DNAJ6500, Thank you for your response. All of what you said here are points that are veering me toward taking this pos. Particularly growing my stake. Not to mention the old lady`s marriage pressure . The worst case scenario is I take it and it doesn't work out. I always have my existing stake and plan. Thank you, indahook.
Wyckoff, unfortunately I will not be able to trade actively if I take the pos. The BD`s margins are exactly .003 also, not bad when you go to a fund paying upwards of .03-.05(including soft dollar of course). Thank you, indahook.
IN One thing I have not seen mentioned is the liability....theres 2 types you better check on 1) if a trader takes a 10k loss and leaves the firm.....are you responsible because you are " head of the desk"?? 2) Are you going to be registered as the principal? if so, make sure all the necessary compliance is inorder or you could get smashed by regulators and be the scapegoat... Good luck though, it sounds like a good opportunity
TM, There is no prop biz so no worries on that end. If any agency desk trader has any trade mistakes it goes into the BD`s error account...no liabilities on my end. Yes, I will be required to take the series 24, so I will need to make sure compliance is in order. Great heads up! Thank you in kind for your response. indahook.
-------------------------------------------------------------------------------- Quote from saschabr: maybe you better find out if they really have these large fund orders. otherwise, they are probably looking for some sales guy... -------------------------------------------------------------------------------- I trade one room away from the desk. They are for real. But thanks for the heads up!
Ok ..great..sounds like you know the whole story. I made mistakes in the past NOT knowing the whole story and it cost me some money...so good luck to you! Let us know how it all works out. rttrader -
rttrader, I do appreciate the concern and advice. Sorry to hear about your experience. I have to give them my answer by monday so I will let you all know by then. I am guessing that from a compliance standpoint I will not be able to post here anymore. That saddens me....but I will be lurking!
... Pretty simple equation.... After 5 years will you have more money than you can make running your trading business ? In a business ownership position the value of the business builds in addition to the salary that you obtain. How much will your business value build over this time versus the commission you can get at the firm: will they provide an ownership position after a certain time ? Are they putting forth an employment contract or not ? What is the employer risking ? Nothing ? To me the employment contract would be key: the employer should be offering some type of gaurantee. If I am running a profitable trading business then I certainly would not give up my business for a bunch of empty promises .....