how low will the prop industry go?

[shadowninja]

:whistling

 

[fantastic]

:whistling

Thanks for recommendin your friends for the job.

 

[richi rich]

ppl really need to realise what they enter into. Their was once a 40 year old ex options trader at some firm and also ex bloomberg sat outside.....getting all excited that hes about the prop firm interveiw ... i told him u have ne idea what process ur about to go through.

its funy...how the faces of those ppl lit up like they were cumming or won the lottery when they were told about being picked to 'churn half tick sh1t spread on a lowered desk fee'. many months later i see them sometimes, theyre friends, i like them. but looking at their face..i wish i could hepl them.
one of them may rise and become a superstar...i dont know. i wish them luck.

spreads are good....good for the owners. Its business. They need to keep it flowing.

I know for sure the day i hire my traders, i will keep them happy. very happy. (no dont think prop firm sh1t n desk fees - think hdge/i funds,salaries and gd cuts)....even tho i never had a salary...i will keep my bois happy n chilling.

 

[arabianights]

apparently been a few firings and resignations since this thread was started... oh fantastic, you are such a cad

 

[Technically Fundamental]

Does that mean there are jobs going?

Anyone who wants to hire an employee can send a CV to my inbox. I'll go through them in my own time. If you don't get a response within two weeks you can take it that I don't want to work for your firm.

 

[arabianights]

Does that mean there are jobs going?

Anyone who wants to hire an employee can send a CV to my inbox. I'll go through them in my own time. If you don't get a response within two weeks you can take it that I don't want to work for your firm.

No one is that desperate Aaron

 

[Technically Fundamental]

Hahahaha

Their loss

 

[arabianights]

Yes, that's what they're worried about

 

[Technically Fundamental]

I'll have you know my demo trading. Consistent 100-200% return on margin @ 1.4% equity max per position culminating in 20-25% return on initial deposit in two weeks (expiry of account) for three consecutive accounts.

Then I went live for a whopping -100% return on initial deposit.

 

[combotrader]

These tricks that Futex is pulling - are they for their recruits or is it for self backed traders as well ? I dont think the ones bringing their own capital will be dictated to that easily. However, it depends on the fine print of the contract they sign I suppose...

With recruits - well what did they expect ?

 

[fantastic]

apparently been a few firings and resignations since this thread was started... oh fantastic, you are such a cad

I was just trying to find out if it was current practice in the industry, as it is
a "reputable" company.
I did well to test the water first by asking , as I was going to send the job advert
to different recruitment medium ( job center, unis, recruitment agencies, newspapers career page)
and I had a list of business owners willing to pay me
for bringing a solution to their labor cost problem if this could be done .

firings and resignations
Why? . As far as I understand, this was not new and been going on for a while.
So this was not industry standard ! So my buz friend was right to laugh about it,
and asked not to mention his business name in any job advert

 

[fantastic]

These tricks that Futex is pulling - are they for their recruits or is it for self backed traders as well ? I dont think the ones bringing their own capital will be dictated to that easily. However, it depends on the fine print of the contract they sign I suppose...

With recruits - well what did they expect ?

Futex used to be very well respected for how it trained and
helped its traders be the best they could be in trading.
This is what they used to be very good at.

 

[tommog]

the prop industry is changing massively. 3-4 years ago even your average prop firm was filled with scalpers, yes there were high failure rates as there is in any industry but nothing like there is today.

Scalping is dying out, high volatility and low liquidity since "the crunch" started hasnt helped, i know a few very big locals (making 200k a month in the good times) back to trading 1 lots now.

A lot of prop firms have gone out of business recently or at least changed their business models. The majority of firms will expect you to put down at least 10-15k of your own money to trade with them and even then only give you an 80% profit split.

The reason for them wanting programmers is because all the prop firms are trying to turn themselfs in to funds, they know they wont raise any capital from investors with a load of self employed scalpers that can walk out at any minute so they need systems that the company owns so they have some tangeble assets that can be sold. I dare say most prop shop owners are doing this more so they can sell the company than actually run a fund.

You know an industry is on its knees when they start wanting money for nothing.

 

[arabianights]

Well we had record volume last month, so maybe the competent ones are doing fine

 

[Technically Fundamental]

the prop industry is changing massively. 3-4 years ago even your average prop firm was filled with scalpers, yes there were high failure rates as there is in any industry but nothing like there is today.

Scalping is dying out, high volatility and low liquidity since "the crunch" started hasnt helped, i know a few very big locals (making 200k a month in the good times) back to trading 1 lots now.

A lot of prop firms have gone out of business recently or at least changed their business models. The majority of firms will expect you to put down at least 10-15k of your own money to trade with them and even then only give you an 80% profit split.

The reason for them wanting programmers is because all the prop firms are trying to turn themselfs in to funds, they know they wont raise any capital from investors with a load of self employed scalpers that can walk out at any minute so they need systems that the company owns so they have some tangeble assets that can be sold. I dare say most prop shop owners are doing this more so they can sell the company than actually run a fund.

You know an industry is on its knees when they start wanting money for nothing.

Who would buy a system?

 

[tommog]

i didnt mean they are selling systems. they are selling the company which is worthless if the traders own the IP to whatever strategy is making money

 

[Technically Fundamental]

But the traders could still leave.

 

[tommog]

exactly and the company owns the system, in the world of systematic trading, once the system is built the majority of the developers work is done, unless the trader owns the system in which case he can leave with it at any moment and the trading company has lost a profitable desk. By hiring programmers on low wages to just churn out systems the company is retaining any profitable copyright, instead of having to please a premadonna trader all the time incase he decides to leave with his ideas.
I run a systematic trading desk for a small fund , i used to work for prop shop but was offered a salary in exchange for my systems and im speculating as to why that was.

 

[Technically Fundamental]

But unless your contract stipulates that the firm own the rights to anything you create (cant remember the legal term) then you could sue the **** off them. Check out the job title and job description.

 

[Technically Fundamental]

"Intellectual property" I think