Any firms still around that don't require a capital contribution?
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No capital contribution
- Thread starter EliteTraderNYC
- Start date
This same questions gets asked all the time and the answer is no. Unless of course you went to an Ivy League school and you are being hired out of college.
In my opinion if you are a good trader just put up the money and get 100% of your profits. It would seem like someone who wasn't confident in their trading would want someone else to eat their losses. That is why the "no capital" doesn't exist.
Of course, there are the scam educational firms that tell you you can trade with no capital but only after you pay them thousands of dollars for their off the shelf courses.
In my opinion if you are a good trader just put up the money and get 100% of your profits. It would seem like someone who wasn't confident in their trading would want someone else to eat their losses. That is why the "no capital" doesn't exist.
Of course, there are the scam educational firms that tell you you can trade with no capital but only after you pay them thousands of dollars for their off the shelf courses.
Quote from EliteTraderNYC:
Any firms still around that don't require a capital contribution?
Yes, but they're very hard to get into. Jane Street gave me an interview and I only made it to the 3rd round. In the 3rd round they asked me how many football players have played in the history of the NFL and to come up with a confidence interval, and how much I planned to bet on this. I had to do it all in my head and I messed it up.
Quote from kmgilroy89:
Yes, but they're very hard to get into. Jane Street gave me an interview and I only made it to the 3rd round. In the 3rd round they asked me how many football players have played in the history of the NFL and to come up with a confidence interval, and how much I planned to bet on this. I had to do it all in my head and I messed it up.
If faced with these types of interview questions, Warren Buffet wouldn't be able to get a job at Berkshire, Soros wouldn't be able to get a job at Quantum, Steve Jobs wouldn't be able to get a job at Apple, and Bill Gates wouldn't be able to get a job at Microsoft.
Do you have a track record? If so plenty will at least give you a look. There are a few that non Ivy League people can get into just harder to get your foot into the door. This biz is all about $$, if you can prove to them you are worth their capital then you will find one. If you have 2-5 years of a track record, not back tested strategy that you pride yourself on, but actual results you will be fine.
Just who are they weeding out? Great point!Quote from Kensho:
If faced with these types of interview questions, Warren Buffet wouldn't be able to get a job at Berkshire, Soros wouldn't be able to get a job at Quantum, Steve Jobs wouldn't be able to get a job at Apple, and Bill Gates wouldn't be able to get a job at Microsoft.
If you have a successful track record you wouldn't be either broke (so you can't make a capital contribution) or would have the confidence to trade it yourself.
This same topic comes up all the time and the bottom line is they don't exist anymore.
This same topic comes up all the time and the bottom line is they don't exist anymore.
Quote from chicagodon:
Do you have a track record? If so plenty will at least give you a look. There are a few that non Ivy League people can get into just harder to get your foot into the door. This biz is all about $$, if you can prove to them you are worth their capital then you will find one. If you have 2-5 years of a track record, not back tested strategy that you pride yourself on, but actual results you will be fine.
The reason I ask is, say I want to move upto capital of $10 million or more, perhaps $25 million. Id never be able to survive a drawdown of $3 million with a cap contribution.
Quote from kmgilroy89:
Yes, but they're very hard to get into. Jane Street gave me an interview and I only made it to the 3rd round. In the 3rd round they asked me how many football players have played in the history of the NFL and to come up with a confidence interval, and how much I planned to bet on this. I had to do it all in my head and I messed it up.
there is probably no correlation between success in trading and answering that question to their satisfaction.
A lot of you guys are confusing trading jobs with jobs in trading. Most prop firms don't have trading jobs anymore. There is no guy pushing buttons getting long and short. They hire guys to program, to backtest, and for system design. All very different roles. And yeah, you better know your math and logic inside and out. These are very technical jobs that require an insane amount of competency. And yes, your education level and knowledge level is HIGHLY correlated to your output.
For those of you looking for the trade and click type jobs, you are probably better served looking for a hedge fund. Those firms are all looking for analysts and traders and some are starving for edge. They are risk seekers, not hedgers. That's where you need to be. There is another popular message board that goes over a lot of this with the inner workings of the modern day prop firms.
For those of you looking for the trade and click type jobs, you are probably better served looking for a hedge fund. Those firms are all looking for analysts and traders and some are starving for edge. They are risk seekers, not hedgers. That's where you need to be. There is another popular message board that goes over a lot of this with the inner workings of the modern day prop firms.