Sunday, December 16, 2012

Equity Trader

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T3 Trading Group, LLC, a Registered SEC Broker-Dealer & Member of the CBOE Stock Exchange (CBSX) strives to be a complete destination for traders looking to maximize their performance in today’s financial markets. Our proprietary traders focus primarily on technical analysis using various time frames including position, swing and intraday trading strategies. We aim to help traders make more money by providing elite training, premier technology and a highly professional, value added environment. T3 has a team of seasoned professional traders with experience in all different market cycles and boasts some of the most talented and successful traders in the industry.
T3 stands for...Trading + Training + Technology
T3’s competitive EDGE is our ability to...
EDUCATE - We provide continuing trader education programs and free seminars to help you get to the next level.
DEVELOP - We develop your discipline and risk management skills through our proprietary strategies.
GUIDE - We guide you through the markets with our daily market analysis and research.
ENGAGE - We engage, interact, and give feedback on using T3 Live’s Virtual Trading Floor platform.
Competitive Advantages

Competitive cost and fee structures
Education in technical trading and market analysis
Clearing through ABN Amro
Stock screening tools and filters
Buying power
Many options for high-frequency traders
State of the art downtown NYC headquarters and other flexible locations
Sophisticated risk management
Multiple trading platform options
World-class tech support and connectivity
Organized and reliable accounting and trader sheets
Experienced Traders and Group Leaders are also welcomed to apply. Compare the execution platforms we utilize, our highly competitive clearing deals and our office atmosphere to your current firm. We are low latency with direct connectivity to exchanges, ECNs and dark pools.
We seek individuals with an entrepreneurial spirit, strong work ethic, exceptional business instincts and a demonstrated ability to make sound decisions under pressure. New traders have the opportunity to enter an exciting, fast-paced and potentially lucrative career.
If this describes you and you feel as if you have the drive and determination to be successful in the highly competitive world of proprietary trading, please send us a copy of your resume and a cover letter stating why you think you will be a successful trader to our human resources department

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1 comment:

Michael said...

The shocking T3 Trading Group Annual Report on the SEC website.

The T3 Trading Group Annual Report (Form X-17A-5) can be downloaded from Edgar on the SEC website. In 2012, 99.89 percent of T3 Trading's revenues came from the monthly fees and the trading fees its proprietary traders paid to the company ($15,106,432). Only 0.106 percent of T3 Trading's revenues came from its share of the trading profits ($16,082). T3 Trading charges its traders for every share they trade. Traders are discouraged from trading a low number of shares per trade even if their trades lose a lot of money and even if they are placing the same number of trades.

T3 Trading charged each of my co-workers about $1,000 a month in trading fees. The $1,000 a month does not include the losses from the trades. On some days traders were profitable, but on most days they were not. Many traders are also charged several monthly fees. Total monthly fees can be as low as $120 a month. After one month at T3 Trading, one unprofitable trader was allowed to double the number of shares he traded ($2,000 a month in trading fees). Some traders may have trading profits that will offset some of the trading fees (and monthly fees). My manager told us on several occasions that many traders deposit additional money when the fees and the trading losses deplete their initial $7,500 capital contribution.

Turnover at T3 Trading is high. The Linked In website profile of CEO Sean Hendelman reveals that T3 Trading has more than 400 proprietary trading jobs. My manager told us that it takes 6 months for traders to become profitable at T3 Trading. If the average trader quits T3 Trading in 6 months, then 800 people held those 400 trading jobs in 2012. In 2012, each of those 800 traders paid T3 Trading $18,883 in monthly fees and trading fees. Some traders may have trading profits that will offset some of the trading fees (and monthly fees).

What are the odds of being a successful trader at T3 Trading Group? In 2012, all of the traders at T3 Trading had $53,607 in trading profits. The traders’ share was $37,525 (70%), and T3 Trading’s share was $16,082 (30%). It is possible that 799 out of 800 traders received nothing, and one trader received $37,525. It is possible that 798 out of 800 traders received nothing, and two traders received $18,762.50 each (the equivalent of a $9.38 per hour full-time job). It is possible that the top one percent of the 800 traders received $4,690.62 each, and the remaining 792 traders received nothing. No wonder most traders resign in a short period of time.

The T3 Trading website reveals why revenues from the paid training products are not on the T3 Trading Group Annual Report: “T3 Live and T3 Trading Group, LLC are separate, but affiliated companies through common ownership.” The T3 Live website advertises two courses that cost $1,997 each. The Virtual Trading Floor costs $200 a month. T3 Live has many paid products. I never purchased any T3 Live training products. My manager's free training classes were vague. My manager's free training materials were skimpy. About two months after I resigned from T3 Trading, T3 Live sent me an email that offered me a yearly subscription to the Virtual Trading Floor for $999.50. I was also offered a package of one course (I had three choices) and one year of private mentoring for $1,199.

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