So I accepted a Prop Trading job in South Beach Miami | Forex Factory

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So I accepted a Prop Trading job in South Beach Miami

  • #1
  • First Post: Mar 25, 2008 9:41am Mar 25, 2008 9:41am
Hey everyone,


Just writing this to vent my concerns/gains some insight on this job I have recently accepted.


As some of you may know, I have been around these forums for a little while...and even though I may not post much my trading skills have continued to grow. Well recently a Prop firm accepted me as a trader and I said yes. But now, after saying yes I am having some concerns

First, the name of the company is Wasserman Capital LLC. I was wondering have anyone ever heard of them (worked for them...works for them?)? They mainly focus on "tape reading" and provide free training. They also pay for you to take your series 7---which I am studying for now.

Next the series 7. I was wondering for those of you that may have taken it, do you have any advice on the test at all. Also, do you know any good resources to study for the test. Apperently it is hard, so I am a little worried.

Third, The job is in South Beach...I currently live in Atlanta, Georgia. I am not new to the south beach area...but I have only visted there as a tourist. I was wondering does anyone know good places to live or any other advice about the area?

Last, Is there any general advice about being a prop trader? I am new to trading for a firm....so I am not totally familiar with the process.

I appreciate any comments.

Thanks a lot guys,

-Nip
Nothing is hard, some things just take more time and discipline.
  • #2
  • Mar 25, 2008 10:28am Mar 25, 2008 10:28am
well, i don't have any first hand experience with them but i did check their website.everything's templated which means they were on a very tight budget.hopefully they're not cutting corners in other areas as well.

if i were you i would simply ask for more info about the company, tell them you want to familiarize yourself with it.it's your right after all.

they'll probably tell you more anyway during training, or at least they should.
take care and good luck.
  • #3
  • Mar 25, 2008 10:45am Mar 25, 2008 10:45am
I would also inquire over at the elitetrader forums, lots of prop traders there, prop reviews and ongoing discussions.

I don't think you're going to find much here in the way of prop traders as the main benefit in prop, leverage, isn't an issue in forex.
  • #4
  • Mar 25, 2008 11:37am Mar 25, 2008 11:37am
i use to live on ocean drive, it was a condo, i think thats the best place to start. lots of action at night. oh b.t.w. condos that used to be 500k are now going for 100k + on ocean drive, it's a buyer market if you have the funds.
If I Go Broke Trying Then I Will die happy.
  • #5
  • Mar 25, 2008 11:48am Mar 25, 2008 11:48am
Congratulations, man!
What to do on South beach you ask?
Dining on Ocean drive, Clubbing on Collins Avenue (next block), chilling out on topless beach off the Ocean drive. Visit your trading station in between
Good luck!
"Luxury is one of the basic needs", (c), Don Corleone
  • #6
  • Mar 25, 2008 1:57pm Mar 25, 2008 1:57pm
Not 100% sure why they'd require a series 7, but that's not a difficult test. Most of it's just technical jargon and legal stuff. There's a lot of study material out there to make it easier. If they aren't paying for that... check ebay and amazon. Get the study software, IMO the practice tests are nice to have. Are you also going to take the 63?
  • #7
  • Mar 25, 2008 3:05pm Mar 25, 2008 3:05pm
Quoting tenantro
well, i don't have any first hand experience with them but i did check their website.everything's templated which means they were on a very tight budget.hopefully they're not cutting corners in other areas as well.

if i were you i would simply ask for more info about the company, tell them you want to familiarize yourself with it.it's your right after all.

they'll probably tell you more anyway during training, or at least they should.
take care and good luck.
Well I did call just a while ago. She told me some information that I already knew (from my own research) and some other things...

She said that the company was founded by Adam Wasserman...He was featured in several articles and I did found some interesting (good interesting) links by him. One thing she did metion is that he is based at the South Beach location (the one I would be working at) so I would have the advantage of working with him.

She mentioned that the company works through Assent (There trading platform etc) and is owned by a fortune 500 company called Sunguard.

She said there are several links on the website that back up all these statements, some of which I did check out. I would feel bad to criticize the cheaply done website...but not always does the website recommend the company (at least, I hope that is what it is in this case) Hell if they pay me a few bucks, I would offer to make there website 100% better lol.

Appreciate the advice!
Nothing is hard, some things just take more time and discipline.
  • #8
  • Mar 25, 2008 3:05pm Mar 25, 2008 3:05pm
Quoting Moe
i use to live on ocean drive, it was a condo, i think thats the best place to start. lots of action at night. oh b.t.w. condos that used to be 500k are now going for 100k + on ocean drive, it's a buyer market if you have the funds.
I dont know if I would want to go down there buying right away. do you personally believe that this market will be there at least for the next few months (like 6-12 )?
Nothing is hard, some things just take more time and discipline.
  • #9
  • Mar 25, 2008 3:06pm Mar 25, 2008 3:06pm
Quoting Firstboss
Congratulations, man!
What to do on South beach you ask?
Dining on Ocean drive, Clubbing on Collins Avenue (next block), chilling out on topless beach off the Ocean drive. Visit your trading station in between
Good luck!

LOL Sounds like a plan!

But what to do when that gets old...or does it?
Nothing is hard, some things just take more time and discipline.
  • #10
  • Mar 25, 2008 3:08pm Mar 25, 2008 3:08pm
Quoting Rabid
Not 100% sure why they'd require a series 7, but that's not a difficult test. Most of it's just technical jargon and legal stuff. There's a lot of study material out there to make it easier. If they aren't paying for that... check ebay and amazon. Get the study software, IMO the practice tests are nice to have. Are you also going to take the 63?
They said that they didnt use to require the Series 7 and 63, but due to new regulations, it is now required. They dont pay for the study material, but they do pay to take the test.

yes they do require both the 7 and 63....do you have any specific study materials you recommend?


Thanks.
Nothing is hard, some things just take more time and discipline.
  • #11
  • Mar 25, 2008 3:32pm Mar 25, 2008 3:32pm
Quoting Trader KGB
I would also inquire over at the elitetrader forums, lots of prop traders there, prop reviews and ongoing discussions.

I don't think you're going to find much here in the way of prop traders as the main benefit in prop, leverage, isn't an issue in forex.
Checked them out...they actually got great info on this specific firm. THANKS!
Nothing is hard, some things just take more time and discipline.
  • #12
  • Mar 25, 2008 5:01pm Mar 25, 2008 5:01pm
Quoting NipthePips
I dont know if I would want to go down there buying right away. do you personally believe that this market will be there at least for the next few months (like 6-12 )?
i don't know about 12 months but mabe 6 months down the line, as you know the housing market can change in a heart beat, im telling you there some bad ass condo's out there at some very cheap prices, with top of the line shit in them, buy while it's cheap.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Mar 25, 2008 5:06pm Mar 25, 2008 5:06pm
if your bringing a family miami is not the city for a family.
If I Go Broke Trying Then I Will die happy.
  • #14
  • Mar 25, 2008 5:20pm Mar 25, 2008 5:20pm
Quoting Moe
if your bringing a family miami is not the city for a family.
LOL family? Me? NOOOOO

I'm only 21...not thought of family yet, and I have done everything to prevent one from happening
Nothing is hard, some things just take more time and discipline.
  • #15
  • Mar 25, 2008 5:28pm Mar 25, 2008 5:28pm
Hey,

Out of all the licenses i have (6,63,66,7), i think the 7 is definetly the most in depth. I would get a study guide ( maybe dearborne....or some bob walker materials ( passthe7.com)....Know your options and muni's forwards and backwards. That is a huge portion of the test. Take your time, and you will be just fine.

All the best,

cl
  • #16
  • Mar 25, 2008 8:57pm Mar 25, 2008 8:57pm
Ive lived in Miami all my life and to buy something on ocean drive for 100k+ is not reallly feasible, doesnt exist....unless its a 300sqft studio witch the building is also used as a hotel. As well Miami is a great place to start a family as with any metropolitan area there are certain pockets of residential neighborhoods it all depends on what you can afford.

I myself just got my series 3 and find that the miami market has many affluent people if you network and great oppportunities whereas unlike ny around every corner is a stockbroker!

As with anything take a trip down here and scout for some rentals which is in favor and is cheaper to rent now than to buy
  • #17
  • Mar 25, 2008 9:19pm Mar 25, 2008 9:19pm
Quoting bullish84
Ive lived in Miami all my life and to buy something on ocean drive for 100k+ is not reallly feasible, doesnt exist....unless its a 300sqft studio witch the building is also used as a hotel. As well Miami is a great place to start a family as with any metropolitan area there are certain pockets of residential neighborhoods it all depends on what you can afford.

I myself just got my series 3 and find that the miami market has many affluent people if you network and great oppportunities whereas unlike ny around every corner is a stockbroker!

As with anything take a trip down here and scout for some rentals which is in favor and is cheaper to rent now than to buy
Well i did hear on TV that Miami Beach is suffering a huge forclosure crisis (worse than it is here in Atlanta), and that condos are going mad cheap. Just didnt know where exactly. I did some research though...they are out there. What other trading type opportunities are in miami...can you point me in a direction?
Nothing is hard, some things just take more time and discipline.
  • #18
  • Mar 25, 2008 9:32pm Mar 25, 2008 9:32pm
Just wanted to drop in and wish you the best in your new job. I live just east of you in Augusta, Atlanta is just tooooo busy for me. LOL!

Starting any new career can be unsettling at best especially one that you have to move for. You will do fine. Again, Good luck.
  • #19
  • Mar 25, 2008 9:46pm Mar 25, 2008 9:46pm
well granted there is a foreclosure crisis that may affect certain areas, for example in brickell thats what the media has been focusing about since all the devleopers named it the next manahattan which its starting too look like. I wouldnt buy in brickell maybe a lease option for the right property and that lets you lock in the sales price and gives you the option not the obligation to buy it if things dont turn around (downside is rent is usually higher to calculate downpayment with rent which can be negotiated)

If you could afford to buy a house buy in coral gables,pinecrest,palmetto bay,miami lakes,royal oaks, southwest kendall, kendall falls, the falls generally these areas are sw central to downtown and the beaches 20 min drive each and every way.....

If you buy a condo....the beaches (if you like the lifestyle and dont buy a car get a bike or scooter)coral gables, generally the above mentioned areas....

There are many opportunities theres a merryl lynch,mellon bank,suntrust,bank of america and many private funds in the brickell area...

any other questions?
  • #20
  • Mar 25, 2008 9:47pm Mar 25, 2008 9:47pm
you can also pm me if you have any quesitons or need any help I also hold a state certified license in appraisals so I can help you find a property with equity which there are a abundance of and I can point you to the right people....
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