I am new to the idea of Prop trading. I was offered a position at Dimension Capital(anyone heard of them in NYC?), no salary and was told that I keep 95% of my profits. Training seems very limited and I am sponsored for necessary licenses. I have read other posts on this and want some more info from experienced traders b4 i make any type of decision. They are asking for 5k up front. Can anyone tell me how these systems work and is it something worth considering? Any pros and cons and as much info as you can offer is appreciated. thanks in advance.
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$5000 of my $$$ at Dimension Capital
- Thread starter sledged
- Start date
I saw an ad recently on them ... they are in manhattan with 1 location right ?
who do they clear through?
commissions ? desk fee ?
how long have the principals been in business?
how safe are your funds ?
can you trade futures , after hours in equities
forex , options ?
what's the leverage like during day and overnight ?
any added benefits like group health care etc ?
ps ... how old are you and what is your background
in trading ?
who do they clear through?
commissions ? desk fee ?
how long have the principals been in business?
how safe are your funds ?
can you trade futures , after hours in equities
forex , options ?
what's the leverage like during day and overnight ?
any added benefits like group health care etc ?
ps ... how old are you and what is your background
in trading ?
I saw an ad recently on them ... they are in manhattan with 1 location right ?
Yes 1 location in manhattan.
who do they clear through?
commissions ? desk fee ?
how long have the principals been in business?
how safe are your funds ?
No desk fees, not sure what they clear i believe comissions are .003 per share. Not sure how long they have been in business. Was told that my funds are insured by the SIPC.
can you trade futures , after hours in equities
forex , options ?
You can trade options but i dont believe any forex or options. I believe your only trading equities.
what's the leverage like during day and overnight ?
Not sure
any added benefits like group health care etc ?
Health care is offered once you are licensed.
ps ... how old are you and what is your background
in trading ?
23 and no prior experience trading other than maintaining a personal brokerage account trading small amounts of personal capital.
I was offered the position with rather ease(I have a good academic record with several internships though) which makes me kind of skeptical of the whole no pay and putting up my own capital. I dont know what to do and I need to make my decision very soon. Anyones opinions please?
Yes 1 location in manhattan.
who do they clear through?
commissions ? desk fee ?
how long have the principals been in business?
how safe are your funds ?
No desk fees, not sure what they clear i believe comissions are .003 per share. Not sure how long they have been in business. Was told that my funds are insured by the SIPC.
can you trade futures , after hours in equities
forex , options ?
You can trade options but i dont believe any forex or options. I believe your only trading equities.
what's the leverage like during day and overnight ?
Not sure
any added benefits like group health care etc ?
Health care is offered once you are licensed.
ps ... how old are you and what is your background
in trading ?
23 and no prior experience trading other than maintaining a personal brokerage account trading small amounts of personal capital.
I was offered the position with rather ease(I have a good academic record with several internships though) which makes me kind of skeptical of the whole no pay and putting up my own capital. I dont know what to do and I need to make my decision very soon. Anyones opinions please?
IMHO, if you want to be an indy trader, why not get a job as a clerk with a major firm or floor trader and learn the biz like generations before you?
Its not really a job if you have to put up your own dough, dont get a salary and get charged to trade.
Just see what salaries clerks/jr traders get at mid size firms, cut your asking salary by $10,000 and its hard for the firms to say no. Especially if you have a good academic record and will work hard for them.
Its not really a job if you have to put up your own dough, dont get a salary and get charged to trade.
Just see what salaries clerks/jr traders get at mid size firms, cut your asking salary by $10,000 and its hard for the firms to say no. Especially if you have a good academic record and will work hard for them.
I was recently offered an interview with them for their equity trader position. The guy told me over the phone that salary is negotiable during the interview. I thought the whole thing sounded a bit fishy. I'm in Chicago so I'm not gonna waste my time by flying to new york. You should take a job that at least pays a draw.
At the better prop firms, they will offer you a draw of $2000 per month and give you about 50% of the trading profits. You normally do not need to contribute capital. I highly recommend that you stay away from places that require contribution, unless you just have money to burn. If you're a single guy like me living in chicago, 2000 is just barely enough to pay rent, eat, and go out occasionally. It is by no means luxurious living. There are some prop firms that will offer you a base salary of about 35-40K a year, which is a pretty good deal for an entry level trading job.