I know that this topic has been posted before, but it seems like these prop firms can change quite a lot in a short time. I'm interested in speaking to anyone that has experience trading with THT and especially those that have gone through the training program recently.
There are also a few things in their contract that make me nervous. For instance
"A percentage of all quarterly payouts due to Trader shall be retained by THT as unvested amounts"
"Trader acknowledges that Trader has no right, claim or interest in any unvested amounts, regardless
of eligible vest date, until and unless any such unvested amounts actually vest. If this Agreement is
terminated or Trader otherwise ceases trading for THTâs proprietary account and behalf, Trader shall
have no right, claim or interest in any unvested amounts, and any such unvested amounts shall
remain the sole property of THT."
"This Agreement shall terminate upon the first to occur of the following events: (i) receipt by
Trader of written notice of termination from THT; or (ii) passage of three and one half years from the date that
THT assigns a sub-account for Trader to commence trading on THTâs behalf."
"Trader agrees to pay to THT 20% of gross profits made by Trader
in electronic active trading of equities, whether profits are made at THT or of Traderâs own accord, or under
employment or engagement of any third party, for a period of 41 months starting from the end of first month
of the training period."
This is a 3 1/2 year contract. No deposit is required. I get payed 80% total. 55% of my profits are payable 60 days after the end of the month. The other 25% is withheld from me for 18 months. Any of these payments can be withheld indefinitely if it is in THT's interest. If THT decides to fire me or if I quit, then I'm not able to trade for anyone for one year after the termination date. For 41 months after my training period, 20% of all profits made will go to THT even if I'm with a different prop firm or trading on my own.
I understand that they need to make contracts that will allow them to make money, but is this contract standard in the industry nowadays?
Thanks in advance.
There are also a few things in their contract that make me nervous. For instance
"A percentage of all quarterly payouts due to Trader shall be retained by THT as unvested amounts"
"Trader acknowledges that Trader has no right, claim or interest in any unvested amounts, regardless
of eligible vest date, until and unless any such unvested amounts actually vest. If this Agreement is
terminated or Trader otherwise ceases trading for THTâs proprietary account and behalf, Trader shall
have no right, claim or interest in any unvested amounts, and any such unvested amounts shall
remain the sole property of THT."
"This Agreement shall terminate upon the first to occur of the following events: (i) receipt by
Trader of written notice of termination from THT; or (ii) passage of three and one half years from the date that
THT assigns a sub-account for Trader to commence trading on THTâs behalf."
"Trader agrees to pay to THT 20% of gross profits made by Trader
in electronic active trading of equities, whether profits are made at THT or of Traderâs own accord, or under
employment or engagement of any third party, for a period of 41 months starting from the end of first month
of the training period."
This is a 3 1/2 year contract. No deposit is required. I get payed 80% total. 55% of my profits are payable 60 days after the end of the month. The other 25% is withheld from me for 18 months. Any of these payments can be withheld indefinitely if it is in THT's interest. If THT decides to fire me or if I quit, then I'm not able to trade for anyone for one year after the termination date. For 41 months after my training period, 20% of all profits made will go to THT even if I'm with a different prop firm or trading on my own.
I understand that they need to make contracts that will allow them to make money, but is this contract standard in the industry nowadays?
Thanks in advance.
) most of them are "just in case clauses", I mean, they will not apply them but in really uncommon cases such a trader that left the company and now is making millions out there and they want "their piece of the cake". I don't think that they will sue you if you are making $30k a year? I don't know...