I don't think I understand their business model even after I've just had an interview at a branch office.
Upon arrival, I was interviewed by the office manager who did not even get my name correct (after the fact that I sent him my resume and spoke to him on the phone) and then told me that I would have to pay $499.99 in order to get a try at trading a $50,000 simulation account for 30 full days, during which time I
would recieve no compensation. I was told that at the end of the "trial" period maybe 1 of 5 candidates would be selected to try trading a $50,000 account with a payout of 35% up to the first $100,000 revenue brought in, which could increase to 65% as you progress.
I will be completely honest with you when I say that I am unable to go through a 9:30-4:00 training period with no compensation for a full month. I need to eat somehow.
Also, I got some kind of interview questions like "where do you see yourself in 5 years?" and other cliche's I didn't know how to respond to. The only trading related question I got was weather or not I could explain what short selling is.
Throughout the past two summers and part time throughout each year, I have been employed by a local wealth management firm as an equity research assistant.
In addition to the experience gained at the firm, I have also enjoyed trading equities, ETF's and options in my personal account during the last year. I had my greatest success with an ETF arbitrage model I ran off of Reuters Plus linked to Microsoft Excel which outlined the disparity between the NAV of the fund and the underlying assets, from which I could detect ineffeciencies and capitalize on them. My trading account however, had to be depleted in order to pay for school.
I got from the interview that they were going to try to "teach" me trading methods which would probably not work for me anyway. I would love to learn more risk management (which is the name of the game) but I feel highly confident in my methods and just need the capital and opportunity to implement them in a disciplined environment.
Should I expect the same type of experience from every manager?
Thanks, for your attention and input, the rant made me feel better.
Upon arrival, I was interviewed by the office manager who did not even get my name correct (after the fact that I sent him my resume and spoke to him on the phone) and then told me that I would have to pay $499.99 in order to get a try at trading a $50,000 simulation account for 30 full days, during which time I
would recieve no compensation. I was told that at the end of the "trial" period maybe 1 of 5 candidates would be selected to try trading a $50,000 account with a payout of 35% up to the first $100,000 revenue brought in, which could increase to 65% as you progress.
I will be completely honest with you when I say that I am unable to go through a 9:30-4:00 training period with no compensation for a full month. I need to eat somehow.
Also, I got some kind of interview questions like "where do you see yourself in 5 years?" and other cliche's I didn't know how to respond to. The only trading related question I got was weather or not I could explain what short selling is.
Throughout the past two summers and part time throughout each year, I have been employed by a local wealth management firm as an equity research assistant.
In addition to the experience gained at the firm, I have also enjoyed trading equities, ETF's and options in my personal account during the last year. I had my greatest success with an ETF arbitrage model I ran off of Reuters Plus linked to Microsoft Excel which outlined the disparity between the NAV of the fund and the underlying assets, from which I could detect ineffeciencies and capitalize on them. My trading account however, had to be depleted in order to pay for school.
I got from the interview that they were going to try to "teach" me trading methods which would probably not work for me anyway. I would love to learn more risk management (which is the name of the game) but I feel highly confident in my methods and just need the capital and opportunity to implement them in a disciplined environment.
Should I expect the same type of experience from every manager?
Thanks, for your attention and input, the rant made me feel better.