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My Experience at a Prop Firm
- Thread starter pineman
- Start date
Quote from marketsurfer:
appears to be very deceitful on the firms part. would this be velez capital, per chance?
surf
Marketsurfer,
Could you elaborate? What is deceitful, ie, what are they hiding. Also, do you have experience with Velez Capital. From your response, I take it they are less than reputable? Again, could you elaborate. Thank you so much.
Susan
Here is an interesting article on your old firm DH Blair...
http://money.cnn.com/2000/07/27/companies/dhblair/index.htm
http://money.cnn.com/2000/07/27/companies/dhblair/index.htm
Quote from drsusanclark:
Marketsurfer,
Could you elaborate? What is deceitful, ie, what are they hiding. Also, do you have experience with Velez Capital. From your response, I take it they are less than reputable? Again, could you elaborate. Thank you so much.
Susan
i heard from someone that velez operates in this manner. i have no direct experience, but there are several threads here about them, just do a search.
charging $6000.00 for one week of training then "allowing" one to trade with the firms capital with no deposit..... if this doesn't ring of deceit/convolution to you, not sure what to say.
best wishes,
surfer
Quote from Midas:
I started my trading career at ETG in 2000 the last year they gave a salary (not a draw as previously stated; a salary plus 30% net profits) when you were ready you switched to a membership type deal.
I did it because I was in my 20's without a significant bank roll.
They paid for the salary with high commissions. A risk on their part as no capital contribution was required.
Most left after they made it, so they developed a non compete agreement and used scare tactics to keep you from going to another firm.
Kantor: was a savvy trader and businessman, everyone that has met him has alot of respect for him.
Mester: and his pit bull lawyer (who threatened this site when negative statements were posted) were more interested in fleecing their traders. Mester ended up as COO of a REFCO operation and what was left of the ETG business was sold to Schonfeld.
ETG was just another prop firm nothing more.......... and the coat and tie business was done away with in 2000.
Well, do you care to expand....did ETG have a game plan ?
Did they live up to what was told to you on the interview ?
If you had to do it over again...would you select ETG!
How you you rate the training program ?
I for one met a lot of traders from there that are still doing good, all spoke very highly of Kanter !
Quote from Maverick74:
Pineman, you are acting like a tool now. You can't learn to trade reading courses and watching videos. LOL. Come on man, I'm trying to take you seriously for the benefit of others reading this thread. But you are making it so hard. We made all our guys watch videos at Worldco too. Any Worldco traders here remembering watching all those videos showing bids stepping up and offers stepping down? LOL. You can't learn to trade that way. You need one on one mentoring. Kanter's course along with 1.75 would get you subway fare back to Harlem after work on the 2/3 train.
I have no agenda here. Worldco is no longer a viable entity and I'm no longer in the equity world. I have nothing to push or sell you. You keep talking about this salary at ETG. Dude, they gave guys a freaking draw that was shit. That is taking care of their traders? And the formal training they got probably ruined any chance of ever making any money in this business. Come on man, get over it and move on. ETG's success rate was god awful. The only one that made money at ETG was Kanter.
So respectfully....you didn't know what you were talking about regarding ETG....
Quote from Maverick74:
Don, there is nothing wrong with Bob Kanter or any other owner for that matter. The point is that all the equity prop firms ran on the same model. At the end of the day, if a prop firm does not have good traders, they will not survive. The big money is not made on the pikers that come in and trade 100 shares, it's made by the monsters that do 1 million shares a day. So every prop firm has a vested interest in their trader's profitability unlike what Mr. Pine was saying.
ETG's business model fell apart because they could not hold on to their good traders. We took most of them. Worldco made the kind of money that we did because we had monster traders. We probably had at least 50 guys that traded 500k shares a day and 5 to 10 guys that did a million plus. That is where the money is made. This idea that equity prop firms love to just rake in the cash by screwing the newbie is preposterous.
So now tha Don as spoke...Kanter is ok.....
MAV, All I can say is that you are the best...trust me on that !
Quote from Maverick74:
No, my post went over your head. There was no game plan. None of those traders made money beyond their pitiful draw which in NYC would allow you to rent a 250 Sq foot apt in Spanish Harlem. I was in NY 2000 to 2002 and we had plenty of ETG guys from the 90's who came to us to learn from the best how to read the tape. I heard nothing good about that firm.
I'll put our traders against theirs any day of the week.
I love this post... So I guess only the Great ones like yourself at Worldco made money !