Has anyone heard of or know anything about Chimera Securities? They have an office in my hometown in Westchester. They seem sort of sketchy though because it says that New Hire Traders are immediately allowed to trade with the firms capital. Usually these prop firms have a year or so of training before going live right? One kid from my school got a job here right out of college so its not like he had any experience.
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I have come across them as well. These shops sound insane. No one just says "here your 20, trade my capital". I'm an efficient markets guy and unless you've been in the business a while and have your connections (shout out to Michael Douglas in Wall Street), then you (anyone) aren't going to make it on some chop shop trading desk.
lol just look at the front page of the website (below). Is that a college computer lab? I also like this quote "Fundamental analysis is neither used nor taught."
http://www.chimerasecurities.com/
they do equities, intra minute/hour stuff, based on momentum strategies largely
very nice people.
I interned at a clearing firm that operated like that for a few years. The guy who owned it was the former head of the CBOT. Naturally, it was the real deal, but they also threw 1/2 of their "traders" out on the street after six weeks, another 1/2 (of the remaining) after six months and constantly whittled it down. The most successful traders wound up taking positions going into the thousands of contracts on the CBOT.
This could be a legit firm that gives everyone a shot but makes it sink or swim.
Chimera (Originally Posted: 10/15/2008)
Can anyone counter the awful things I read about this firm online? A buddy of mine is going to be starting there soon, I hear that it is a "chop shop". And a terrible place to be working. Any info would be very helpful.
i know untitled interned there and trade4size knows a bit about them. i dont know all that much but have heard they are a decent shop. im sure theyll chime in.
I've heard it referred to as an "Asain scalping academy", "chop shop", place where you'll only make about 1k a month etc.. (boards on elite trader) anyone here confirm/deny?
Saw a posting on doostang for a position with them a couple of days ago...salary was 24k a year, which i suppose is better than the 5k most daytrading firms like this make you pay them. Either way it looks like a raw deal...i can't really speak to their culture specifically, but I've heard all these firms have huuuuuuuuge turnover rates, and are generally not fun places to work for.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1052078&highligh…
Also:
"I’m going to tell you about Chimera having worked there for 6+ months.
Yes, they pay a draw. Yes, they hire recent college grads. No, they do not require any licensure as you are simply added via an LPOA to their account. No, they do not let you hold stocks overnight, and rarely, for more than 10 minutes.
They are a chop shop, pure and simple.
I only know about the NYC office where the owners trade out of. Granted, they ARE satisfying a market demand as there will always be hungry fish out there looking to get rich quick through daytrading. But, beyond this, they offer very little.
They start you at a rate of .01/share, which is insane and let you keep 75% of your profits (if you ever make any).
The pluses are that you are not responsible for any negative balances. But, unless you show them you can churn without losing too much money – they’ll never up your size to allow you to make a living. That’s why I quit – because I didn’t scalp at a high enough frequency and they weren’t upping my size as a result. So, the opportunity cost of my time did not justify staying."
Bump. Can anyone confirm or deny this?
i have an interview with them coming up. can any shed any light on the posts above?
bump
bump for anymore input on chimera
Looking for info on Chimera Securities (Originally Posted: 12/09/2009)
Have an interview coming up, can anyone shed some light on the firm? Salary, training etc. any help is appreciated. Thanks!
let me guess, its your second interview with the partner and head trader?
yep, you too?
How did it go ? What kind of questions did they ask ?
Chimera Securities and Any Draw? Monthly draw/pay? Hiring? (Originally Posted: 04/15/2009)
Anybody know about Chimera? Any info would be great. Monthly draw/pay? Hiring?
search feature.
As far as the draw it can be tough to get out of them so make sure if you get an offer that you re labeled as the employment class that is entitled to the monthly draw. No idea if they are hiring. The draw information is from a friend I know that trades there.
Did a search. When I search and go to the Chimera Securities Post it comes up "page not found"
if you can make it work, great, but I really have to wonder how many people make a long-term career out of working at a place like this.
they offered me a role years ago when i first moved to ny. i had no clue about finance/careers/etc. in retrospect i am glad that i did not take it.
I have heard some decently positive things about Chimera, that may make it worth pursuing. Not sure by what people are defining as a long-term career, but if you learn form what they have to offer and are able to move forward in a positve light. I like to think that it is well worth it.
Any idea who they like to hire? Schools, experience...?
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