What are the going rates for new traders?

Discussion in 'Prop Firms' started by Chris Watts, Jul 3, 2003.

  1. I'm currently taking on 4 brand new traders into my group. I'm wondering what would be a decent rate to have them start out with. I don't expect them to trade more than 4000 shares until after 6 months. They all put up cap and are expecting me to show them the ropes.

    What are most firms offering new traders?
  2. You work for Worldco, are taking on 4 new traders and don't expect them to trade more than 4000 shares in 6 months. You trade 1000 shares of IBM and are inexperienced enough to ask about partial fills? Are you trying to be funny? I don't get it.
  3. Yes, that's right. No, I'm not trying to be funny. I'm bringing in 4 guys to work with me. The firm has a program where I end up making a portion of what they generate in the long term. I get to ultimately decide how much they should be charged in terms of rates since they all put up capital.

    As for my question regarding partial fills, it seems as though everyone has different ideas about how it works since it is always random. So i'm not the only one that's confused.

    What are you trying to do? You seem to be accusing me of something which I really don't know. You seem to have some beef regarding my post. I don't get it.

  4. Apologies, just reading through your posts it didn't seem like you should be mentoring and bringing in traders....especially when they are putting up their own capital.
    As far as rates are concerned. If they are doing 4K shares a month charge them whatever you want, its not going to make a difference. When they start trading, you can adjust their rates accordingly. But that is why I was questioning your comments in the first place. If you have enough experience to take 4 traders under your belt then you sure as hell should know what the going rates are. If you want to be a nice guy, take the rate you have and add only .001 to it.
  5. G-Man



    Just survey a couple of other team leaders as to what they feel is appropriate. Or ask Pierre the recruiter what he offers the newbies. That should get you a good idea on what rate you should start your traders.
  6. no hes not trying to be funny, Id bet $1000 he is lying
    ABSOLUTELY RIGHT he dosent understand jack squat about partialls, but he is running a group. What a snake
  7. 4000 shares a month for 6 mos does not sound like a trader to me. Sounds like an active investor using a retail firm. If you are trading 1000 shares of IBM, wouldn't you know how much volume a typical professional trader does in a month and what the rate would be? Why lie about it? You must have some reason to your question. If you are one of 4 new traders trying to figure out if you're charged a fair commission, why not just ask? Lying to yourself will hinder your own success as a trader.

  8. my new traders trade 4000 shares per DAY, not per month. i asked this question because i wanted to be as fair as possible. i know of other groups who charge really ridiculous rates to their newbies and wanted to know what other firms are charging their newbies (as opposed to most folk, i don't consistently shop around for eeking out fractional improvement on my deals from other firms).

    geez...you ask a simple question and you get attacked from disgruntled traders like baboons.

    as for the partial fills question, this is something that A LOT of traders don't have a firm grasp on since specialists behave INCONSISTENTLY and don't follow the same rules.

    OVERtheLINE definitely has some beef with worldco since he/she lost capital while trading there and has no other excuse but to blame them for the losses. Yet to admit that he/she is simply a poor trader. Read all his/her archived posts (half of them are simply defamatory material about worldco). very unfortunate indeed...i guess when you're not making any money you resort to desperate measures to find excuses.

  9. blah blah blah....broken record, chris dosent even know what a partial fill is, give us a break mookie....Its guys like chris watts that give the business a bad name, they are simply dishonest and tell lies
  10. truth hurts, doesn't it? being a consistently crappy traders bites, doesn't it? haha...

    why don't you read the archives and search for partial fills. there are different explanations offered by supposed "experienced" traders. specialists do not stay consistent with the rules either...leading to my initial post.

    #10     Aug 11, 2003