anyone have any information on this company? Regarding training etc..
Cheers & have a great weekend!
Cheers & have a great weekend!
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Chimera Capital
- Thread starter etrader247
- Start date
Thanks for that tidbit. I was wondering if anyone works or knows anything about their expansion plans into LA?! anyone working for them there?
Iâm going to tell you about Chimera having worked there for 6+ months.
Yes, they pay a draw. Yes, they hire recent college grads. No, they do not require any licensure as you are simply added via an LPOA to their account. No, they do not let you hold stocks overnight, and rarely, for more than 10 minutes.
They are a chop shop, pure and simple.
I only know about the NYC office where the owners trade out of. Granted, they ARE satisfying a market demand as there will always be hungry fish out there looking to get rich quick through daytrading. But, beyond this, they offer very little.
They start you at a rate of .01/share, which is insane and let you keep 75% of your profits (if you ever make any).
The pluses are that you are not responsible for any negative balances. But, unless you show them you can churn without losing too much money â theyâll never up your size to allow you to make a living. Thatâs why I quit â because I didnât scalp at a high enough frequency and they werenât upping my size as a result. So, the opportunity cost of my time did not justify staying.
Yes, they pay a draw. Yes, they hire recent college grads. No, they do not require any licensure as you are simply added via an LPOA to their account. No, they do not let you hold stocks overnight, and rarely, for more than 10 minutes.
They are a chop shop, pure and simple.
I only know about the NYC office where the owners trade out of. Granted, they ARE satisfying a market demand as there will always be hungry fish out there looking to get rich quick through daytrading. But, beyond this, they offer very little.
They start you at a rate of .01/share, which is insane and let you keep 75% of your profits (if you ever make any).
The pluses are that you are not responsible for any negative balances. But, unless you show them you can churn without losing too much money â theyâll never up your size to allow you to make a living. Thatâs why I quit â because I didnât scalp at a high enough frequency and they werenât upping my size as a result. So, the opportunity cost of my time did not justify staying.
Anyone care to comment on the interview process at Chimera?
For all its pitfalls, the opportunity to train with NO capital risk is a very strong selling point -- for me, anyway.
For all its pitfalls, the opportunity to train with NO capital risk is a very strong selling point -- for me, anyway.
Quote from Arnie:
CutsThrough,
Was anyone making money? Dang, I though Bright was bad at .007!!
Yes, some guys made money - most did not. There was 1 trader there would regularly would net (after his cut to Chimera) 50k per month. But, he was an anamoly. And, he also happened to trade oils as they went straight up through 05- later 06, so I have no clue if his profitability held when he had to trade something else that might not be part of the play of the decade.
Fact is that profitability at a chop shop is like scalping itself - sometimes you make money, sometimes you don't. But, in the long run, over a significant number of trials, you'll come out a loser. The randomness of the markets and the firm's unwillingness to let you hold a winner (or scale into a position over a longer term time horizon) prevents it.
Quote from CalScholar:
Anyone care to comment on the interview process at Chimera?
For all its pitfalls, the opportunity to train with NO capital risk is a very strong selling point -- for me, anyway.
The interview process consists of 1 or 2 interviews. Again, this is NOT a job. You are the input of thier business model - as long as you are hitting the keys and not losing more than you bring in in commission, then they make money.
They are going to want to know you are young, hungry, and don't have a ton of overhead. Most of the traders they hire still live at home with thier parents - and that makes sense - since it lowers the churn of traders who realize they can't pay rent after the first month of trading there.
They will pay a small draw - like 1k per month or something - but it's barely enough to sustain oneself, let alone survive in NYC.
Take what I say with a grain of salt because I had a bad experience with them. I wasted 6 mos of my life, moved into a very humble living situation and got nothing out of it as a result. The guys who lived at home lasted longer than I did, mostly because they could afford to because they had no expenses. That said, given that thier staying power was based on having no expenses and not on thier profitability, I'm not sure I would consider them winners anyway.
Bottom Line: Be careful with these prop firms. If you don't have a job and some time to spare it might be worth it, but it is not a career decision for most people.
i know a guy that trades there and gets very good rates and leverage..he is not a big scalper and has had a good experience with them. he gets a 99% pay out with his capital..do they actually have an option where you only trade their capital and keep some of the profits?