Yeah, considering you're in Chicago I guess they can get away with that kind of crap. If I were you I would try to come up with the capital and talk with Assent or someone else up there.
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are employment contracts pretty common?
- Thread starter rbenedict
- Start date
Are they paying you a salary while you learn how to trade? How much is your payout after training?
Those type of contracts are common with entry level trainees when they enter a prop firm with no capital. The contract is just a non compete agreement. It is not restraining you from working (usually within a certain distance i.e 50 mile radius) as anything else than an trader for another firm within the first 2 years.
Keep in mind that they are assuming all the risk when they sign a trainee and chances are you wont be making lots of money the first months so they need some guarantee that you wont learn at their cost and then leave. Its just part of normal business but like everyone else said chances are that if you leave they wont pursue and if they do it prob wont hold up but it could cost you in legal fees. Just to show all other traders they will pursue some firms go ahead with the costs anyway.
Godd luck
Keep in mind that they are assuming all the risk when they sign a trainee and chances are you wont be making lots of money the first months so they need some guarantee that you wont learn at their cost and then leave. Its just part of normal business but like everyone else said chances are that if you leave they wont pursue and if they do it prob wont hold up but it could cost you in legal fees. Just to show all other traders they will pursue some firms go ahead with the costs anyway.
Godd luck
Anyone know much about Maverick Trading (Great Point Capital) in Chicago? Prop shop that trades Nasdaq, has about 130 traders.
Anyone have any experience/knowledge about them?
strayer
Registered: Feb 2006
Posts: 3
02-28-06 09:27 AM
Working for them was a nightmare. the two guys in charge... tell you they're taking 25% of your profits when it's really more like 60% (hiding their profits in 'ticket charges'), they keep a massive amount of money in a 'trader bank' that (according to the fine print of your contract), you have NO legal right to. When you leave, I would be VERY suspicious about whether or not you get paid. I know that they HAVE paid out a few people that have left, but I know several people personally who were given NOTHING. When somebody quits, they routinely stop payment on their last check. They take no responsibility for when their systems fuck up. Their software is pretty good, but there's other better options out there. The training that they offer can be good. I had a pretty good trainer, but because they assign you to an older trader at random, so it's the luck of the draw. I quit, and they stopped payment on my last draw check, kept the $20k that I'd earned but hadn't vested, and told me that if I traded anywhere else, even as a customer, that they would sue me.
http://www.elitetrader.com/vb/showthread.php?threadid=64431
Anyone have any experience/knowledge about them?
strayer
Registered: Feb 2006
Posts: 3
02-28-06 09:27 AM
Working for them was a nightmare. the two guys in charge... tell you they're taking 25% of your profits when it's really more like 60% (hiding their profits in 'ticket charges'), they keep a massive amount of money in a 'trader bank' that (according to the fine print of your contract), you have NO legal right to. When you leave, I would be VERY suspicious about whether or not you get paid. I know that they HAVE paid out a few people that have left, but I know several people personally who were given NOTHING. When somebody quits, they routinely stop payment on their last check. They take no responsibility for when their systems fuck up. Their software is pretty good, but there's other better options out there. The training that they offer can be good. I had a pretty good trainer, but because they assign you to an older trader at random, so it's the luck of the draw. I quit, and they stopped payment on my last draw check, kept the $20k that I'd earned but hadn't vested, and told me that if I traded anywhere else, even as a customer, that they would sue me.
http://www.elitetrader.com/vb/showthread.php?threadid=64431
If you want to learn about trading, go work for a large bank or trade house. Same type of training, exposure to how real traders operate, what real customers do/say ect, exposure to organizational issues which are repeated elsewhere and, if you're worthwhile, they will pay you fir your time and efforts.
If you're really good, they will pay you not to leave if you get offered a better job.
If you're really good, they will pay you not to leave if you get offered a better job.
i went to www.mavericktrading.com and you get bumped to www.touchtrade.net which says it is great eastern securities. the online application asks where you found out about the firm and of the half dozen choices like web or freind they have one that says teach-me-trade and russ whitney. i googled russ whitney and the first link was http://witcfb.biz/free-course/?se=0001russwhitney&n=Russ Whitney&gclid=CIvrlJ37joYCFQiRSAodw2HppQ
had a headline that says beware of russ whitney! with a bunch of weird making money stuff being exposed.
is this the same firm that you guys are talking about. i'm still looking for somewhere in chicago to trade.
k
had a headline that says beware of russ whitney! with a bunch of weird making money stuff being exposed.
is this the same firm that you guys are talking about. i'm still looking for somewhere in chicago to trade.
k
kbeck, the website you are talking about is not the same as maverick trading. in fact, i am pretty sure they don't even have a website.
you might want to check out nico trading, harrison trading, and chicago trading company. those are the only other trading companies i've interviewed with, and they all seemed like reputable firms.
you might want to check out nico trading, harrison trading, and chicago trading company. those are the only other trading companies i've interviewed with, and they all seemed like reputable firms.