New Scalper at a Prop firm, cause for alarm?

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Shrad7178

Hey Elitetrader,

First time poster. I have been browsing through these forums and have found the information excellent.

A little about myself. I just graduated school and found a job as a day trader on Craiglist. I was called up, went for an interview, took the position and am currently trading. I had to put down a capital contribution and receive no salary (seems like a fairly standard deal).

Our strategy is scalping the specialist on the NYSE.

With the advent of the hybrid system, the desk has dramatically dropped in number. I have been told by the manager that this always happens whenever something new happens in the market. The weaker players get weeded out. However, the manager seems more concerned with recruiting new people than helping those who are left.

I saw several posters mention in earlier threads about managers who scalp/churn their traders and blow them up and then just find new ones to repeat the process.

I was hoping posters could share whatever experiences/stories/advice they would be willing to.

I wish I had found these forums before I took the job.

Thank you.
 
in the company I working for,some traders had no ideas how to make money since hybrid market came in.but some trader could trade better.so I think,if only making great efforts,you can suit for the market .
by the way,i want to quest that Craiglist is a US'company?or other country?
 
Quote from wj34382597:

in the company I working for,some traders had no ideas how to make money since hybrid market came in.but some trader could trade better.so I think,if only making great efforts,you can suit for the market .
by the way,i want to quest that Craiglist is a US'company?or other country?
More...

Yes, Craigslist is a US website.
 
Quote from Bearbelly:

If you had to put up capital and get no salary how is it a "job"?
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Good point. The potential of payout I guess?

Do you have any advice? I would appreciate it.
 
Quote from Shrad7178:

Good point. The potential of payout I guess?

Do you have any advice? I would appreciate it.
More...

Are you shittin me? Good Point? Damn right. See, in this world you have to get paid to live whether it be in dollars, clam shells, or barter.

From what you said the only potential for a payout is if you succeed at your current job of trader. Being new and knowing that managers do churn and burn (at some places) its up to you to determine if you just want experience for the time being in which case if your living at home still with your parents and you still want to pursue this career professionally ---I'd stay.

If however, (as some of the other guys alluded to) you married and have a family to worry about this current postion is probably not a good thing for you at this point in your life.

Whatever the case--you have to know the risk /reward in your own life before you determine the risk /reward in the market with real money.

Good luck !!

mjh
 
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