ETG or Schonfield offers

nwbprop · Aug 28, 2002

I do not have offers from ETG or schonfeld. Sorry for the misleading title. I was just curious as to what kind of deals these type of firms offer(meaning no cap requirement and salary). It is always good to know what is on the other side of the fence.

jc

g.w. bush · Aug 28, 2002

Don't have a clue about etg.

Schonfeld gives 20% of the gross or around 40%+ of net. Not many are getting paid net these days.

If you are a new trader, it is hard to get in the door, but worth a shot. They start you small, and have decent training.

The Prez

axehawk · Aug 28, 2002

Originally posted by g.w. bush
Don't have a clue about etg.

Schonfeld gives 20% of the gross or around 40%+ of net. Not many are getting paid net these days.

If you are a new trader, it is hard to get in the door, but worth a shot. They start you small, and have decent training.

The Prez

Whats the key to getting in the door at schonfeld these days?

dafugginman · Aug 28, 2002

Originally posted by nwbprop
I do not have offers from ETG or schonfeld. Sorry for the misleading title. I was just curious as to what kind of deals these type of firms offer(meaning no cap requirement and salary). It is always good to know what is on the other side of the fence.

jc

i work for ETG. why don't you do a search, then if you have any further questions, feel free to ask.

to answer your first question: 1.5 cents, 75% payout (20% in reserve). no capital requirement. and salary? that's a tall demand. maybe hold brothers or first new york (while you're an assistant for a year).

axehawk · Aug 28, 2002

Originally posted by dafugginman

i work for ETG. why don't you do a search, then if you have any further questions, feel free to ask.

to answer your first question: 1.5 cents, 75% payout (20% in reserve). no capital requirement.

I assume you guys aren't scalpers if you're paying 1.5 cents (I could be wrong). How many trades do you make a day?

And could you further explain what is done with that "20% in reserve"?

Thanks,

nwbprop · Aug 28, 2002

Originally posted by dafugginman

i work for ETG. why don't you do a search, then if you have any further questions, feel free to ask.

to answer your first question: 1.5 cents, 75% payout (20% in reserve). no capital requirement. and salary? that's a tall demand. maybe hold brothers or first new york (while you're an assistant for a year).

Thanx. THe reason why i didnt do a search first was because it is more EFFICIENT to gather the group knowledge on a forum than look it up myself. If no answers prevailed, than i would do a search, but thanx for the info. Much appreciated. There is no capital requirement at Heartland and there is a salary. Although a tall demand, it is nonetheless provided.

dafugginman · Aug 28, 2002

Originally posted by axehawk

I assume you guys aren't scalpers if you're paying 1.5 cents (I could be wrong). How many trades do you make a day?

And could you further explain what is done with that "20% in reserve"?

Thanks,

i know, the 1.5 is tough. however, anything over 500k shares a month is .75. traders that have been there a while get better rates (i hear).

most do scalp and trade the same 1-3 stocks day in and day out, and although that is what they teach, they are flexible. i couldn't make any money that way and now trade 15-25 stocks/day. they just want you to be able to explain your ideas. benefits of ETG are no capital requirement, they don't shun overnights, and experienced traders can trade options.

the 20% goes into an account which you can not touch for 3 years. it does pay a good interest rate though (10%). but, essentially you see 55% right away. i try to see the positives - it forces you to save and to get big. the 1.5 and 55% are tough for the new people, but it's not so bad if you can rise above mediocracy.

KRUSTYBUCKS · Aug 28, 2002

you said 1.5 or .75 if over 500k sh/mo do you guys have access to bullets - and curious just what kind of buying power does a 1000sh trader , 5000sh trader and a 10,000sh trader have - if you know - thanks - krusty

axehawk · Aug 28, 2002

Originally posted by dafugginman

i know, the 1.5 is tough. however, anything over 500k shares a month is .75. traders that have been there a while get better rates (i hear).

most do scalp and trade the same 1-3 stocks day in and day out, and although that is what they teach, they are flexible. i couldn't make any money that way and now trade 15-25 stocks/day. they just want you to be able to explain your ideas. benefits of ETG are no capital requirement, they don't shun overnights, and experienced traders can trade options.

the 20% goes into an account which you can not touch for 3 years. it does pay a good interest rate though (10%). but, essentially you see 55% right away. i try to see the positives - it forces you to save and to get big. the 1.5 and 55% are tough for the new people, but it's not so bad if you can rise above mediocracy.

Thanks for the info dafug.

Scalping 1 to 3 stocks in and out is IMO the best way to trade, BUT it is (as you have pointed out) almost impossible to get profitable when you're paying 1.5 cents. At that price, you're almost forced to become an "intraday investor" and hold positions for hours.

Good luck.

chasinfla · Aug 28, 2002

Originally posted by axehawk

Whats the key to getting in the door at schonfeld these days?

nepotism? or worse?

the prop firms seem to be enamored with quant type thinkers lately (about 10 years after the rest of the street, and a good 20 after the Chicago markets). But that's where they're at. Schony is being very picky, I think they're only taking on experienced scalper types or perhaps a newby with the right pedigree. I know someone who <i>might </i>be able to help you out if you're serious. PM me.