I am just curious if anybody can give me any kind of input on their rotational trading program. Thanks!
Yea I’ve heard of them. I believe their CEO of professor Xaviar. They’re always competing with Magneto Trading for the world it seems like.
Do you have a job offer from them?
They’re pretty prominant. I’m not sure what their upstairs operation is like, or if the even have one, but they’re pretty big on the floor if that’s your thing. (think “Honey I shrunk Susquehana”…) They’re a respectible prop trading shop and not a daytrading/chop shop if that’s what you’re asking…
No job offer, but I was talking to a couple of guys last week from there and was just curious what the company was like. I talked to their recruiting guy at a job fair today, but he said he was pretty new, so I didn’t really get too much new info from him. I just take information from current employees with a grain of salt, you know? Bryant - that one made me laugh quite a bit ;). ahahah - they do have an upstairs operation, but not too much information was given on that end.
It would be a fine place for you to work - apply there. You would learn a ton of stuff in their rotational training program.
ahahah Wrote: ------------------------------------------------------- > They’re pretty prominant. I’m not sure what their > upstairs operation is like, or if the even have > one, but they’re pretty big on the floor if that’s > your thing. (think “Honey I shrunk Susquehana”…) > They’re a respectible prop trading shop and not a > daytrading/chop shop if that’s what you’re > asking… This may be a dumb question, but what is a prop trading shop vs. a chop shop?
I thought this thread was going to be a joke about Michigan Football
worked for WT in the Nasdaq Index Options group in Chicago from summer 2000 - fall 2004 Great company and great people
a prop trading shop is a trading firm that is out there trading on it’s own account usually funded by the owner and upper level employees. Think of a hedge fund that doesn’t take money from any outside investors. Many chop shops call themselves “proprieatary trading firms”; however, they aren’t in the same league as the legit prop shops. The strategy for these firms is ussually to bring in recent college grads and require them to bring in their own money into the account. They pay no salary and compensate you through a portion of your P&L. In addition, they force you to use their proprietary execution systems and clear through them; therefore, you pay all of your transactions costs directly to the firm. Finally, they force you to daytrade, and typically won’t let you hold positions overnight. Essentially, the chop shop tries to turn you into a free call option (I guess the only difference between that and any firm is the “free” aspect). They make you close out your position EOD which mitigates a great deal of their risk and then they force you to trade frequently which will eventually eat away the capital you contribute upfront. Look out for these guys, they’re slick at getting recent college grads in the door.
The first thing the recruiter told me is that I wouldn’t be required to put up any of my own capital - good news. no_slogan - did you see a lot of turnover when you were there? Also, are you still in Chicago? Just curious.
Turnover was very low when I was there, which is kinda bad because it makes it harder to get a trading badge. If u excel, though, they’re quick to promote. And so it’s clear to everyone, employees don’t put up capital. I’m not in chicago any more. I live in boring greenwich, ct and soon to be in stamford. I also used to live in manhattan, but chitown is still my favorite. Coincidentally, I’m on my way to the michigan game as I type this. Go Blue!!
could anyone guess what the starting salary in their rotation program is? also if there is a bonus???