Greatpoint Capital, Maverick, greatpoint trading is now Tower Hill Trading.

I met some guys who use to trade there and said the place is a total scam. Supposedly they make you stay in your seat all day and write tickets. They make their money off tickets since they pay under .50/1000. As far as training, I've been told they sit you next to another trader and consider that your training. Many not even profitable. Supposedly the owners are hot heads.

I once thought about going there but after looking around and doing some research on the place I found it not so attractive. There are plenty of places in Chicago charging under $3 per ticket. I think I made the right decision. I'd be curious what others who have worked there think of the place.
 
Since you appear to be a shill for TH, and based on your quoted rates posted here, I think your handle speaks volumes about your firm and should serve as a warning to anyone who would think of doing business with you.
 
Quote from surfininmyroom:

Until recently I worked at Great Point for a very long time. They were licensing all new traders with a 62 and a 55. They paid each trader a 2k/month draw. Back in about september of 06 there were about 150 in house traders, over the next 8 months that that number dwindled to probably less than 60. Sometime in mid to late 06 they also opened up an office in India. Hiring Indian locals to trade US markets at what I would assume ridiculously low wages, but still decent for Indian standards. Earlier this year after the massive firing, (one day they let 6 guys go in the same day) they started hiring again, but were hiring them under the Indian office but letting them trade in the Chicago office. They were not licensing them, nor where they paying them a draw until month 4. From the sounds of things this new LLC, Tower Hill might be used so that they can hire Under a US entity instead of the Indian entity and get away without the licensing and immediately paying draws that their broker dealer side makes them do. The owners are good guys, their model isn't the best for the trader, but they are tied to the Assent model, so it is not 100% their fault. This is probably just a good way to cut costs and limit risk.
More...

Legit prop firms outsouring to India /China instead of staying here!
 
The training is good. They really help you to get on the right track. But once your established, the rates, the payout, the contracts they make you sign...it's a raw deal
 
From what I know they have very high turn over. Kind of a churn and burn type of operation. Either you are writting alot of tickets trying to breakeven while making them money or else you will be out the door.

As far as training, the high turn over rate says enough.

I wouuld be interested in hearing your explanation of the type of training they offer. Showing you how to push keys on a keyboard is not training.
 
Beware if you are considering working for THT/GPC or are already a trader there. The management there are straight up thieves. I worked there for a number of years, trained several guys for them, then after I left they kept my entire trader bank. Art, John, Doyle and Don are all two-faced lying a-holes. These guys have zero conscience and do not care about any of their traders, no matter what they tell you. I was told I would receive my bank after 1 year was up, but then when I asked for it they ignored me for months, then finally sent a letter saying we never reached an agreement and therefore my bank was theirs. Then they have refused to respond to any of my communications--a very professional way to conduct business.

If you work for these guys, be aware that you are simply a cash cow for them. I would highly recommend leaving their firm before they accumulate too much of your money in the "trader bank". You will never see a penny of it if you ever leave. There are plenty of other firms out there that treat their traders decently. If you have money in their bank, I would seriously just gamble with large positions into earnings or overnight until I lost and then quit. In hindsight, it's what I should have done, rather than give them the chance to steal my entire bank.

If you are thinking about working for these guys be advised. Don't stay too long or they will get their greedy hands on your bank. I would avoid them entirely.
 
It is dirty not quite as dirty as the previous stock jockey reported. Been there and still there. First one to guess who I am gets ten Gs from my bank. Don't ask me for it though...ask AJD for it, they always pay ontime without question. ElCapitan. :cool:
 
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