Proprietary firm questions

nicnad

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Hi,

I'm a recent university graduate in business. I have a passion for the stock market. I've recently came across an ad for a job as a trader for a proprietary firm. I've done the interview and it was pretty basic questions about risk aversion, stock market, etc.. We did not go into any specific detail about the firm or my commitment to the firm. The only thing that was said is that I just have to do a 500$ deposit for a two week training and that after that, if they think I have potential, I will start to trade the firm capital. (if not they give me back my 500$). They said I would start only with 100 shares per trade and that the volume will go up as I learn and start making money. They said I would get 50% of the profit until I get my account to 5k. Then the profit split will be 70/30 and if I keep making money I will be able to renegotiate the profit sharing. I have to share the losses as well and to pay a 200$ monthly fee for the desk and the trading platform. As for transaction fees, we did not get into details but they said it was the standard fees structure with no additional fees.

I have now been selected to become a trader for this firm and to start the training program. Do those conditions seem fair? Since I saw on this forum that a lot of proprietary firm share the fund profits with their traders, should I ask for a % of the fund profits? What specific questions should I ask before committing to this firm?

Thank you for your help.
 
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