Any one heard of Richmond capital markets

[deferler]

Hi there,
I'm a newbie in the forum, Could anyone tell me about Richmond capital markets, hows working there, what's the background of ppl working there, what is the company background, do they trade options or commodities?
I got an interview from them, it looks a very promising firm, but the firm pays no base salary which worries me a bit if it is strictly professional.

I really appreciate any reply, if anyone provide an interview feedback I will love you a lot :clap:

 

[Walter Mitty]

http://www.trade2win.com/boards/trading-arcades/122630-office-share-surrey.html

little bit here. looks to me that they just provide a desk???

 

[deferler]

http://www.trade2win.com/boards/trading-arcades/122630-office-share-surrey.html

little bit here. looks to me that they just provide a desk???

Many thanks, the company advertised on efinancials it is a Trainee Futures Trader position. I hope it is not an arcade or similar.

 

[rsh01]

I got an interview from them

So you have an interview with a company you know nothing about.

Seriously you could not make this up, once again.

 

[deferler]

So you have an interview with a company you know nothing about.

Seriously you could not make this up, once again.

i wish i could have more info. but as you may know, prop firms do not have public info, even those big market maker prop firm like optiver has very limited information

 

[pboyles]

Their details are available from Companies House. Seems they were a dormant company in 2011. Remember, you are interviewing them, not the other way around.

 

[deferler]

Their details are available from Companies House. Seems they were a dormant company in 2011. Remember, you are interviewing them, not the other way around.

Thanks a lot, very helpful reply.
To be honest i'm not too sure about this kind of unpaid "profit share"job, I heard many ppl here use STA as well, but it doesn't sound like a proper graduate job, and I saw on efinancials even small hedge funds they require traders proven track record of million level, doubt if we hv a chance to get it from these firms. But I was thinking maybe i will miss a chance of being one of the turtles of Richard Dennis, any suggestion?

 

[tommog]

Im 90% sure it is run by Paul Redmond, anyone thats been a prop trader in london over the past 8-9 years has probably heard of him, or at least stories about him. Not sure how his trading is these days but i know 4-5 years ago was one of the biggest locals in London. Ive been in the same companies as him but dont know him as a person or can vouch for whether he is good at training up traders. But if youre looking to get in to the industry there are probably far worse people to work for.

 

[deferler]

Im 90% sure it is run by Paul Redmond, anyone thats been a prop trader in london over the past 8-9 years has probably heard of him, or at least stories about him. Not sure how his trading is these days but i know 4-5 years ago was one of the biggest locals in London. Ive been in the same companies as him but dont know him as a person or can vouch for whether he is good at training up traders. But if youre looking to get in to the industry there are probably far worse people to work for.

It is amazing what response I get from this forum!
Absolutely, so could you tell me a bit about his story, did he do well pre-crisis and post-crisis

 

[counter_violent]

It is amazing what response I get from this forum!
Absolutely, so could you tell me a bit about his story, did he do well pre-crisis and post-crisis

A quick google turns up loads.

Google

 

[tommog]

Deferler,

Glad that was of some use.

To be honest i dont think its really fair of me to start giving the life story of someone i only know through working in the same buildings as a few times. The fact his name isnt all over the company probably means he would rather keep details to himself.

But he used to mostly trade equity indicies, assume he still does and has been extremely successful. I know he made a lot of money during the economic meltdown and now has his own offices with a small team of guys.

 

[deferler]

A quick google turns up loads.

Google

Thanks

 

[deferler]

Deferler,

Glad that was of some use.

To be honest i dont think its really fair of me to start giving the life story of someone i only know through working in the same buildings as a few times. The fact his name isnt all over the company probably means he would rather keep details to himself.

But he used to mostly trade equity indicies, assume he still does and has been extremely successful. I know he made a lot of money during the economic meltdown and now has his own offices with a small team of guys.

I see, thanks tommog! Appreciate your reply a lot! Their office is very nice indeed, but not many traders in there at the moment, not sure why.

They takes eight guys per year with different background and train us for one month, no salary no cost+ no desk fee at beginning period+ a 50/50 profit split. Looks like they have a few sucussful partners.

Anyhow, I do wish to have a serious career trading, I guess it is a good place, but do you know other professional ones provide a base salary? I assume it means they take people in more seriously, not sure if my view is right

 

[tommog]

deferler,

To be honest you are going to be hard pushed to find a prop firm that will pay a base salary. You have to remember the success rate is probably about 50-50, for all the guys that dont make it theyre probably going to cost the company tens of thousands of pounds. Regardless of how much money the company makes it isnt great business policy to then add 30k in salary on top. Keep in mind if you are successful you get to keep 50% of your profits (and that will go to about 70-80% with experience).

You could go the big company route that will pay base salaries but you are probably going to take a couple of years before you are managing your own book, and then probably getting 20% of what you make.

Im not saying the 20% option is bad, just a different route. And generally only take on a certain "type" of trader/person

 

[rsh01]

Try met traders, based west hampstead, london. I know they used to offer a base salary (it was peanuts), still enough to pay the rent, transport and lunch though.

 

[Walter Mitty]

deferler,

To be honest you are going to be hard pushed to find a prop firm that will pay a base salary. You have to remember the success rate is probably about 50-50, for all the guys that dont make it theyre probably going to cost the company tens of thousands of pounds. Regardless of how much money the company makes it isnt great business policy to then add 30k in salary on top. Keep in mind if you are successful you get to keep 50% of your profits (and that will go to about 70-80% with experience).

You could go the big company route that will pay base salaries but you are probably going to take a couple of years before you are managing your own book, and then probably getting 20% of what you make.

Do you think it's really that high tommog?

I always THOUGHT it was far less as most wannbees don't have enough to cover living expeneses whilst training and once profitable have to try to build their account to a level where withdrawals won't reduce their trading size drastically and yet still be able to survive. I assumed most would drop out before reaching this stage. I'm not a prop trader nor have I been one at any stage so am happy to be put straight.

 

[tommog]

Walter Mitty,

Depends where you go, some places are just plain awful at nurturing traders and is a miracle anyone makes it. Other places id put the success rate at 80%

 

[Walter Mitty]

Yeah, some appear to be churn and burn merchants where as others will try to give you a leg up and cover your desk fees etc. until your account is at a decent level. And then there are the one's that charge £3k a pop.....

Cheers.

 

[rsh01]

The success rate of grads/trainees at the prop firm I am familiar with was about 2%, that's grads who are still making money 18months after the course.

For some crazy reason they didn't seem to care much for training, based on the premise I think that you either had it or you didn't, its not something which can be taught - which imo is wrong. The commissions they made on say 1 or 2 traders (in a year) was enough to cover the costs of the course for 50 grads, approx 10 of whom wld go through to live trade and invariably blow their account. If you weren't making money within 6 months then it was likely you would be asked to leave - as full desk fees, app fees etc started to kick in. If you showed promise though its possible you wld get taken on by a trader, and it wld be up to them when they got rid of you. They may cover your costs for a year or so.

Interesting to hear that other prop firms have rate as high as 80%!

 

[deferler]

Walter Mitty,

Depends where you go, some places are just plain awful at nurturing traders and is a miracle anyone makes it. Other places id put the success rate at 80%

Hi tommog,

Good to see you here again, i went off for a few interviews this week. Hopefully can get something.

Anyway, I got an offer from Richmond, 50-50 split, three weeks trainning, one week paper, than live, (no cost, but desk fee after two month) have to reply by tmr Friday 29th.

Regarding the success rate, in their company, last year 8 ppl in total, 2 stays in trading room, 2 trade at home for this company without desk fee. I dont know how that sounds, Any idea? I am still puzzled if I should go or not.