Would like some advice on proprietary trading firms.

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StuckeyBowler

Hello everyone,

I just graduated from Princeton (class of '03) and am in the process of interviewing with several proprietary trading firms in the Manhattan area.

So far, I've been to the offices of Assent (midtown), Worldco (wall street), and Generic (midtown). I would like to get some feedback regarding these firms and any specifics I should be encouraged or worried about.

I'm leaning towards Assent and Worldco as Generic seems to be more geared towards small time retail traders.

However, I'd appreciate it if anyone can comment on any of the firms I've listed.

Thank you
 
I am currently interviewing for prop firms in the city as well- I have just graduated from U. Pittsburgh (far cry from Ivy), however, I spent a year in London at City University (well known in London for their quant finance program).

I'd like to chat with you via aol im if you have it, or anyone else that would like to speak on this topic.

aol im : bcldemon

regards
 
Quote from StuckeyBowler:

Hello everyone,

I just graduated from Princeton (class of '03) and am in the process of interviewing with several proprietary trading firms in the Manhattan area.

So far, I've been to the offices of Assent (midtown), Worldco (wall street), and Generic (midtown). I would like to get some feedback regarding these firms and any specifics I should be encouraged or worried about.

I'm leaning towards Assent and Worldco as Generic seems to be more geared towards small time retail traders.

However, I'd appreciate it if anyone can comment on any of the firms I've listed.

Thank you
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stuckey
congrats on your graduation....From a school like princeton Im sure you did a fair amount of research. Elitetrader has a wealth
of information about just about anything in day trading. Use the search key on the upper right and you will get your answers.
Assent is your choice but you might want to find out why. Your at a critical point in your trading horizon and the firm you choose to go to will be very important in your success/failure.
 
Thanks. I've turned down quant college grad jobs at major brokerage houses to pursue proprietary trading. I hope I'm not making a big mistake.

Anyway, can you explain why you think Assent is the best of the three? My impression is that Assent is a conglomeration of "franchised" trading operations run by individual capital investors using the "Assent" name. Am I correct? The branch I went to looked very professional, and the guys I spoke to all seemed very enthusiastic about me possibly getting hired. However, I was somewhat set back by the amount of non-professional retail traders they had in the office. I am wondering how fertile the environment would be for learning.

What sort of questions should I be asking?

Thanks

Quote from OVERtheLINE:


stuckey
congrats on your graduation....From a school like princeton Im sure you did a fair amount of research. Elitetrader has a wealth
of information about just about anything in day trading. Use the search key on the upper right and you will get your answers.
Assent is your choice but you might want to find out why. Your at a critical point in your trading horizon and the firm you choose to go to will be very important in your success/failure.
More...
 
Quote from StuckeyBowler:

Hello everyone,

I just graduated from Princeton (class of '03) and am in the process of interviewing with several proprietary trading firms in the Manhattan area.

So far, I've been to the offices of Assent (midtown), Worldco (wall street), and Generic (midtown). I would like to get some feedback regarding these firms and any specifics I should be encouraged or worried about.

I'm leaning towards Assent and Worldco as Generic seems to be more geared towards small time retail traders.

However, I'd appreciate it if anyone can comment on any of the firms I've listed.

Thank you
More...

You would be hard pressed to find any real education at those places you named. You either make it or you don't, they have very little hand holding. With an ivy league degree I recommend you apply to a prop firm that has a fixed training program. First New York Securities would be a good place and they also pay salaries.

I have a friend who graduated from an ivy last year. He got a good offer from heartland, with a nice training program and a salary. There has been some bad feedback on this board about heartland. I would still suggest you check it out.
 
I'm not really the type that learns from "hand holding" anyway. Actually, I've never learned to do anything that way. I tend to prefer developing my own solutions.

I am expecting to learn via more indirect means, such as simply being surrounded by die hard traders who are successful. I understand there are many intangibles when it comes to learning. I just hope I can incorporate myself into the right group of guys and selectively pick out what I can use. I truly believe that you need to be around winners to be a winner. I don't want to end up trading with a group of people who like to use the word "can't" (ie...I can't make any money in this market, etc).

I will check out First New York Securities and Heartland. Thank you for the info.

Quote from Htrader:



You would be hard pressed to find any real education at those places you named. You either make it or you don't, they have very little hand holding. With an ivy league degree I recommend you apply to a prop firm that has a fixed training program. First New York Securities would be a good place and they also pay salaries.

I have a friend who graduated from an ivy last year. He got a good offer from heartland, with a nice training program and a salary. There has been some bad feedback on this board about heartland. I would still suggest you check it out.
More...
 
stuckey-

I would be more inclined to check outFNYS , Heartland, Susq, DE Shaw..etc

have you looked on

www.vault.com yet?
some decent info on there, but i think yu might have to register for a lot of it now.

Good luck and keep us informed of your progress.

uptik2000
 
Quote from StuckeyBowler:

Thanks. I've turned down quant college grad jobs at major brokerage houses to pursue proprietary trading. I hope I'm not making a big mistake.


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You are probably making a big mistake since those quant jobs lead to the major major bucks, increased financial security, superb contacts and excellent training. You can always go from a quant job to a proprietary house but seeking the reverse will be extremely difficult.
 
FNYS offers 45k salary, but after the training program, what kind of salary/salary + bonus is expected?

GHCO sounds like 35k plus bonus during first year from what i have heard

Any other figures on other firms?
 
Call me lazy, but I don't want to work 90 hr weeks, get paid peanuts, and then let go after my 2 year tour of duty in favor of the next batch of college "fresh meat". Trust me, I'm smack in the middle of a social crowd that knows the ins and outs of the industry. It doesn't really work the way you simply mentioned. I just don't think it's for me, and I don't want to have to go to b-school for the sake of it.

Besides, my father was an independent trader during the 70's and most of the 80's. He is giving me the go ahead and full support.

Quote from alterego:



You are probably making a big mistake since those quant jobs lead to the major major bucks, increased financial security, superb contacts and excellent training. You can always go from a quant job to a proprietary house but seeking the reverse will be extremely difficult.
More...
 
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