If any of you have had any experience with Andrew Garrett or WTS prop, let me know about them in detail. Thanks!
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Andrew Garrett is a boiler room. I interviewed there. Fat guys with beer bellies in flip-flops walking around They'll ask for a $500 deposit to "sponsor" you for the series exams. Skip them. Find another spot to work
Can you recommend any NY brokerages that Would hire and train a un experienced broker that aren't Scams or boiler room. Thank You
i have a interview tomorrow with them, Do you think i should go?
I know a SOPHOMORE at a semi-target that was offered a full time WST prop trading position without interviewing. They only asked for 2.5k to "sponsor" the series. I'd avoid.
WTS Proprietary Trading Group LLC (Originally Posted: 01/24/2011)
I got a call from company called WTS Proprietary Trading Group LLC. The person whom I spoke with on the phone said he found my resume on Monster. I checked their website and looked into their job description. Everything about this company seems shady. I can't find their company profile anywhere except for Linkedin. I don't live in NYC, I am just wondering if I should even take the train for this interview. Has anyone heard of them? Thanks in advance.
http://www.wtsprop.com/
1500 dollar capital contribution to join their 'program' I believe
I came in to talk to them once upon a time. Worth the trip. They will take pretty much anyone (as long as you pay them the fee) and I would do it if I didn't have a day job and had nothing at all to do all day. Just don't count on it paying the bills. And yes, they do charge you to have a desk - something like 200-300 per month, after the initial fee.
Seems like a standard arcade. I would avoid it if possible.
I live in NJ. I don't know if it's worth the train ticket and a whole day for the interview.
avoid it. Places like this usually take anyone who will pay the fee. Tell them thanks but no thanks.
What's with these type of pay to play shops? I'm tempted to jump into one the summer before grad school, just to see if I'm any good at trading (my focus is banking) but I get the impression that they're taking advantage of people who don't know any better. Am I mistaken?
arcade is basically a place like this that makes you pay a 'training fee' and then a 'desk fee'. Basically their business model is based on making money from you.
Basically, you pay X dollars (usually between 1 and 5 grand) and you learn their 'system' via some training program. If you can afford to do it, some people do end up making money in the long run. Emphasis on some. On top of the fact that they make you pay, it takes awhile to get to the point where you're making real money, even if you're good.
I know this is an old thread, but does anyone have additional insight into this place?
Do you have to trade on your own assets?
Seems sketchy, there are a lot of places that do this, they make more money off of traders than they do from trading. If anyone could do it, then there wouldn't be BSD traders...it takes more than a BA in History from University of Vermont.
Andrew Garrett INC, Series 7 Sponsorship for a fee? (Originally Posted: 03/25/2015)
I'm currently in the process of trying to switch fields into the financial world. I had an interview with Andrew Garrett INC in NYC, was offered a position, however, was informed that the first step in their process is that you put up the fee for the Series 7 & 63 along with the appropriate books to study. You then begin studying and give them a call when you feel you are ready for to take the test. Only after you take and pass the test do you begin working there as a trainee. Wondering if this is normal/legitimate? I have no problem with having to pay for the test and I wanted to have the licenses to put on my resume' for other jobs throughout the city. Overall question I guess I have is , has anyone heard of Andrew Garrett INC, does this offer sound legit? Or does anyone have advice on firms/brokers who will sponsor you for the exam that you believe would be a better alternative to Garrett INC? Thanks.
How much did they want? I'm seeing them tomorrow.
I believe it was something like $960 for the tests & study materials...Did you meet with them/what were your impressions? I never bothered going back.
WTS Prop Trading Group: thoughts on prop shops that mandate training classes? (Originally Posted: 04/04/2009)
Anybody heard of this group? They are originally a Canadian firm starting a NYC operation. They've been posting tons of craigslist ads for their April 20th training class.
Any thoughts? Any thoughts on prop shops that mandate training classes?
NOT LEGIT
Sure Below is the email I got from them.
Thank you for your interest in applying for the Proprietary Trading position with WTS Proprietary Trading Group, LLC located in the financial district of New York City. If you are receiving this email, your credentials have been reviewed by our management team and they feel you would be a possible candidate to become a remote equity trader with our company.
We would like to schedule you for a phone interview to discuss how WTS would be able to accommodate you trading remotely with WTS. Please feel free to contact us at 212.509.3845 or via email [email protected] at anytime with any questions you may have.
New remote traders with WTS Proprietary Trading Group, LLC are required to take our vigorous two week training program and receive the necessary education and mentoring needed for the opportunity to profit on an intraday basis. This is a full two week Monday – Friday 9:00 am – 4:00 pm training course that is held live at our location and equipped for remote trader trainees to plug in through our web-teleconference software through your home computer. There is a $1,500 fee for our two week class for all trainees who are accepted. After successful completion of the class you will have the opportunity to trade the firm’s capital without providing any risk capital of your own.
Experienced remote traders who wish not to participate in the WTS training program are required to make a minimum capital deposit of $5,000 to fund your equity trading account.
WTS provides our remote traders with a synergistic trading floor experience providing you with flexible intra-day leverage, competitive payout structures with honest and loyal business practices. We also provide our remote traders with dedicated proprietary software, risk management analysis, trade review, and progress evaluation. Our technical and administrative support team, are here to assist you with any questions you may have throughout the trading day. Trade globally from anywhere in the world knowing your trades will be executed quickly and efficiently.
If you would like to move forward with pursuing a trading career with WTS Proprietary Trading Group, LLC please reply to this email and will be in contact with you shortly.
NOT LEGIT does not know what the hell he's talking about. They sent him an email with their requirements and he dismisses it as fraud. This guy does not know what to look for or the questions to ask.
The email shows that they require what any other prop firm requires, the only difference will be how much you pay for training. And for what they listed their training is very very reasonable. Most places want you to pay a lot more than the $1500 WTS is asking for, but do your own research.
Anyone hear of WTS Proprietary Trading Group? (Originally Posted: 01/14/2013)
I sent out a bunch of job apps to some proprietary trading firms in NYC and I got one back from WTS Prop Trading Group. Has anyone heard of them?
Is this a good place to trade? Not much information on the website? Training Program? Capital Contribution? base salary?
Anyone work for them or know someone who has?
Know someone who worked there - its a pretty decent prop shop (I think they go by the name World Trade Securities too). $5k capital contribution, no base salary.
I emailed HR and received one back quickly from the head of global sales. He seemed kind of unhappy that I mentioned FNYS and some other firms. I asked him if they required a capital contribution. He said they require $2,000. I asked him about their training program and he said it would be about 2-3 weeks.
The phone call came off pretty bad in my opinion. He seemed aggressive, rushing, and not too happy that I mentioned other firms extensive 18-24 month trading programs. He said that they are a large company that has over 6,000 employees.
I wasn't too happy with it. Seems like they are just trying to get someone to make the capital contribution although he said if I wanted I could come in and speak to several managers.
Did you speak with Ray? Honestly there are better prop shops out there that aren't in the league of FNY, Jane Street, etc. my personal favorite is SMB Capital. They have a great training program and their head trader is pretty beast. Check them out too.
do you trade on your own capital in these prop shops ?
The capital contribution is $2000... When I started there, My leverage was 25:1... The system they use is called Fusion. It's their own prop system. The only thing I liked about it is their traders key... You can directly press a button to your liking and to limit order immediately to get filled without the whole mouse clicking. So if you need to buy shares, it's quick and of course they have lists of routing of your choosing. and dark pool, etc... And far as training goes, theres not much. Your pretty much on your own to learn, unless some hot shot trader there wants to train you but I doubt it cause hes there to make money and of course he doesnt want to share his strategy... Pretty much, I wouldnt recommend it unless you are experienced and just need leverage and a decent platform. Or if you actually want to learn and have the money to lose money... Ironic. Anyway, there were guys there making easy mid 6 figures and of course, if you're lucky, some will train some will not.
Just to confirm: the 25:1 leverage was leveraging your own assets ? Or the Firms ?
Or is the Capital Contribution of $2,000 leveraged at a 25:1 trading ratio ?
The contribution is leveraged at 25:1... Of course, if you're more experienced.. You might be able to get more... When I was there, there was an options trader and he had a CFA. An old school trader who traded in the pits.. His leverage was all the way up to 300K with like 4 contribution... I sat next to him and he alway lost money... I don't know how he is now but now but hes been in the business for 20 years now.. And there was this one trader name Josh... Traded with T3 and Chimera. 500K a year guy. He went to WTS because T3 is ridiculous fees for their platforms and honestly WTS doesnt nickle and dime you. I even got 80% profit. I always wanted to learn from him, but he was real quiet, hell he even lived in the dead middle of the city in philly, which is probably close to a million dollar mortgage. i asked him what his strategy was and he said was momentum. I mean everyone has their own strategy. WTS tries to teach you this thing call mid point, where you trade very thick stocks like BAC, and you buy and sell all day and the rebates which is absolutely fucking ridiculous. If that stock split they be fucked... smh
Sorry for the grammar, I did not proofread.
WTS Proprietary Trading Group (Originally Posted: 04/19/2013)
I was wondering if anyone has ever worked/interned with them. I just read their website but don't know anybody who had exposure to that company. Please let me know if you've ever heard of them.
Why dont you do a googe search?! there is a lot of things posted about them
im somewhat familiar, they will hire just about anyone that will put up capital. As with any shop that requires capital contributions, its a great way too lose whatever money you put up.
I did look them up on Google of course. Thanks for input jackbnimble! Anyone else?
Yeah, they require capital contributions. I know some people who interned and worked there - they did not like their experience there and ended up leaving the firm. There are better Prop Trading firms out there, with better training programs.
also when i dealt with them I got the vibe that they were incredibly arrogant. As if it they were like the CEO's of Citadel.
as with all these chop shops, they amount with nothing more than a waste of time, money, and effort. also If you have to pay to intern, its not an internship lol.
been to the trading floor of the firm once. there were abt 40 ppl.
Thanks guys. I appreciate all the input.
i heard no training, but low cap requirements and they can teach you the mid-point strategy. There are a lot of prop desk who uses them as a bd as well; so check out Wall Street Trading, Capital Traders Group, LES Trading. those are the ones that I can think of from the top of my head.
http://www.sanglucci.com/
was a head trader there at one point, but now he's starting his own hedge fund.
idk, just do you dd and good luck
WTS Trading (Originally Posted: 04/29/2013)
Has anyone heard about these guys?
PM'd.
Thanks Hooked on LEAPS. I appreciate your input!
Mind PMing me the input as well?
Trading Firms in Boston like WTS (Originally Posted: 11/16/2013)
Hi all!
I'm making a film that needs to be filmed at a place with lots of monitors and blinking lights. I'm in the Boston area, so would you guys have any recommendations as to who I should contact? It would be better if they are less well known so they tend to be more flexible and less neurotic about permission. I would really appreciate it! Thanks!
Carlos
Chimera securities is a prop trading firm that is pretty local and smalll
Wall Street Trading (Division of WTS Prop Trading Firm) (Originally Posted: 03/17/2013)
I was wondering if anyone had experience working for either WTS Prop trading firm or have knowledge of the division called "Wall Street Trading". They're located on Wall Street however I have limited knowledge of WTS Prop Trading LLC, much less what Wall Street Trading is, how legit are they?
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