I hate my Broker or Prop Firm

Originally posted by rs7

PS: I don't work at Schonfeld, but I have worked WITH Schonfeld in several capacities over many years. Trade555 is delusional. [/B]
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I have been trying to get started with Schonfeld. I believe you are right about Trade555 being delusional. They are very selective, and I don't believe they are holding the doors open for anyone (I know I will feel lucky if I get in). Especially someone as childish as this guy. Also, it was explained to me that I would start off really small, and that I would only be allowed to trade intra day if I get hired.
I have been trading from home and hope I do get the chance to trade with Schonfeld. I think I can learn a lot there. They seem to have a lot of good traders, and good training.
RS7, can you tell me how you worked with them? Or anything that may improve my chances of getting hired?
Thanks, Marc
 
so, if you can't hold overnight, how do you make the big winners? It seems that starting out small and trading for 1/4 pt. moves is a breakeven deal after commissions and fees. How do the newbies at prop firms make any money ?
 
PS: I don't work at Schonfeld, but I have worked WITH Schonfeld in several capacities over many years. Trade555 is delusional. [/B]



I spoke to schonfeld yesterday and they are offering 29k a year salary and decent buying power. If you don't belive me call them and ask for that new deal they are offering.
 
just my 2 cents but a couple of things you've said suggest that you are trading with "scared money"--never a good start, "chasing the market" suggests you haven't been properly trained and your high level of frustration will likely keep you losing...
i had a friend at worldco whose cut was substantially higher but they didn't make any money either...due to the fees...
you should definitely move to another firm...or take a break and work for a financial firm that offers broadbased training...not specifically geared toward trading....
i'm always skeptical about firms that promise to teach people with little or no experience to trade...
also.....not getting paid a salary is ludicrous...it guarantees you'll always be trading with "scared money"...
good luck with whatever you decide...
:)
 
<a href="http://www.racing.ups.com/racing/truck/"><img src="http://www.racing.ups.com/racing/truck/images/carvtruck_main.gif"></img></a>
 
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