Quote from kamdooo:
unfortunately, these topics were not brought up. (desk fees, no compete length...)
The 50k is total compensation...as one can imagine, the 15k bonus may never come around being a newb.
the one positive thing is that newbs are kept on for at least 1 year; get axed in the first 3-6 months was said not to happen.
What makes me laugh is that you travelled all the way to Chicago from another part of the country and you failed to ask those key questions like desk-costs, contract length and realistic take-home targets?
In your defense however I know how hard it is to ask those kind of questions when you have no experience and you can see that they don't want to answer, and you don't want to pressure them for an answer through fear of being rejected as a result. As an experienced trader I would never put up with that, its a case of what is the split etc or I walk straight out. But as a newbie these firms will try to limit what they tell you naturally because they know that they have you where they want you. You need the job and they can chose the greenest and most believing graduates that apply. Which in my experience seems to be a pre-requisite, prop shops don't like people who are aware of the reality, they like to be able to butter you up and get you excited to boost your spirit.
You need to take a totally objective look at whatever deal you are offered. Make sure that the contract contains all that is promised and ask yourself honestly how you will react if you were promised things that failed to emerge. I presume that the 15k bonus will not make the contract, as otherwise it wouldn't be a bonus and no prop shop gives guaranteed bonuses anyway. So how will you feel if you were to not get the bonus and still be under contract presuming you sign a non-compete. Would you still be grateful for having a job or would you resent the fact that you were stuck in the contract and never got what was promised. You know yourself best and so need to be honest in weighing up the pros and cons. Sure a salary is a big help, but I feel that people are often too eager to get a salary and convince themselves that is the best route without actually considering the alternatives.
I am not trying to put you off here, I just want you to understand fully what route you could be taking. I know probably 250+ traders who trade futures and I have seen how people at different firms, get different deals and different treatment and how they react with the benefit of hindsight. Just remember that all the bitter and allegedly scorned former prop traders that have posted about bad deals in the past once felt as optimistic and excited as you did, and statistically you are far more likely to end up as one of them than a trading legend, don't let dreams of glory and beliefs of fate and destiny guide your decision making; I have seen this more than you think would be possible. How often does a total novice post here asking for information and declaring that THEY just know that they will be successful; everyone hopes that when they start, but hope is really all it is.
If you were offered a job for $50k that did not interest you and you were offered a 70% split trading deal with no salary what would you take? If you wanted to trade that badly as I did then the salary would be an incentive, but no salary would not be a barrier. Remember if you set up your own business you would be paying yourself and have no salary. So you have to decide on whether or not you want a career or just a job with excitement.
The choice is yours ultimately, but consider your options thoroughly or you could regret rash decision making in a couple of years time, in which case certain posters will be accusing you of being disloyal or greedy for wanting a better non-salaried deal. Trading is a tough business and you need to make sure that to give yourself the greatest opportunity to succeed you pick the right way to initiate a career, at the right firm perhaps and trading products that suit you best.
Goodluck and feel free to completely ignore my advice, LOL.
