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You dont see an offer like this too often ...
- Thread starter yoyoman2
- Start date
no
Quote from yoyoman2:
How do these terms look ?
Prop firm offering ...
35 - 40 % payout
4000$ total fees + exchange rate commissions
All their capital ... never traded prop before
1 year contract
... Good deal?
Not sure its that good man you only get 35-40% which is the same as Swift and they dont usually charge desk fees so by that comparison you are 4k worse off
Can you be more specific?
I'm assuming that the 4000 you are referring to is the MONTHLY fee, inclusive of everything you need (TT, CQG or whatever charting is used, squawk, whatever else), and not inclusive of R/T commisions, but this kicks in after 9 months when you are live.
Until then they pay you 2500 to go through their training, or is this money you have to "trade" with in the market? I'm unclear of what the 2500 is for and how it is paid (cash, cash draw, credit to trading account, credit draw etc)
If you can be more specific I can give you a better idea of what the deal is.
I'm assuming that the 4000 you are referring to is the MONTHLY fee, inclusive of everything you need (TT, CQG or whatever charting is used, squawk, whatever else), and not inclusive of R/T commisions, but this kicks in after 9 months when you are live.
Until then they pay you 2500 to go through their training, or is this money you have to "trade" with in the market? I'm unclear of what the 2500 is for and how it is paid (cash, cash draw, credit to trading account, credit draw etc)
If you can be more specific I can give you a better idea of what the deal is.
Quote from yoyoman2:
You can trade almost any markets in futures
you get 2500 $ for the first 9 months (no costs or anything just learning)
then after you are given a guaranteed salary of at least 2500 and the 35 - 40 % kicks in (the 2500 is part of it)
yea, its for fee's for desk and cqg, tt etc ... commissions for trades is extra (they say they dont make any money off commissions and give us the exchange rate they get which is the best out there)Quote from dbldown:
Can you be more specific?
I'm assuming that the 4000 you are referring to is the MONTHLY fee, inclusive of everything you need (TT, CQG or whatever charting is used, squawk, whatever else), and not inclusive of R/T commisions, but this kicks in after 9 months when you are live.
Until then they pay you 2500 to go through their training, or is this money you have to "trade" with in the market? I'm unclear of what the 2500 is for and how it is paid (cash, cash draw, credit to trading account, credit draw etc)
If you can be more specific I can give you a better idea of what the deal is.
Yes this is a salary not a draw... its paid in cash
A 4k monthly fee considering what you will need to start out is next to ridiculous. Just so you know, you will hand back that 2500.00 monthly cash salary and then some, not including what you will be paying in commisions.
I believe an account with TT, CQG charting, and 2 screens should cost them anywhere from 1200 to 2000/month depending on how many exchanges they're trading on. And I'm being super conservative. It could cost them as little as, say 800.00/month for everything or cheaper depending on their deal.
Also note that you will likely not start out in live trading so they shouldnt be charging you to set up a TT SIM account because I beleive this does not cost them anything. The charting they will have to pay for. Are you getting your own charting package or are they splitting the charting by 2,4 screens? I've seen this before and this means they are paying even less for the CQG.
I'm not meaning to discredit the setup, just want you to understand what your overhead will be there and look at things pessimistically because they will make it seem like you are getting paid to learn when the beneficiary is likely going to be them, and I can explain this to you in more detail via PM if you want.
Just know you are their customer.
And out of curiosity, what is the name of this group?
I believe an account with TT, CQG charting, and 2 screens should cost them anywhere from 1200 to 2000/month depending on how many exchanges they're trading on. And I'm being super conservative. It could cost them as little as, say 800.00/month for everything or cheaper depending on their deal.
Also note that you will likely not start out in live trading so they shouldnt be charging you to set up a TT SIM account because I beleive this does not cost them anything. The charting they will have to pay for. Are you getting your own charting package or are they splitting the charting by 2,4 screens? I've seen this before and this means they are paying even less for the CQG.
I'm not meaning to discredit the setup, just want you to understand what your overhead will be there and look at things pessimistically because they will make it seem like you are getting paid to learn when the beneficiary is likely going to be them, and I can explain this to you in more detail via PM if you want.
Just know you are their customer.
And out of curiosity, what is the name of this group?
Quote from yoyoman2:
yea, its for fee's for desk and cqg, tt etc ... commissions for trades is extra (they say they dont make any money off commissions and give us the exchange rate they get which is the best out there)
Yes this is a salary not a draw... its paid in cash
Quote from dbldown:
A 4k monthly fee considering what you will need to start out is next to ridiculous. Just so you know, you will hand back that 2500.00 monthly cash salary and then some, not including what you will be paying in commisions.
Yea the last prop shop i left because they wanted me to sign a 3 year contract BUT they were offering 50 %.
There was no salary there though ...
In the begining 9 months there are no fee's for 9 months just the 2500$ salary. Afterwards you are guaranteed a salary (they say they will provably bump it up but didn't specify how much.) If i'm not profitable i'm sure they would just let me go. I am liking the safety of this since I get a salary to trade but i'm giving away my upside. I'm fresh out of college and 2500 $ is enough for rent and food I am thinking of going for it.
What do you guys think? is this a good deal?
The contract is only 9 months so I could try to renegotiate later after i show them i am a profitable trader i suppose.
I believe an account with TT, CQG charting, and 2 screens should cost them anywhere from 1200 to 2000/month depending on how many exchanges they're trading on. And I'm being super conservative. It could cost them as little as, say 800.00/month for everything or cheaper depending on their deal.
I agree a big chunk of it ~2 K is desk fee's (Just for rent and IT) the other #'s they gave ranges for which are similar to the number you gave.