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Opinion: Trading job opportunity with only profit sharing
this is my first post here. i've been lurking and thought that maybe you guys might be able to help me out in a situation because i'm not sure of it all.
i've been out of college for a few years. i've never traded before but i have a basic understanding of the financial markets (emphasize basic). i've heard that it's trading equities or options for a company is not a bad idea and i've been researching/applying for jobs as a junior trader/trainee/assistant/etc. one offer that has come along sounds interesting, but i'm not sure if it's like some carlton sheets or mlm scam or something. there's this trading firm that asks for a minimum equity contribution of $5000 and they will provide $250000 in a trading account. all compensation is based on a percentage of the profits i make in this endeavor. benefits such as health insurance is provided through the trading account (meaning i would pay for it out of the trading account). i would begin trading on day 1. they have a head trader lead the room and talk trading all day while we try to "trade" using their strategy. the guy i spoke to said that the company will make very little on commissions, but this makes me skeptical as they may just be trying to get people started with their own money and just churn out the commissions while using high turnover to keep the money coming in as these naive people start to fail as traders. does this job sound like a scam? is there potential in this job and worth giving a shot if i don't mind letting $5000 go (it's not a big deal, i just don't want to be scammed). i'm not sure if they set any stop-limits where if i lose too much money, they'll fire me, but i'm only putting up $5000 and they are putting up $250000 so my stake is very small compared to theirs. it doesn't seem like it's worth the money for them to be scamming someone for a few dollars in commissions. it doesn't sound too good to be true, it just sounds a bit fishy. i'm not sure of the profit sharing percentage yet, but will find out later. just wanted to hear some opinions from some of you. thanks so much. |
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