Help, my interview with Summit trading

[MZG]

Quote from cstfx:

IS it $3/1000 shrs or .03/100 shares(from your other thread)? 2 different revenue streams.

Also, what do you mean "minimum loss" of 2k? OR should that be max loss?

Initially he said 3$ /1000 shares. Then they adjusted that to .03/100 to enter and .03/100 to exit. Making it total 0.06/100 shares TRADED. Also they said maximum shares preposition is 300, but you have to make a minimum of 10,000 shares traded per day. This means you will need to take about 34 positions per day, which is too much for the none experienced.

One thing I hate about this forum is the inability to focus. The main question is WHAT THEY WILL GAIN from that?

 

[Tradeindia]

Quote from MZG:



The funny thing was those two people, someone with 5 years experience and other with 13 years. They said we told you that in the resume, he still apologized and asked them to leave.

Never heard of a prop firm that won't even interview experienced traders, obviously if someone traded for 5 or 13 years some of those years had to be good. Anyway, since they are backing you, the only thing you have to lose is time and you will get free training and experience out of it on their dime.

 

[LEAPup]

Quote from Tradeindia:

Never heard of a prop firm that won't even interview experienced traders, obviously if someone traded for 5 or 13 years some of those years had to be good.

I can see why. The experienced traders would sniff out their bullshit, and run for the hills telling others to do the same...

And no, don't say, "well that's so they can keep out traders who will bring bad trading habits with them." If the prop firm is worth a damn, they'd take in an experienced trader and HONE their skillset (if the firm has any skill/edge to teach lol) rather than bring on rookies with ZERO experience for hand holding, and whatever else it would take. Hope that was a "focused" enough response, btw! Good luck op! You're going to need it!

Looks like we can put Summit on the b.s. list from what I've read thus far!

 

[cstfx]

Quote from MZG:

Initially he said 3$ /1000 shares. Then they adjusted that to .03/100 to enter and .03/100 to exit. Making it total 0.06/100 shares TRADED. Also they said maximum shares preposition is 300, but you have to make a minimum of 10,000 shares traded per day. This means you will need to take about 34 positions per day, which is too much for the none experienced.

One thing I hate about this forum is the inability to focus. The main question is WHAT THEY WILL GAIN from that?

I asked about the disparity because it would help detail what this firm would have to benefit from having you, based on these figures, trade for them. The two figures represent a either a 10 fold increase (or a 90% decrease) in revenue stream for the company depending on the actual rate. Big difference. Most props make their money on overrides.

 

[MZG]

Quote from LEAPup:

well that's so they can keep out traders who will bring bad trading habits with them

How did you know? Actually that’s the exact line they used. They said “we do not any traders that will bring bad habits with them”

I still do not understand what any prep firm will gain from day trading. I do not see any money in there. What kind of under the table things that they can do?

 

[MZG]

Quote from cstfx:

I asked about the disparity because it would help detail what this firm would have to benefit from having you, based on these figures, trade for them. The two figures represent a either a 10 fold increase (or a 90% decrease) in revenue stream for the company depending on the actual rate. Big difference.

When I said inability to focus I meant this whole thing about Sunday after Christmas interview. Not the commission argument which is very much valid. However, what he will gain when a new wastes 2000$ every day for 6 months. After all it is not my money.

 

[LEAPup]

Quote from MZG:

How did you know? Actually that’s the exact line they used. They said “we do not any traders that will bring bad habits with them”

I still do not understand what any prep firm will gain from day trading. I do not see any money in there. What kind of under the table things that they can do?

I'm sure they would say something like that since they don't want an EXPERIENCED trader smelling out their bullshit, and spreading the word. Lol! Some of these fly by nights make me laugh loudly. LOL!

We'll read some small clip about them about them sooner than later. It will probably involve the wearing of handcuffs too...

OP, check these outfits out, and let us know what you find out:
1. GETCO
2. Five Rings Capital
3. Jane Street
4. Hudson River Trading
5. Jump Trading
6. Optiver
7. SIG
8. DRW
9. IMC
10. Tower Research
11. Spot Trading
12. Tibra
13. Allston Trading
14. Madison Tyler
15. DC Energy
16. Louis Dreyfus Commodities
17. Flow Traders
18. Timber Hill
19. First New York Securities
20. Chicago Trading Company
21. TransMarket
22. Consolidated Trading
23. Group1 Trading
24. Trillium
25. Wolverine

 

[jtnet]

sounds like they are making fake trades thru black box and to the newbie they think its real. they only pay out on winners and split it too so they arnt risking that much.

 

[MZG]

Quote from jtnet:

sounds like they are making fake trades thru black box and to the newbie they think its real. they only pay out on winners and split it too so they arnt risking that much.

but if these fake trades are not going through, how they will make money? Can you explain more?

 

[sjfan]

you are paying commission on those fake trades aren't you?

Quote from MZG:

but if these fake trades are not going through, how they will make money? Can you explain more?