Traders: Millions by the Minute

[brasil2000]

Is T3 trading quite small in the respect of prop firms, as their head trader Scott Redler only makes $2,000/day. I must admit I thought the head traders would be making a lot more than that, or is $2,000/day the average of what most people earn at prop firms.

Best
John

yes,he makes much more than that,I know these guys for years(2008) and have seen his daily accounts.they show a clip of the owner Marc Sperling who made $500,000 in a day

I don't think it is a prop firm... its a day trading firm, those guys are day traders risking their own cash not company funds... its going to provide them with additional leverage perhaps, maybe some better infrastructure, faster connection, lower fees... but what they appear to be doing isn't much different from what a retail trader at home would be doing if trading intraday.

T3 live is a prop firm most of the partners have Proprietary trading background ,they also share office space with SMB CAPITAL

 

[DT]

T3 live is a prop firm most of the partners have Proprietary trading background ,they also share office space with SMB CAPITAL

OK happy to be corrected on this - but they seem to have a few dubious reviews on glassdoor that indicate a slightly different model - i.e. the traders paying for training and/or putting up capital - which would be more what a day trading firm would do?

http://www.glassdoor.com/Reviews/T3-Trading-Group-Reviews-E489104.htm

I have been working at T3 Trading Group full-time for less than a year
Pros

The atmosphere is relaxed, which is nice compared to most other institutions in Manhattan.
Cons

Management does not believe in new hires. They make them pay all the fees associated with trading, and they don't tell you until after you get the job. They are the cheapest group of people ever, refusing to sponsor high-quality international traders. So to recap: not only do you a) not get a salary, but you have to b) contribute capital (about $5000), and c) you have to pay trading and software fees. And they also target college grads. So unless you're graduating from college with 20k to play around, DO NOT work here. You're better off looking at prop shops where they invest in their traders (i.e. Chicago), or even doing a free internship.
Advice to Management

If you're not gonna pay a salary, at least don't make your employees pay fees. Invest in your traders.

I worked at T3 Trading Group full-time
Pros

T3 has some great educational products and you can learn a lot from using their VTF (virtual trading floor) where you can follow along with the best traders in the firm in real-time.
Cons

Unfortunately at the end of the day T3 feels like a fancy chop-shop. They aim to get as much money from new traders at the outset in educational fees because they know that most traders don't last and won't provide them revenue. They'll find every way to nickle and dime you and when you get upset they will promise to make everything right (until the next time the cycle repeats). Bottom line, they are not invested in the long term-success of their traders unless you are an experienced, consistent trader, trading lots of shares.
Advice to Management

Focus on making money WITH your traders not in spite of them.

I have been working at T3 Trading Group full-time for less than a year
Pros

- Good traders in the office
- Relaxed office culture
Cons

- if you lose your money then you are out the door unless you can put up more funds
- share size is capped so you are slinging 100-200 shares at a time
- hard to tell if anyone is actually making money or just there because they can't find a real job after college
Advice to Management

Stop charging fees. Provide a small salary. Let traders know the realities of joining instead of pumping up the image of this firm

If the traders are putting up their own funds, which was also mentioned in the BBC documetary AFAIK - then how is it a prop firm? sounds more like a daytrading firm..

 

[Pat Riley]

Wow, being called out on this forum....this really is a compete cop out but I don't have time right now to post a trade idea, although I really should! I was just replying to another post on this thread tbh. All I would say is that the best opportunity of the week might be after the referendum result is released. Sorry for the cop out and feel free to knock me down because this is off the top of my head. I will definitely post a trade idea in the future however.

Whenever you're ready to assign conviction ahead of a news event, based on a news event, you will have my undivided attention.

 

[counter_violent]

Thanks CV

Don't tell the UK tax payer.

Did it work ?

 

[12WBT]

Did it work ?

Not tried yet busy on the ASX.
Sure it will.

 

[aag100]

With regards to bank traders - I reckon they need 2 yrs to get there - and even then even if they are Einstein - does not mean they will be any good with under $100k of their own money and a laptop

Probably the most astute comment i've seen.
I was an interbank broker. Took me 9 months to go from a trainee to a junior broker.
Took me another 2 years to go from a junior broker to a broker, the point at where you start actually making money for a company.Salary doubled,but still **** for a 80-90=hr week.
Another 2yrs to go from broker to senior broker.Now the fun begins....

And still the great unwashed think they're going to get rich, or be on a par with the pros..............sitting in their bedrooms, faffing about on their laptop, listening to from what i can see, is the blind leading the blind.

Amplify are **** by the look of it,no resemblance to a bank trading floor, and i've sat on most of the big uns in london completely bolloxed........
An interesting programme for an outsider, look forward to next week, that fat ugly minger on a couch declaring she can't believe how easy it is to make money.............

id bet her account is demo

 

[brasil2000]

id bet her account is demo

Yes


http://www.bbc.co.uk/programmes/p026vghs

 

[PualoP]

With regards to bank traders - I reckon they need 2 yrs to get there - and even then even if they are Einstein - does not mean they will be any good with under $100k of their own money and a laptop

Probably the most astute comment i've seen.
I was an interbank broker. Took me 9 months to go from a trainee to a junior broker.
Took me another 2 years to go from a junior broker to a broker, the point at where you start actually making money for a company.Salary doubled,but still **** for a 80-90=hr week.
Another 2yrs to go from broker to senior broker.Now the fun begins....

And still the great unwashed think they're going to get rich, or be on a par with the pros..............sitting in their bedrooms, faffing about on their laptop, listening to from what i can see, is the blind leading the blind.

Amplify are **** by the look of it,no resemblance to a bank trading floor, and i've sat on most of the big uns in london completely bolloxed........
An interesting programme for an outsider, look forward to next week, that fat ugly minger on a couch declaring she can't believe how easy it is to make money.............

Give it a rest mate, "traders" in banks are ****e at actually speculating on the markets, all they do is front run order flow. If you're on the sell side you're a loser anyway.

 

[Jack o'Clubs]

Give it a rest mate, "traders" in banks are ****e at actually speculating on the markets, all they do is front run order flow. If you're on the sell side you're a loser anyway.

Hahaha, I'll bear that in mind when I catch up with my loser sell side mates (on their yachts).

 

[Forexmospherian]

Give it a rest mate, "traders" in banks are ****e at actually speculating on the markets, all they do is front run order flow. If you're on the sell side you're a loser anyway.

Hi PualoP

i would probably agree with you

However - I did not say all what was under my comment ? the rest was by mrblonde part - just to clarify

 

[Pat Riley]

Hahaha, I'll bear that in mind when I catch up with my loser sell side mates (on their yachts).

I'm not one to take side but I gotta kinda agree with JoC that the sell side tends to have the edge. And this holds true on most asset classes. When you buy a hooker, you've paid your dues regardless of the quality of the ride. I think a lot of this is mindset as when you've received payment you don't tend to watch the value of the asset you've just sold, you just count the cash. The buyer however is in a constant state of tension waiting to unload at the earliest opportunity.

 

[ffsear]

Part 2 tonight.


DURATION: 1 HOUR
Introducing the new breed of trader - the British men and women who play the financial markets from their kitchens, sofas and bedrooms. Thanks to online trading technology, anyone with an internet connection and some cash to spare can attempt to reap the rich rewards that can come from trading. This documentary charts the real-time trading ups and downs, dreams and disappointments of a handful of Britain's 'retail traders'.

Mother-of-three Jane could hardly be less like the archetypal professional City trader. She squeezes currency trading in between the school run and her work as a nurse.

Justyn and Akil are ambitious young men from Birmingham, who are convinced that trading will be their ticket to lavish lifestyles.

Rene gave up a successful career as an antiques dealer for a new existence as a trader, and he is undeterred despite seven years of struggling to break even.

The home traders are united by a desire to take control of their lives and their own financial destinies. But the odds are stacked against them - 90% of retail traders will not make a consistent profit.  SHOW LESS

 

[Forexmospherian]

Cannot wait for tonights entertainment - glad you reminded us all

 

[MajorMagnuM]

just tuned in, bet its gonna depress me no end

 

[MajorMagnuM]

ha. "win"

 

[MajorMagnuM]

omg she had 27 open positions. i dont overtrade

 

[MajorMagnuM]

18 in loss.7 in profits but six of those only double digit
many exotics. long gold and long usd in some. ffs this is going out on public tv!!

 

[MajorMagnuM]

jesus look at these open losers

 

[MajorMagnuM]

is this lady really the competition?

 

[MajorMagnuM]

those older chaps. asos 600 pounds of share take profit of £50...?