Summer Internship Prop Trading

Quote from Tuneman:

rock on, what is it? a prop shop, hedge fund, etc? Did you have to put up some $$?
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Giant mass prop firm, you get a $50 stop loss and trade 100 share units until you reach a goal of two days at X dollars/day and then you advance. Your stop loss increases as you hit your goals along with your share size. When you make $2,000 in one month you become a full status trader and get a wider stop (usually a minimum of $350).

You keep 35-50% of what you make, and don't put any money down.

They'll hire anyone who the local branch manager (it's a franchise) thinks is worth it.
 
Does anyone here have a list of trading firms that offer summer internships? Im looking to start getting my resume out there soon and start getting my name out there too.
 
Quote from PinkBunny:


You keep 35-50% of what you make, and don't put any money down.
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This is sick man. 35% minimum??? Every day, the payout is making a new low. I think the next level is 5%-20%!! The prop trading industry's reputation is sinking to record lows. They're feasting on your ambitions. Have a freakin heart for god sake...

A BIG word of advice: If you want to go the prop trading route, PUT MONEY DOWN (at least 5k) and get 100% payout AND you can still get training and good rates. Trust me, if you become successful, you do not want to be locked in for a 35%-50% payout and fees on top of that..

But if you are completely broke and also cannot get a job at a real investment firm for a salary, then you have no choice but to submit to this partial slavery.....

Quote from MadBulgarian:

Does the trader also have to pay ecns, data, etc?
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Of course, they will still pay ecn, sec, nasd, nyse, software, data, shorting privilege fee, etc etc... Its all part of the wonderful package...
 
Quote from Scalper007:

This is sick man. 35% minimum??? Every day, the payout is making a new low. I think the next level is 5%-20%!! The prop trading industry's reputation is sinking to record lows. They're feasting on your ambitions. Have a freakin heart for god sake...


I think that is the payout on gross taken from the market. I would atleast hope they would'nt charge commissions and then only payout 35-50 percent of net
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Quote from MadBulgarian:

I think that is the payout on gross taken from the market. I would atleast hope they would'nt charge commissions and then only payout 35-50 percent of net
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No bro, that can't be. Payout is always from net, unless this firm is somehow different.. I'm sitting in front of my contract right now and it says, payout is calculated after fees are deducted..
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Quote from Scalper007:

No bro, that can't be. Payout is always from net, unless this firm is somehow different.. I'm sitting in front of my contract right now and it says, payout is calculated after fees are deducted..
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Some traders at my firm have deals that they receive 50-65 percent of GROSS profit - ECNS and SEC fees.

So that is why I assumed swift also offered such deals
 
Quote from MadBulgarian:

Some traders at my firm have deals that they receive 50-65 percent of GROSS profit - ECNS and SEC fees.

So that is why I assumed swift also offered such deals
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Are those new traders who get that deal? Or experienced traders who put up their own capital?

Oh my, every day I'm learning about new unfair schemes in our firm...Perhaps its time to quit.
 
Can we refocus this thread on what it was originally intended for, summer internships in prop trading not this bucket shop retail prop trading garbage.
 
I am in my 2nd yr of school at the less than prestigous Univ. of Cincinnati. Altho in my 2nd yr, I'm technically a Jr. I'll be graduating in 3 yrs total, thanks to some AP classes & a little overtime. So this will be my penultimate yr.

I've been trading for about a year now; not futes, just common stock & options. For the past month or so, I've been running Forex demos. I know a fair amount about futes, but haven't traded any yet.

I, like a number of you from the looks of it, will be spending my Christmas break applying all over the country (and a few firms in England) looking for an internship for the summer.

All my efforts thus far have gone not so much to a prop. firm but rather major banks in which I'm hoping to find a prop. trading job, or whatever else they have open. I'd do Investment Banking--although I think that'd probably be MORE competitive than prop. trading.

I'm thinking of shying away from equities & going for currency trading. I think that'd be kind of a niche I could tap into. IDK--just a thought. I do like options trading quite a bit, and have been fairly successful, but it seems like the major firms / funds put more $ into currencies, equities, & futes (be them currency /financial / commoddite / index / what have you) than they do options. Thoughts on that?

Anyways, here's my list of places I'll be applying thus far:

Goldman
Merrill
Lehman
JPM
Morgan
Legg Mason
Citigroup
Bank of America
US Bank
HSBC (perhaps in London)
UBSS

All those are in NY, w. possibly oppurtunities in Chicago or abroad. Q: am i forgetting any majors here?

I'm also looking at the exhanges:

NYSE
CBOE
CME
BOT
LSE
AMEX (yeck?)

So: IDK. If yer thinking what I'm thinking right now, yer thinking I'm looking at some long shots. I mean I am a very dedicated student--3.95gpa--(econ major w. tentative math minor)--and also heavily involved on campus.

But I go to UC. Do I stand a chance? IDK.

I'm looking for some hedge funds and / or prop. firms that I could use to fall back on should I not land a big bank for trading.

HSBC I've read around their site & I think I stand a good chance there. It's places like Goldman, Merril, and some of the others, where I feel like a minnow among sharks. They want my SAT scores, high-school transcripts--all this hooplah. And, while I do pretty well in college--I wasn't so hot on the SAT (1100). That's not bad, but it won't live up to the Harvard boys.

So what do you guys think?

I plan to, like Batesman said (good advice bud), work my way in one way or another: I want to end up right @ a major firm on the Street, but should I look for a stepping stone?

Does anybody know a Greenwich fund or something similar--to point me in a 'flight-to-safety' direction?

All thoughts are appreciated.

This is a great msg board BTW. The best I've seen for prop. trading & futures.

Thanks,

-Sean S. (PM me for anything ):)
 
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