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In the spirit of public information, my experiences with the above mentioned firms: 1) SIG/Jane Street - quick math skills, prob + stats, quantitative brain teasers. 2) Wolverine - Head trader interviews and checks market experience, in terms of having traded any particular markets...

1) My negative tone was towards prop shops trying to take advantage of current market turmoil to advertise a less-than-legit non-paying job for college grads. I made the distinction for FNYS simply because they pay a salary which is obviously important. Outfts like SMB are just a dressed up...

1) I don't understand what you are driving at, you say there are pros and cons to being at a prop firm, the same can be said for being at a bank, it is just my opinion that the pros outweigh the cons in the latter case! You need to relax and understand what I am saying. 2) In whatever posts...

I read this thread with interest as someone who once considered prop firms over banks. I understand that there are people out there who want to be self-employed (and you are with a prop firm to a certain extent). But like any other guy out there who quit college ala bill gates, probability...

How much was the scam worth? This is why we should propagate public information to warn potential victims of prop trading firms.

I don't think that backoffice/middle office guys can move to trading positions anymore after Jerome Kervial. But this is just my opinion, if you think you're good enough (even after failing the many screenings such as top schools, top internships, fantastic interviewing skills etc), then...

Join a firm that allows you to keep overnight positions. I.e. one that doesn't make their trader do short term technicals trading. Scale is important as well, the size of your books matter.

Hey, I hear this comment a lot from kids who say that college degrees mean nothing. I had a wonderful education and learned from the best in the field, currently doing derivatives trading (vol arb) and I find a college education essential. Go to somewhere good, top 10 school. The friends...

fny is a very cutthroat kind of place, it is one of the more reputable prop shops around. I think it is as legit as they come. 1) They are expanding into commodities/futures, if I am not mistaken, they have a London office, so it is expanding geographically as well. 2) They might tell...

I don't think that fny is in a tier of its own, although they do seem more legit than most of the other firms out there. From what I understand from people who are traders there or who are trading assistants, you earn 50-55k base as an assistant, do some operations work like settlements etc...

Interesting bits I got off a doostang posting for SMB Capital after my post on this forum: 1) "Important note: This is a non-salaried position. Your compensation is determined by your performance. Thank you for reading our post." -Glad that they finally stopped posting "salaried...

Lescor >> I see, so the difference between a decent prop shop and a scam lies in the commission rate. Then there isn't an inherent way for the candidate to determine if the firm is decent or not until the point of the contract being issued? Has there been cases where the rate is good...

Hydroblunt > Could you share more details about the reasons?

So just to clarify, as long as your draw is a function of volume traded, it is pretty much a prop shop business model? As in as long as you are being charged commission for trading you are being taken for a ride. Is that right? So the only legit trading firms would be investment funds and...

Hi all, I was just wondering if some of you might be able to provide some information about prop shops that base their business model on commissions earned instead of returns. I have heard of hold brothers being one of these shops, while at the same time, I know that first new york...

In response to Mr. Bellafiore's post: 1) -I agree that any fresh graduates looking for trading positions should follow Mr. Bellafiore’s advice and seek a desk that is a fit both ways. In a bulge bracket or otherwise. -I just think that there are quite a few prop shops masquerading as...

Hey spec, Who PMed you and are you taking the person's word on it?

0.0009orbust, So by "this business" you mean prop shops (cash equity trading) right? To be honest, do you believe in day trading with technicals? I don't know a single hedge fund or successful trader who has used purely technicals, the closest perhaps would be SAC but I don't want to...

Wow, that is very unprofessional if it really happened. I don't understand why any serious trading firm would require money up front FROM employees. Has anyone experienced such firms and tried to redeem their money deposits after a period of time with the firm? Is that even possible or would...

Thats how the non-target school candidates get in. But when you pay 45k/yr for an education from Harvard, you tend to want to get paid while proving yourself. Leave the pro bono work to other guys.