If I showed up in Chicago tomorrow

Quote from bone:

We're getting a bit ahead of ourselves with the maps and the rents. Employment first.

As a Chicago resident for 25 years I'm still fixated on this concept of a 'chop shop' in Chicago. 'OTCkrak': please explain your vision and define what exactly a 'chop shop' in Chicago would be and what you would be doing in your capacity for them to derive this income?
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not to offend anyone, i use the word 'chop shop' lightly to refer to 3rd tier "market makers" assuming the traders at these firms don't receive a contractual salary and the fact that anyone with a pulse and 10k can join.

i have friends that are "millionaires" through online poker/ ebay/ gambling.. there is nothing wrong with prop shops or working at one. ive also worked with institutional prop traders taking a 5-10k per day cut plus an additional six figure salary.

i would like to trade in an office environment with a professional haircut and high performance hardware/software.
 
Did I miss something? Why are you paying to join a prop shop. Allthe prop jobs I have had I got a split and didnt "pay to join' . Im missing something.
 
Quote from OTCkrak:

ive also worked with institutional prop traders taking a 5-10k per day cut plus an additional six figure salary.

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Why not call one of the guys you worked with in the past? If they were making 5-10m/day, plus a six figure salary, they could get you on somewhere with a simple phone call. I don't undertand...
 
Quote from LEAPup:

Why not call one of the guys you worked with in the past? If they were making 5-10m/day, plus a six figure salary, they could get you on somewhere with a simple phone call. I don't undertand...
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lol, i did PnL accounting in back office..
 
"They are looking for very well put-together traders with an organized plan and scalable strategies with positive expectancies."

Bone I was curious what kind of "scalable" are you talking about?
 
The Chicago prop business model usually involves futures and options, member rates, a defined P&L split, and no up front investment by the incoming trader.

The equity prop model that is typically referred to on ET is available almost anywhere and involves trading equity shares (stocks) and an up-front investment by the trader.

Most of my clients are prop futures/derivatives traders whose deals are structured much more like the Chicago model.
 
Quote from OTCkrak:

not to offend anyone, i use the word 'chop shop' lightly to refer to 3rd tier "market makers" assuming the traders at these firms don't receive a contractual salary and the fact that anyone with a pulse and 10k can join.
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i think thats a nyc thing. in chicago i would call that a brokerage firm/clearing firm.
 
Quote from OTCkrak:



i would like to trade in an office environment with a professional haircut and high performance hardware/software.
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Sounds like you need IB's 0.005 haircut and a DELL with windows xp.
 
"Bone I was curious what kind of "scalable" are you talking about?"

Great question. Several of my clients started my instruction trading their own very modest accounts and over a period of several months or more landed proprietary trading positions in Chicago, NYC, and London. I am pleased to say that I was able to provide references and feedback to the principals who interviewed the candidates at the trading firms. Prop firms want consistency and a strategy that resonates with them. If candidate "A" makes $20K one day, loses $17K the next, loses $5K the next, and makes $30K the next is actually viewed as a weaker candidate to person "B" who has a very organized and refined strategy and can put together 8 positive trading days averaging $250 per day. To that firm principal, if he can leverage the hell out of person "B" 's strategy then that candidate gets the first job offer. Scalability as I used the term here means "can I leverage the hell out of this trade". If you are consistent the firm will throw all kinds of capital at you.
 
Quote from deadbroke:

I thought you were going to stay put in Ipanema?
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after a 20% equity drawdown/ blowup.. i closed out my trading account and trying to reassess my life. it had to do with naked GS options in late April and a failed attempt at mean reversion around the flash crash.

just living off savings right now. a career as a degenerate "equity model" prop trader is only a plane flight away!

edit: looking on craigslist, there seems to be tons of rooms for rent for around $600 a month..
 
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