a lot of the initial posts sounded like they were speaking from their own position, not yours. who are you. a newbie, inexperienced, non licensed 'prospective trainee,' who should want to avoid risking your own money, because you'll need it while you're losing money. who are those that told you to shoot down the deal, experienced proven traders willing to risk their own capital.
you're going to have to either put up your own money (probably 5k), or sign the non-compete. who is going to give a newbie sub penny commissions with no money down??? please. a fantasy prop firm. if you want to trade your own money, then you can find such a deal. i don't know what deal you think you're worth, but be thankful you got offered a no money down deal in this environment. two years? you'll probably be unprofitable for most of your first year, and committed for another year. big deal. they self clear and will give you a competitive rate once you deserve it anyway.
i signed a three year conract at 1.5 cents, no money down deal.. the rates are coming down now that i'm profitable, and due to a switch in clearing firms, i'll get sub penny deal. i would rather have been in my situation at the start then some 'prop' deal where you're basically a customer, not a prop trader. some of the other people i started with are down 8-10k. what's going to happen to you when your 5k runs out? maybe if you're generating enough commissions, they'll float you for another couple grand, but maybe not. at a minimum, the initial 5k requirement shows that they certainly aren't willing to risk anything on you.
