Alright guys,
So I've been lurking these forums for some time now, but finally decided to post to try and tap the well of information here. Essentially, I was recently hired by a major financial firm, and when interviewed - I was asked what hopes I had for the future. The main thing I said, was that I intended to eventually sustain myself by trading my own capital.
They neglected to inform me at that point, or any point prior to my acceptance of the job offer, that they have absurd trading restrictions on all employees.
These include:
Not being able to trade several of the major currencies, any security/mutual fund on their restricted list, and not being allowed accounts at other brokers.
Commissions are about 4 times higher than at other firms. Oh, and did I mention you can't actually get out of your position until a month passes or you lose 20% of your equity in the investment? That's the killer. Not to mention if your investment happens to be added onto the restricted list between when you purchased it/ when you can sell it, you're stuck with it.
So... I'm at a point of indecision. I plan on working here to build up capital and a reference while I continue to demo... But I was wondering on your thoughts about if they'd actually be able to tell if I was using a different broker?
Feel free to discuss these restrictions as well. I might be able to understand them if I was on the financial side of the firm.. but... wow.
So I've been lurking these forums for some time now, but finally decided to post to try and tap the well of information here. Essentially, I was recently hired by a major financial firm, and when interviewed - I was asked what hopes I had for the future. The main thing I said, was that I intended to eventually sustain myself by trading my own capital.
They neglected to inform me at that point, or any point prior to my acceptance of the job offer, that they have absurd trading restrictions on all employees.
These include:
Not being able to trade several of the major currencies, any security/mutual fund on their restricted list, and not being allowed accounts at other brokers.
Commissions are about 4 times higher than at other firms. Oh, and did I mention you can't actually get out of your position until a month passes or you lose 20% of your equity in the investment? That's the killer. Not to mention if your investment happens to be added onto the restricted list between when you purchased it/ when you can sell it, you're stuck with it.
So... I'm at a point of indecision. I plan on working here to build up capital and a reference while I continue to demo... But I was wondering on your thoughts about if they'd actually be able to tell if I was using a different broker?
Feel free to discuss these restrictions as well. I might be able to understand them if I was on the financial side of the firm.. but... wow.