I met with people of a firm in London (it's one of those prop shops set up by ex-LIFFE traders in the late nineties) . They trade interest rates products mostly, some of their traders trade European stock indexes too. They look for traders with or without experience. No salary(no deposit), long term contract with non compete agreement, 50 % of profits, RT about 2 euros I understand. About $2500(is this normal?) is deducted each month out of your profits for software and desk expenses (TT for execution, eSignal and CQG). They say they have traders who live in mansions, get 25K-100K pound check per month etc. , which kinda makes me wary because I know trading is not easy money especially with fixed costs that high. I have no experience of prop firms your opinion is highly appreciated, . Thanks
What do you think of this deal ? (Futures prop firm)
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$2500 is pretty high "desk fee" I would say.
So, the $2500 is taken off the top and you get paid 50% of your NET Profit MONTHLY? is that how it works?
And what kind of size do they allow you to throw around? If you can bang around a 100 contracts then 25K-50K/month is possible(???) if you are a damn good trader.
What's the name of the firm?
considering that you don't have a single penny of your own money at risk, it sounds like a great deal.
Actually $2000-$2500 per month is pretty standard at futures prop places. Data and platform fees come out to quite a bit. CQG and TT are not cheap. At $2500 per month they are probably making a few hundred off of you. However, you don't have to deposit anything so at least it's coming out of your future income and not your pocket. I wouldn't doubt the 25k-100k per month income. It happens at these places.
d
Okwon,
we had this discussion before with Matrix Trading. They extended an interview to me but I never took it because the deal seems ridiculous if you are NOT from Chicago.
It's basically just $30K salary plus you only get bonus when you reach ABOVE $100K. geez. and it's only 33% or something?
But this London place has NO salary but at least you get paid monthly and at 50%. So, if you think you can hack it then it's probably better than waiting until the end of the year while you starve and you might not get any bonus if your earnings is not $100K at Matrix.
But a salary is nice as well. So, it's hard to say.
whadda think?
