Post: #1

I'm interviewing for a job in the proprietary trading industry. Unlike the other companies I've interviewed with so far, which pay salary and bonus, this one requires a deposit $5K or so to start trading with and gives training/leverage and pays based on commission. I can see how the pay theoretically reflects incentives of both the employee and employer, but is this kind of deal legit?

Post: #2

Sounds like a typical chop shop: burn your money and time.

Post: #3

delete

Post: #4

best way to get into the industry is probably to work for a sell side bank cuz you get limits on trading capital and mentorship without risking any of your own money + making a decent salary

Post: #5

delete

Post: #6

Boiler room:

http://www.youtube.com/watch?v=UoTx9RpL5W4

Post: #7

(01-04-2012 02:49 PM)5K2D Wrote:  I'm interviewing for a job in the proprietary trading industry. Unlike the other companies I've interviewed with so far, which pay salary and bonus, this one requires a deposit $5K or so to start trading with and gives training/leverage and pays based on commission. I can see how the pay theoretically reflects incentives of both the employee and employer, but is this kind of deal legit?

Yes it is. Be forwarned that prop trading shops grind through people like a food processor. If you want a quick buck you're already self selected out of the job; these places are more fickle than an NFL franchise. If you really want to trade/invest, what do you want to be doing in 5 years?

Post: #8

(01-04-2012 02:49 PM)5K2D Wrote:  I'm interviewing for a job in the proprietary trading industry. Unlike the other companies I've interviewed with so far, which pay salary and bonus, this one requires a deposit $5K or so to start trading with and gives training/leverage and pays based on commission. I can see how the pay theoretically reflects incentives of both the employee and employer, but is this kind of deal legit?

This is a bullshit scam, not a real job. They sign up chumps like you to churn your own money and profit off the transactions costs of your trades. You can private message me. Alternatively, ask for a few references of "employees" who have been there successfully for five years. At all my jobs there are plenty of employees who have been there for five, ten, or twenty years. You won't find that at this sham.