How tight is your definition of tight?
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Madison Trading
- Thread starter wercurna
- Start date
How tight is your definition of tight?
Personally I think Madison is a good place to work. Rates are high but the team atmosphere in some of the groups is great for beginners to learn tape reading and scalping.
Grimer you obviously have worked there, is there a reason your bagging it so bad, another than the building sucks and they have pizza every Friday. Lets not forget, paid health insurance and no capital down, those are some perks that most firms definitely don't offer newbies.
One suggestion I will make is that if you do interview try to get around and talk to all the different group managers, since the atmosphere and trading style can be a little different in each.
Risk is generally kept like this if your trading limit is 500 shares in any stock, your daily loss limit is $300, with a 1k shares its $700.
Grimer you obviously have worked there, is there a reason your bagging it so bad, another than the building sucks and they have pizza every Friday. Lets not forget, paid health insurance and no capital down, those are some perks that most firms definitely don't offer newbies.
One suggestion I will make is that if you do interview try to get around and talk to all the different group managers, since the atmosphere and trading style can be a little different in each.
Risk is generally kept like this if your trading limit is 500 shares in any stock, your daily loss limit is $300, with a 1k shares its $700.
Quote from AnonymousTrader:
If you are using firm capital - you better listen. That money they are lending you is not free. If I am at a prop firm that provides leverage - I want their risk control as tight as possible on me and everyone else - to make sure everyone is safe from the guy who wants to...
"die on his own choices."
He will die and bring the firm under.
So tight risk management is good - especially since they don't require traders to put down capital.
I will have to strongly disagree and go with brokerboy. At first, when I read this, I thought you were absolutely right. However, I am recently going through some BS risk control which is in fact losing me money while making the firm commissions.
If you are losing consistently, that is one thing. But if there happens to be a misconception that a certain style is a risky one and will result in hits, well don't put that misconception on me. Just like brokerboy said, this is my living and I am not in it to lose money and take hits. If I am adjusting my style to smth real and not some preached BS (in this case, lame ass penny scalping based on bid/ask size), it is because I want to make money and more money.
Over the past 2 days, I saw about 2 grand slip away because of positions I was forced to close out and would not be allowed to take. I'm supposed to somehow build up my account in this crappy environment while completely restricted from trading the newly learned style that overall has been quite successful to me.
So now I am losing consistently since my trading options are so limited. But then, it is almost all in commissions, so I guess it is only a loss to me, not the firm.
If the "risk control" affects the trader's ability & potential, well then please keep that shit away from me. If it is a bad trader taking stupid trades, that is when you jump in. Like the asshole in my office that lost 25k overnight the other day so now they crack down on everyone. Great, I can pretty much forget evolving my trading now and am stuck trying to build up an account with a worthless style. Thanks risk control.
Quote from Ebo:
I guess you were net negative and were fired hence your bitterness.
they don't fire you that quick. the charge you a cent a share. so you can trade 1,500,000 shares a month and lose net 10k and firm still makes money. they believe in the women and food theory to keep you poor and happy.