if you don't have a profitable trading strategy, then you can find those firms that train you their way - and good luck with that - prop firms are always looking for traders because of the high drop-out rate. if you have a good trading strategy and looking for buying power you don't want those firms that tell you how to trade.
For guys at Schony, Trillium, Opus, Hold, or institutional traders
- Thread starter SwingOutOn5
- Start date
if you don't have a profitable trading strategy, then you can find those firms that train you their way - and good luck with that - prop firms are always looking for traders because of the high drop-out rate. if you have a good trading strategy and looking for buying power you don't want those firms that tell you how to trade.
the strategy works - it's the discipline that's lacking! 
btw, it's been brought to my attention that I left one firm off the list; one that has been on my list of target firms from the beginning: First New York.
Anyway, I wonder if I could get some responses from ppl who have either worked in these firms previously or are still employed........ (not that all responses aren't appreciated)
btw, it's been brought to my attention that I left one firm off the list; one that has been on my list of target firms from the beginning: First New York.
Anyway, I wonder if I could get some responses from ppl who have either worked in these firms previously or are still employed........ (not that all responses aren't appreciated)
I was talking to one person who has/was going to interview with them and he said they have a $55k/year salary but you don't really trade until your second or thrid year, you are more of an assistant up until that time or are in training. Don't take my word for that though, it is a very tough place to get into and that is only what I have heard.
-CTT
-CTT
you mean @ first new york?
I said they were both under Schony. I never said they were one company. I think I went into a story even saying Opus is Schonys old prop division and Trillium is formerly from Datek and has capital up and trades at Schony. When I say 24 hours I am saying overnight. Schony is big on overnight but you have to close the position out the next day thatâs why I said 24 hours. Overnight to me could be a day or a week but Schonys rule is a day.
I am only off on them paying salaries if you are correct. I wonât say you are wrong because I donât have true personal knowledge just second hand from over the years. When was the last time you saw a person get a salary being a prop trader at Opus? I canât say if Trillium pays a salary or not for sure but I am pretty sure Opus does not pay salaries to prop traders.
FYI from the trillium website:
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Trillium has created a payout system that rewards success by sharing trading profits with the traders who generate the revenue. The payout system includes a "single" deal designed to benefit different trading styles, and protects the integrity of the firm. However, we do modify our system as the markets evolve to better ensure that traders can achieve financial success. The benefits of Trillium's compensation plan include:
Salary during the training period
Draws against anticipated income
Monthly distributions of income and end of year bonus
Health and dental insurance and other benefits
__________________________________
BrokerBoy: I remember reading some posts of yours a while back about a top firm at which you were trading. Would you care to relate your experience, please?
___________________________________
Trillium has created a payout system that rewards success by sharing trading profits with the traders who generate the revenue. The payout system includes a "single" deal designed to benefit different trading styles, and protects the integrity of the firm. However, we do modify our system as the markets evolve to better ensure that traders can achieve financial success. The benefits of Trillium's compensation plan include:
Salary during the training period
Draws against anticipated income
Monthly distributions of income and end of year bonus
Health and dental insurance and other benefits
__________________________________
BrokerBoy: I remember reading some posts of yours a while back about a top firm at which you were trading. Would you care to relate your experience, please?
Brokerboy - my apologies, I got ahead of myself. You are correct on the overnight position holding and them being part of Shonfeld.
As for salaries, I know Trillium offers salaries, according to their site and people I have talked to that have interviewed there. Opus will be starting to pay a salary to its trainees this year. I don't believe they have done it in the past, so a fairly new thing which is why people have not received salaries from them yet.
-CTT
As for salaries, I know Trillium offers salaries, according to their site and people I have talked to that have interviewed there. Opus will be starting to pay a salary to its trainees this year. I don't believe they have done it in the past, so a fairly new thing which is why people have not received salaries from them yet.
-CTT
I think you are selling short (without a "locate") your chances of getting an IB job.
For example, I attended public high school and sat next to (and cheated off) the guy who is now global head of IB at Lehman. He was an extremely bright guy, and his dad pushed him to compete.
Not sure where he went to college.
Don't forget--Greenspan attended Julliard on a music scholarship.
For example, I attended public high school and sat next to (and cheated off) the guy who is now global head of IB at Lehman. He was an extremely bright guy, and his dad pushed him to compete.
Not sure where he went to college.
Don't forget--Greenspan attended Julliard on a music scholarship.
I currently trade at one of the firms you mentioned (Placed my first trade in late Oct. after sitting with my mentor for one month). First thing I suggest is to read everything on this site about prop trading and then if you think your still interested in persuing talk to the traders (in person) that are currently trading with the firms you are interested in and ask them about how they liked training,etc. The firm im trading at does not offer a salary, but you dont have to put up risk capital and you split the profits,etc. The main important thing is make sure your mentor is making bank and he allows you to sit next to him. In the begining he will just show you how to not lose money using a simple trading strategy during this time you must work on your discipline and patientance (make sure you have about 1 years living expense if you go with a firm that pays no salary) After about 4-5 months of trading you will see if you want to pursue it further during this time you prolly made no money for yourself, but you learned alot and kept your head above water (no big losses,etc). If you decide to carry forward with this career make sure you trade along side of your mentor and examine his trading postions and ask him questions and trade the same stocks as he does. I gotta go now, but one more thing is make sure your mentor has been consistently profitable for at least 5 years ( the more market conditions he has been through the better) and makes on average no less then 1500 per day NET.
Just throughly think it out and give it your best you can always just marry a rich girl and let her support you
Just throughly think it out and give it your best you can always just marry a rich girl and let her support you