Schonfeld Traders R.I.P.
- Thread starter DisciplinedHedg
- Start date
Small prop firms are being forced by clearing firms like goldman to institute "true prop" models. In otherwords take a % of the profits. The Clearing firms are being pressured by regulators to do this. The days of prop firms making money soley on commissions is over so is the 100% payout that went along with that model. Either go retail via IB or the like, or accept the new model.
Quote from MohdSalleh:
Sucks, I kept posting here these last 1.5 years were complete shit...but noooooooooooooo, traders here at ET are raking it in and its their "best year ever"
OK, now I have no idea what you trade and whether you supply or consume liquidity. But in the period you describe the equities markets had one of the longest, most consistent, and biggest unidirectional moves I've ever seen. It seems to me you would have had to employ double extra special pretzel logic to end up on the wrong side of it for any extended period of time.
So I have a hard time getting too excited about all the whining. The losers over the last year outsmarted themselves.
But according to bob bright all is always well.lol the hadnwriting for scalping has been on the wall for years. one must back his time frame out to 10's of min's and hrs instead of seconds and a mere minute or 2. you can't beat the black boxes
http://www.bloomberg.com/news/2010-...s-electronic-trading-takes-a-bigger-role.html
Well, the Bloomberg article quotes them as firing 15% of their traders, and that number is 50 individuals - which would leave them with about 290 traders.
If they're getting paid on a W-2, those guys can draw unemployment for a while.
Well, the Bloomberg article quotes them as firing 15% of their traders, and that number is 50 individuals - which would leave them with about 290 traders.
If they're getting paid on a W-2, those guys can draw unemployment for a while.
I have called on this happening years ago. Very few listened. I tried suggesting new ideas & concepts to milk out whatever few edges were left and start positioning for the future. Noone listened.
Luckily, I was smart enough to do myself a favor and get out of business while in an advantageous position.
Letting go of the lowest performers in any company, in any business, is a business strategy. Jack Welch used this strategy & continually proposes it to others.
