I hate replying to these things but I think this will clear up a lot of questions and misinformation in this thread. I'm going to assume you are not a profitable trader when answering these questions. I'll just add on to what Szeven said but with experience from inside the sauga branch. 1] How long is the training there, and is it done on a demo/virtual cash account or with real money? Only real money. There isn't any training in the sense that they give you a method and you go make money. They just show you the basics of prop day trading (using hot keys, ECNs, maybe some indicators) and you are on your own to find a profitable method. So one week? Though you are considered a trainee until you start to make consistent money. So that could be months, or could be never. It's pretty much like that everywhere. 2] How many full time traders work from that branch? And how many are under 30 years of age? I don't go into the office that often anymore but I believe 10+. Most are under 30. It varies as traders come and go. Tough biz. By full time do you mean guys who make a living trading, or guys who spend 6.5 hours a day there? There's a BIG difference. 3] Once you complete training how much capital do they fund your account with? And are there any traders there that trade million dollar accounts? Like szeven said, there are no "funded accounts". Your account will be given as much buying power as needed to maximize your strategy given your risk level. The question you should be asking is "how much can I lose everyday?". And that depends entirely on how much you make. If you are still in trainee mode then it will probably be calculated for you every week, or if you're experienced then it could be at their discretion. Some traders have 50 dollars a day limits, other have 10s of thousands. Yes plenty of traders have over 1 million buying power. 4] Do they increase your capital every quarter - or at all - if you a profitable, or are you restricted to building upon the initial funds they allocate you? (Please provide as much detail here as possible). They will never restrict your buying power if you can prove you can make money with additional buying power. If you can make 50K a month and the only thing stopping you from making 100K is your buying power then be sure as hell that they're going to give you more BP. It only takes a few minutes. 5] Do they let you trade futures, options, and or currencies/forex once you attain a "master trader" level. Stocks only. 6] Do you get a dual-monitor setup, or more? Dual 19s probably. Bring your own if you want. 7] Do they use LightSpeed or ThinkOrSwim, Interactive Brokers, or some other well known trading platform? What the.... Sterling Pro. 8] Does the branch manager trade as well, and would consider him/her an experienced trader? They actively trade every day but casually (they DO have to monitor what others are doing, especially the guys with big positions). Without sounding like a cheerleader, they would put any other trader ahead of their trading, even a trainee that makes nothing. I can vouch that they are two very honest good guys. 9] Do they allow any swing trades or position trades? Or is it strictly intraday scalping? You can do anything as long as it makes money, or has the potential to make money. As long as it's not overnight. 10] Do they have CNBC or Bloomberg playing on LCDs? They have BNN on TV i believe, and you can watch bloomberg on your computer if you wish, or anything for that matter. 11] Are you allowed to keep Bloomberg or Yahoo! Finance open (I know SMB Capital allows you to do that). Or are you only allowed to use the trading platform? You can browse craigslist for hookers if you want. But ya, you can use any service you want. They also have Squawk playing in the back (from the pit) 12] Is the coffee free? =p I think they have instant coffee there.... There's also a tim hortons across the street and a cafe on the first floor of the building. 13] How does the interview process go? How many interviews are there? And are they impressed if you dazzle them with your market knowledge, or do they frown upon it (as some folks here have suggested about SwiftTrade)? Just don't be a douche. Don't brag cause if you had something to brag about you probably wouldn't have 0 capital and be seeking a prop firm like this. The managers are young smart guys so just be chill and show them you have desire and potential. 14] Do they have a "set in stone" trading style, or are you given freedom to develop your own style (within limits of course)? If you have no experience they will probably want you to start off scalping highly liquid stocks like C and BAC. Then you can branch off. If you already know what you're doing then you can do whatever you want. 15] When do they subtract their share of the profits? Or do they let them sit in your account and compound? If you make 10,000 this month and you get 50%, then on the last day of the following month you will receive 5000. But if you lose 2000 that following month you will receive a 50% share of 8000 instead. They hold it for a month to protect themselves from cowboys who might make 10,000 one month, and lose 10,000 the next. Or else they would have to pay you 5K, eat a -10K loss, and the firm would be -5K instead of 0. 16] Do they deduct any taxes, or is it like Swift, where they let you do your own and pay you in pretax dollars? No deductions. 17] You ARE paid in CANADIAN dollars, right (even though they trade American markets)? USD
There you go. And many firms work like that. With the exception that some firms will ask for a deposit and payout more than 50%. That's about it.
Hey guys thanks for the detailed replies! I REALLY appreciate it. It has cleared up SO much confusion =0) I wasn't expecting this many replies this quick =0) Mississauga Title Branch sounds very good =0) Thank you to: Szeven, bespoke, and krazyanyway
For sure!!!,there where times where it used to freeze for 15-20 min!!! or go down 2-3 times a day!!! that was back then(4 years ago).There was one time (the first time it happened and I did not know that they had that kind of problems cause they did not tell me) that I remember for ever, I am looking at level 2 nothing is moving!! looking at the charts the same!! "F**k I go the market can't be that slow", $500 down!before I know it!!! Maybe today they don't have those kind of problems,you will have to check it out.
Hi guys, I don't think that starting a new thread is necessary for my simple question.. Are there any monthly fees for a title trader?
Success at prop trading firms are very, very low that's why they have to continually keep recruiting. Game is tough and most traders are ill prepared.