unemployment and beginning at a prop firm

Discussion in 'Prop Firms' started by gotohell22, Mar 18, 2009.

  1. title pretty much says it. currently collecting unemployment. Starting at a prop firm in NY probably next week. Anyone have any input?

    does it matter that its an LLC so im assuming id get a k-1 instead of a W2.

    is anyone in a similar situation or has gone through it in ny?

    do prop firms pay into unemployment? If they don't pay unemployment on your paychecks i dont see how the unemployment beaurau would know/care.
  2. Surdo


    Unemployment officers have been known to troll Elite Trader from time to time, so your secret is no longer a secret!
  3. haha yes because clearly my username is my real name...

    im not trying to scam anyone, it just seems that unemployment would be a huge disincentive to work a high commission job.

    It seems logical to me that they would cover the difference because theyve already determined thats what you need to live on.

    are you considered an employee of the prop firm legally or is it considered an investment account (since i have to put up 5k)

    its kind of sucks for them to cut of a necessary income stream when u have to put up money with no guarantee of salary.
  4. If you're putting up money, you are not an employee but a customer.
  5. legally speaking though... i know that i need to fill out paperwork and get a series 7 license. so are you saying that prop firms don't pay into unemployment? what kind of tax forms do you get at the end of the year?

    PS. for a good laugh check this thread out

  6. ElCubano


    collecting umemployment and risking your funds is whats sooooooooo wrong with the USA....

    that's like paying bonuses with taxpayer money....:eek:
  7. just because someone is on unemployment doesnt mean theyre broke...

    thats money that was taken out of my paycheck at my previous job, im reclaiming it... i dont see anything sooooooo wrong about that.

    u should get off your high horse.
  8. Realistically, the best scenario for becoming a successful and highly profitable trader is one in which you don't need money for a couple years (ie living at home w/ parents) so that the pressure to earn won't get in the way of the necessity to learn.

    I just hope you are aware that most traders who do make it to profitability generally don't get there until at least one full year. Keep that in mind. I hope the prop firm isnt feeding you BS about only a couple months before you can make money consistently.

  9. i realize the learning curve is high. dont worry i know what i'm getting into.

    i have savings and roomates to split rent with so i can go quite a while probably like 6 months.

    and if by that time i havent seen any joy, then its probably time to reconsider my situation.

    however, an income stream to offset living costs would make life a hell of a lot easier.
  10. You'll find out that 6 months won't be enough. Believe me, I've seen 100's of traders and the timetable is 1-3 years on average.

    PS If every trader quit at 6 months, there would be hardly any traders around. It takes a great deal of time and purposeful intent. No shortcuts, 1000's of hrs of screen time. I'm not trying to dissuade you, just want you to know what you are getting in to.

    #10     Mar 18, 2009