Required to make minimum capital contribution to their account.

T

timothyjp

OK now I just graduated from college why did a prop firm today setup a interview with me for a position?

I'm not going to have the capital to start trading and they stated I won't get paid a salary(probably no health insurance, 401k, etc). So isn't this just a waste of my time?

Should I cancel the interview? I would love to try trading but I'm broke and from would I read on these forums they probably don't have a draw.
 
What's the typical salary + commission for those firms listed?

Also, if I'm looking to get some trading experience and then move on to the big/decent firms in the S&T division or get a MBA degree, would they view this as good work experience?

I've seen ads for like Hedge Funds with like a 50-75k salary as a trading assistant: responsible for "Answering Trading Calls, relaying Trading messages, developing relationships with the sales team, confirming trades with Brokers, organizing Month-End pricing (compile Bloomberg quotes, coordinate monthly Pricing calls & meetings, update Pricing Request list), managing central calendar, assisting in Year end Audit and assisting the Chief Compliance Officer regarding trade confirms. " or something like a research assistant in hedge funds.

Would the Hedge Fund trading or research assistant be a better job to go for?
 
i like those firms you listed as i checked out their websites.

wished they would offer remote traders salary and benefits, lol. oh well, so is life.
 
The top three firms listed don't usually pay a salary unless your a clerk. The clerks salary could range anywhere between 35K-45K per year. But this becomes a draw once you take the title of a jr. trader. So you are just borrowing against your future earnings. The desk fees range anywhere between 3K-5K per month, and it's usually a top line expense, meaning it comes out before your p/l split. After your split you pay your draw, and what is left over goes into your quarterly bonus payout.

Peak6 usually pay a salary plus a discreationary bonus. The salary is typically ranges from 75-90K per year.
I'm not too sure where Allston and DRW stand.

But I am sure that which ever of these firms you pick, your going to be in good hands and they are all well respected in the industry. Any of these firms will be a good addition on your resume. Just on a side note, the ceo of Harrison Trading also came from DRW. Shows just how much you grow.

Good Luck!
 
Are there any firms like that in NYC? I had accepted an offer from Nexis Capital but have been hearing a few negatives ever since. I'm just looking for a firm in NYC with minimum risk and perhaps even a salary since I just graduated colllege I don't have much capital to work with.
 
Arent all those firms you listed above purely 'market makers'? I know a handful of guys that work for a few of those and the're just option market makers in the CME, CBOT, & CBOE pits? Thats very different than just a prop firm that requires you to put up 5k and they just let you trade/scalp your own strategy (and offer you remote trading) Those firms actually have strategies that you execute with a group of traders...like one guy will be in the S&P pit, another in the SPX pit, and some behind the screen trading SPY....and they are all making markets and using the greeks to hedge positions and do some arbing between contracts.

If you can land a job at one of those firms i would jump on it though. I know a guy who works for one of those, trading in the SPX pit, and hes pulling in close to 200k/year from his yearly bonuses - and the kids only 26.
 
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