Boston Prop - Chimera v. Bright

Hey scorp question to you:

If you had a deal with a Prop firm and you could eliminate one of these two problems (which always seems to appear) chose one.

1. Prop firm holds deposit for a year.

2. Prop firm pays trader his profits on the 20th of next month.

I guess if trader is profitable each month trader should get rid of #2 but if trader suddenly finds better deal elsewhere trader would want his deposit back and move to a better firm???
 
HI TIMCAR.. from my viewpoint of trading for years.. if i am depositing risk capital into a account. i want to have access to my money upon request.. one time per week is good.. the holding period of 1 year is bs.. actually all monies should be returned within 5 days if you close your account. and any firm that wants to pay 1 time per month is not acceptable to me.. its our money and any firm acting as if their doing us a favor and paying us in a resonable manner .. i know the postion some firms take, no way..... i turned down good deals because of their monthly payout structure.. IF someone is a employee of a firm, schonfeld, first ny, etc, well that is a different ballgame, no money down, pure prop, standard practice.. it makes sense because of accounting issues per say.. if you can get your payout 1 time per week or upon request.. always good to pay yourself.. thats the way i do it , that is normal. how some accept the monthly payout, got me.. i have a structure that is like a retail account, with all the benefits that i need. so it works for me.. any deal , put everything in writing in a traders agreement.. don't tolerate any non-sense, your money is good everywhere.. their are options out their to get what you need without all the bs.. structure a deal your way.. has to be a two way street, otherwise go somewhere else .. .. its business.... i hope that helps.. .
 
Quote from timcar:

Hey scorp question to you:

If you had a deal with a Prop firm and you could eliminate one of these two problems (which always seems to appear) chose one.

1. Prop firm holds deposit for a year.

2. Prop firm pays trader his profits on the 20th of next month.

I guess if trader is profitable each month trader should get rid of #2 but if trader suddenly finds better deal elsewhere trader would want his deposit back and move to a better firm???
More...

We don't hold deposit for a year. Traders can draw their money twice a week if they want (maybe that counts as part of our secret). The gentleman who commented about so many traders from other firms is getting close to the secret. These are not stupid traders, but experienced profitable traders. The guys struggling still think it's the commission that makes it so they can't make a few hundred thousand.

Hypnotisim sounds good however, LOL.

Don
 
Another Question:

Let's say I create profits of $20,000 in October. Chimera has a 99% payout for the traders who come aboard with experience (I can speak only for Boston office as that's who I've spoken with).

Are you all telling me that I won't get paid out until 15 business days INTO NOVEMBER???

Also, I'm currently an equity trader for a wealth mgmt firm. It's a bit different style as you can imagine. What tips would you all offer someone (constructive advice only please) who has some experience running real and virtual portfolios, but has been more of a ST stock picker over several days instead of seconds or minutes?

*How long do you all typically hold your positions intraday?
*What % of your trades are profitable?
*What rules do you trade by? (cutting losses, taking profits, etc.)

Thanks!!!
 
i thought for sure you put a spell on your guys, i guess i was wrong. lol.. the truth is if a trader can earn a few hundred thousand per year having the ability to trade various strategies intra-day and overnite as long as they have freedom , as long as they control risk, then its a great opportunity for those that want to take it to the next level. many traders do earn mid 6 figures plus... but you will not see them brag about it, low key guys usually from my experience. its not what your earn but what you keep that matters, some know how to hold on to their cash.. most daytraders are spoiled with low comm rates & all that, but when you been around for years & start thinking rational, its practically free. we all lose sight of the big picture sometimes.. as long as you can be profitable & enjoy what you do for a living, their is no better way of life.. just my 2 cents..
 
Quote from SchraderTrader:

Another Question:

Let's say I create profits of $20,000 in October. Chimera has a 99% payout for the traders who come aboard with experience (I can speak only for Boston office as that's who I've spoken with).

Are you all telling me that I won't get paid out until 15 business days INTO NOVEMBER???

Also, I'm currently an equity trader for a wealth mgmt firm. It's a bit different style as you can imagine. What tips would you all offer someone (constructive advice only please) who has some experience running real and virtual portfolios, but has been more of a ST stock picker over several days instead of seconds or minutes?

*How long do you all typically hold your positions intraday?
*What % of your trades are profitable?
*What rules do you trade by? (cutting losses, taking profits, etc.)

Thanks!!!
More...

OK... You may be asking Chimera's owners, but here's this. 100% payout whenver you want, ACH right into your bank account twice a week if you like.

1. From seconds to months holding periods.

2. All traders who are career type make money, this is so funny to answer. Over half our people have been here for 6 years or moe, why would anyone continue trading if they're not making money? Of course we lose traders initially, just like any other business, but when they're gone, they're no longer making money. Trading is a business, and needs to be treated as such If a restaurant owner loses his money or tires of having to work, he closes the restaurant, right?

3. www.stocktrading.com/training.html (whether you trade here or not, we have helped traders from many firms over the years, including the owners of few places, LOL.

Don
 
Quote from scorpion:

i thought for sure you put a spell on your guys, i guess i was wrong. lol.. the truth is if a trader can earn a few hundred thousand per year having the ability to trade various strategies intra-day and overnite as long as they have freedom , as long as they control risk, then its a great opportunity for those that want to take it to the next level. many traders do earn mid 6 figures plus... but you will not see them brag about it, low key guys usually from my experience. its not what your earn but what you keep that matters, some know how to hold on to their cash.. most daytraders are spoiled with low comm rates & all that, but when you been around for years & start thinking rational, its practically free. we all lose sight of the big picture sometimes.. as long as you can be profitable & enjoy what you do for a living, their is no better way of life.. just my 2 cents..
More...

"Adapt or Die" as they say, this is a living breathing business.

(Shameless Plug or interesting read, you guys pick).

tascdonb200.jpg


http://www.stocktrading.com/adaptingx.html

Negotiation comes into play, as in any business, and the only thing that I've found that works is for both sides to think the other guy got the better part of the deal, which usually means it's a pretty fair overall deal.

Don :)
 
I'd still love to hear from more traders on whatever topic they'd like to share.

Reco'd books?
Old Trader Movies (won't get any tips but fun to watch)
Entry/Exit strategies intraday
Cutting your losses
**Sizing yourself up to new levels of capital** this one I could def use some advice on. I'm probably wrong but is it difficult to transition from trading with $50k or $100k to $500k or $1m?

Thanks
 
Let's say I create profits of $20,000 in October. Chimera has a 99% payout for the traders who come aboard with experience (I can speak only for Boston office as that's who I've spoken with).

Are you all telling me that I won't get paid out until 15 business days INTO NOVEMBER???
More...

YES !!!!!!!

If you sign a contract that said: "monthly payout" meaning all profits (if any) this month (OCT) will be paid out next month (NOV).
Usually it's around middle of the next month.

Don at Bright Trading apparently provides contracts that call for a weekly payout.

This is something that happen to me once. Holding a trade for three long months, HOLLY COW the thing actually worked my ship came it for like $5,000, this was early in month of May, at Prop firm would have to wait until June 15th/20th to get my money, at retail wait 3 business days for settlement, the check received in a week. Got to pay my bills in May, no waiting until mid-June.
 
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