Hey Guys, First post here and I'd really appreciate any advice you can give. I was recently offered a position with Tower Hill Trading. The offer was basically 80/20 trading profit split and no salary. 25% of that split is withheld for 18 months as "golden handcuffs." They do a 4 week mentor training where you sit with a few different traders, watch them trade, ask questions and learn from them in the process. I know this training program is less than ideal, the 18 month golden handcuffs is brutal, and the fact that they don't pay any salary sucks, but can you guys give me any other insight on the Tower Hill? They don't require an initial deposit, so what is my downside of accepting this offer? They charge about $6 per 1000 shares traded, but no fixed desk fees like a lot of places I've been interviewing. Please let me know if I'm overlooking something here.
Your putting up No money, getting an 80/20 split, they are training you and hold aside some profits so you don't leave after they train you. The cost per trade is higher than most prop shops, but they are trying to get paid for their risk. Seem like a good offer over all. How much capital will you be allocated? Make sure it's enough to make money. Also, ask what your max draw down would be before they cut you off.
25% of that split is withheld for 18 months as "golden handcuffs." ............................... http://www.elitetrader.com/vb/showthread.php?threadid=109874&perpage=6&pagenumber=1 bend over if it is not in a trust acct. cheers, s