Most prop trading firms run it as a pure dollar business and know the odds of a new trader being successful. Depressing concept but think of it this way. 80% of new traders fail and while in the process are going to trade say 1M shares over that period. So a typical starting pitch is a training program for X dollars and mark up transaction fees by 300 to 600%. Each new guy in can bring anywhere from 4,500 to 11,000 per. Making the obvious focus towards signing up new traders, retention of a trader isn't as juicy due to them wising up and negotiating better rates. My suggestion is tread lightly pick your firm very carefully with this in mind. ...happy trading...greg
As far as I know Title doesn't apply markups... they make their money from the traders who make money, not from the ones who fail...
Very good ! Just like the local groups from the trading floor. So they value retention, great. If you could get me a contact number or email. Thanks...greg
Jeje... I don't work for Tittle... I work @ swift. but I keep an eye on the competition... and them charging a markup/markdown is the kind of stuff I notice...
Ok my original statement is still true, pick your BD very carefully. If they have to advertise and have training programs ever few months to keep the lights on, focus isn't 100% on the business of making money trading. Making it an unlikely choice for a career trader. ...greg
Hey guys. I just completed the Trader Evaluation Form two weeks ago for Title's North Carolina branch. I was told by the recruiter that they pay a base plus %. Seeing that I live in the Detroit area, the base is necessary for me. After reading all the posts on this thread, I don't see any mention of a base. Seeing that I have 12 years trading experience, could this be a reason why she mentioned a base, or, were her statements misleading? Thanks
So, my friend has been to the Toronto Asian office. It turns out it's called asian because it's only asians trading there. Anyways, he left a resume there, but they never called him (he's not asian). Interesting.
i saw that they had an office there, but didn't think anything of it. will be pretty interesting to see what happens if they offer the same rates up north..even without a base, that should worry some other shops in the states.
Punter, from what I understand their US headquarters are in that location of Charlotte, NC. Whereas the international hq is Montreal. As I go back now and read through some of the emails, it appears that they are looking for experience which apparently is why they are offering the base. Anyway, so what's your experience?