........these kids become unemployable for life at any serious IB or hedge fund once they see the prop chop 'job' experience on the resume. here is an example of a kid about to fall for the scam before i warned him: http://www.elitetrader.com/vb/showthread.php?s=&postid=1794875#post1794875 here is another example of a girl (latitty) who fell for the scam......see her first day at her new 'job' - RFLMAO: http://www.mojohd.com/video/?sid=8 (this video will likely be taken down soon just like episode 1 and 2).
Well I do hope a recent college grad has enough brains to do their own due dilligence first, but I do see a ton of new "equity trader" type ads popping up all over craigslist..LOL!
the girl in WSW actually has a job, she's trading firms money. its just a purely commission based job, there's nothing wrong with that.
Tuco trading used to run ads in the San Diego help wanted section of Craig's List looking for traders. Craig's List is on to them though and deleted their ads soon after they appeared.
I think the female at WSW is better off. It is up to her if she stays after having drawdown for a year or two. I think the prop shops that do not have you put up your own money and allow you to trade there money, makes sense. They take all the risk to fish out the 1% than can turn the true profit. Why would they lie and encourage a "Chop Shop" mentality when they are 100% in the risk. Nothing wrong with those firms.
Why did Craig's List delete the ads? Probably because people who applied for the job were told to pay $5,000 for the priviledge of working there, and complained to Craig's List about it.
I dont think having a six month hole on your resume after leaving college is going to kill your future career. However candidates should be told very clearly what the failure/drop out rate is at the interview. If 90% of wannabes dont last a year then they should be warned about this very clearly. I never heard Latitty say that on WSW. See just seemed to think she had a good chance of being able to make a living, or least cover basic living expenses, after six months.
I thought it was maybe something else. Just about EVERY firm that puts up a CL ad has some similar stipulation. Nothing special here, then.