Contract with Prop Firm.

T

TradingBillions

Hi everyone.. I'd like to inform most of you that I will be trading the NYSE and the firm is commission based.. Most NYC firms do require the 5,000 minimum and so does the one I'm working with now.

Onto the last question.. I will be recieving a contract tomorrow.. Let me ask some of you guys what you feel will be on it and should I bring it home to have it reviewed by a lawyer? Or do you think I will have to sign the contract on the spot?

Thanks, let me know!

~TB
 
Yikes, NYSE trading has changed DRAMATICALLY in the last 4 months. Are these senior traders still making good money? You want to be very careful here, you may not want to join until you know these guys have made adjustments. Otherwise, you might be in for a very bad time.
 
Yes they have been making good money according to what the owner showed me.. He pointed out his top traders who make 6/7 figures a year being there for over 4 or 5 years..
 
The last 4-5 years is irrelevant, things have changed a ton in the last 4+ months. As far as the NYSE is concerned (which you will be trading), you should find out how much these guys are making per month starting this past Jan.


Quote from TradingBillions:

Yes they have been making good money according to what the owner showed me.. He pointed out his top traders who make 6/7 figures a year being there for over 4 or 5 years..
More...
 
Most of the "once" best traders are now making nothing. The nyse has become a circus. Ask them if they are going to teach you scalping or intra-day position trading. If they try to teach you to scalp nyse for pennies, you're not gonna make money, only they will. Everyday, it's becoming harder to scalp and many have lost their consistency including myself. I am not discouraging you but keeping you aware of the facts.

edit: Also, they don't give a damn about you. once you lose your 5k, you're gone. Just make sure that you don't need that 5k.
 
The hybrid mkt has completely changed everything about how equities trade on the NYSE. Price moves are very erratic and r/r seems be be completely out of whack (ie you may have to risk .50 to make .20 etc). Now, for intrady position trading, you may not be affected but if you are looking to scalp, you are in for big trouble imo.


Quote from zoe2007:

What has changed DRAMATICALLY in the last 4 months? Can you elaborate?
More...
 
if they have any clauses that say you cant leave to another prop shop within a certain amount of time, then that is not enforceable and not a good sign.

all fees should be in the contract. ALL of them. ecn fees and rebates, desk fees if any, software, registration, obviously commissions. also payout %.

if they have a liability form saying you are 100% legally responsible for your losses, i wouldnt sign it. generic trading tried to make me sign one several years ago and i refused and didnt go there. if you show potential, many firms will let you go past your capital contribution because a large part of your losses is commissions, which goes to the prop shop. but if they let you you go past your cap contribution, you dont want to be legally liable for it either. if they have something like that, make sure it says your liability is limited to your cap contribution.
 
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