Hello,
I was recently "hired" to join a prop firm in Chicago. Although it goes by its own name, it is a sub. of Merrill Lynch. The deal is, the first 2 weeks is full-time training, for the remaining 6 weeks, you trade 1/2 day and train 1/2 day. At the end of the 2 month period, you are given $250,000 in capital to trade with. Esentially we are to use their trading platform and are therefore piloting their program. There is no salary, but there is a $5000 "insurance fee", meaning that if you cause the firm a large loss, you are only liable for your $5000 contribution. If you're making money and for some reason you want out, you supposedly get the $5000 back, no questions asked. On average, how much do traders make in this sort of situation? At this firm, the policy is that the trader keeps the first $2000/mo they make for themselves and after that you only keep 60% (as a junior trader). Does this all sound normal?
I was recently "hired" to join a prop firm in Chicago. Although it goes by its own name, it is a sub. of Merrill Lynch. The deal is, the first 2 weeks is full-time training, for the remaining 6 weeks, you trade 1/2 day and train 1/2 day. At the end of the 2 month period, you are given $250,000 in capital to trade with. Esentially we are to use their trading platform and are therefore piloting their program. There is no salary, but there is a $5000 "insurance fee", meaning that if you cause the firm a large loss, you are only liable for your $5000 contribution. If you're making money and for some reason you want out, you supposedly get the $5000 back, no questions asked. On average, how much do traders make in this sort of situation? At this firm, the policy is that the trader keeps the first $2000/mo they make for themselves and after that you only keep 60% (as a junior trader). Does this all sound normal?