Salaries for direct access traders
- Thread starter BK145
- Start date
I work at hold brothers. You get around 2000$ a month for the first months. IF YOU HAVE CASH SAVED-I WOULD GO CUSTOMER,if you don't the prop deal works out especially in this market. It could take a newbie 8-12 months to learn in this market. You could make from 30,000$ a year up to millions. There are guys at the company that are distributed throughout the money brackets. if you have any questions you can email me at mikebiz1@aol.com
We have so many traders who have come from the "salaried" firms and are so upset at giving away so much of their profits. When you trade a couple of months, and make some money, that money is yours (effectively), and you have now "put it up with the firm" without benefit of full payout.
No firm is going to pay you to lose money for them, and if you're not generating enough commissions they will let you go. Even the "big boys" have cut way, way back on their "no cash upfront" programs. The model just really doesn't seem to work since the "bubble burst."
Even the Street firms (GS, ML, etc.) have heavily cut back their trading desks. The good traders go out on their own, put up a limited amount, and keep their profits. The rest are soon looking for another job or are "locked in" with tricky "golden handcuffs"...IMO.
No firm is going to pay you to lose money for them, and if you're not generating enough commissions they will let you go. Even the "big boys" have cut way, way back on their "no cash upfront" programs. The model just really doesn't seem to work since the "bubble burst."
Even the Street firms (GS, ML, etc.) have heavily cut back their trading desks. The good traders go out on their own, put up a limited amount, and keep their profits. The rest are soon looking for another job or are "locked in" with tricky "golden handcuffs"...IMO.
I called the Chicago office. They offer a draw. It's kind of like a franchise type business. The national (NJ) office might have a different deal. And some offices don't offer prop at all. Not really a good deal because of ticket charges. But it's better than trying to trade with 0 dollars. That doesn't work no matter how good you are 
I am under the golden handcuff at hold. i will be out of contract pretty soon could you email me a quote on comm. + ecn charges for me at mikebiz1@aol.com. I do about 400,000-700,000 shares a day. thanks
I emailed MikeBiz directly with fees and such, and will not use the board for this type of thing. I started out my email with the note that we do NOT solicit traders from other firms, even though we have been bombarded by other firms attempts to do so. We are structuring even better pricing for 2002, just so our traders can stay ahead of the pack.