Advice for a trading job

[rxxx]

Hello,

I think it's my first message, so i'm from Canada and i just have an interview with a prop-trading. This is a little office (20-30 traders) and i was proposed the following offer:

- training for 6-8 weeks
- Then after that they offer me a sort of un-paid internship for 6 months, I would trade with their money but they would increase the number of stocks and capital from month 1 to 6, and after those 6 months I could sign a long-term contract. (depending on my results)

During those months, I have nothing to pay, they take care of all the fees (desk, bloomberg...) but after the contract is signed, if i well understood what he told me, the fees will be deducted from my profits (<3000$) and the ratio is 30% from them and 70% for me. A small % is put in a "reserve account" as a sort of guarantee and I could take it when i leave the company. (??)

After the training, the "internship" is not secure, it is possible that i'm not good and offer me nothing. Same thing for the long-term contract, 50% of chance to be fired.

The company dont seem to be a scam, as i dont have to give them money but i would not have a salary for 6+months.

[EDIT] And also i think as they dont give a salary, i would be a sort of independant worker ?

What do you think ? Did i miss to ask him some questions ? Thanks in advance for your help

PS: I dont have any experience in finance, but did a bachelor in finance (had my diploma yesterday actually)
PS2: I'm sorry for my english

 

[fastshadow]

Hello,

I think it's my first message, so i'm from Canada and i just have an interview with a prop-trading. This is a little office (20-30 traders) and i was proposed the following offer:

- training for 6-8 weeks
- Then after that they offer me a sort of un-paid internship for 6 months, I would trade with their money but they would increase the number of stocks and capital from month 1 to 6, and after those 6 months I could sign a long-term contract. (depending on my results)

During those months, I have nothing to pay, they take care of all the fees (desk, bloomberg...) but after the contract is signed, if i well understood what he told me, the fees will be deducted from my profits (<3000$) and the ratio is 30% from them and 70% for me. A small % is put in a "reserve account" as a sort of guarantee and I could take it when i leave the company. (??)

After the training, the "internship" is not secure, it is possible that i'm not good and offer me nothing. Same thing for the long-term contract, 50% of chance to be fired.

The company dont seem to be a scam, as i dont have to give them money but i would not have a salary for 6+months.

[EDIT] And also i think as they dont give a salary, i would be a sort of independant worker ?

What do you think ? Did i miss to ask him some questions ? Thanks in advance for your help

PS: I dont have any experience in finance, but did a bachelor in finance (had my diploma yesterday actually)
PS2: I'm sorry for my english

Best stay away from firms which aim to take your training fee from you after they "employ" you. If they wanted to employ you as a trader, they would invest in you, not the other way round. If they take training fees from your trading profits, then you also have a profit split and have to pay tax as a self-employed - you'll be left with nothing to put in your pocket at the end of each month mate

 

[rxxx]

I'm sorry, i did not express myself well. There is no fees for the training but after the training there will be desk fees, bloomberg fees, and an other one I cant remember. But i dont have to give them anything. There would be substracted from profits (around 1000$/month).

Other companies do not work like that ?

So 30/70 is profit split ? Other companies do not work like this ? And then i suppose i have to pay tax on them. I'm going to ask him the work statut I'll have and the % of tax i'll have to pay.

Thanks for your help.

 

[fastshadow]

But i dont have to give them anything. There would be substracted from profits (around 1000$/month).

Isn't this an oxymoron?

....desk fees, bloomberg fees, and an other one I cant remember.....Other companies do not work like that ?

Some arcades might ask you to contribute to technology fees, yeah. A trading company wouldn't do that.

 

[rxxx]

Isn't this an oxymoron?



Some arcades might ask you to contribute to technology fees, yeah. A trading company wouldn't do that.

Allright, i see what you're saying. Although i'm going to ask him questions about fees and going to look to find an other job.

Last question, do you think that taking the training and after doing 1 or 2 months and then quiting because it seems that's impossible to earn great money, could be a good experience or it will be total rubbish ?



Thanks for your help.

 

[Giovan]

Getting a trading job without experience is one of the hardest things ever. Most firm traders start in sales then slowly make their way to the trading desk. These guys are training your for free and all you have to so is learn and perform well. Simple! Go for it! Learn how to trade first, don't worry about the cash( most traders earn nothing in six months). If you are good enough after six months, you will have leverage over the company. As for the desk charges.... no problem at all.... consider this as your office rent.
Finally just as you are never guaranteed of profits, trading jobs are never permanent. One mistake, you loose millions, and pfffff....you are frog marched in cuffs to the nearest jail if they are not kind enough to fire you.......

Go for it boy, this is a good chance..........


Giovan

 

[fastshadow]

..........earn great money........

In trading???
Only if you are the top of your class at Ivy League or Oxbridge