There are certain important considerations you should be mindful of if you're thinking of becoming a proprietary trader. We've tried to outline a few of these below, but it's always best to speak with one of our Branch Office Managers to go over the details.
To be sure, though, proprietary trading isn't for everyone. But, if you're energetic, bright, competitive, able to handle pressure situations and are self-motivated and driven by a desire to succeed, joining Assent as a proprietary trader could be one of the most exciting opportunities you'll ever undertake.
Proprietary Trading - Summary Requirements and Considerations
PLEASE CONTACT THE ASSENT REGISTRATION DEPARTMENT AT (201) 356 - 1469 FOR MORE INFORMATION.
In our experience, proprietary traders do not necessarily share a common background, gender, culture, nationality, or come from the same walks of life. More accurately, what we've witnessed is that successful proprietary traders share some roughly similar character attributes: people who are driven, adaptable, perceptive of developing patterns, able to share ideas with others, able to focus and who understand that there is a balance between taking successful risks, with the need to manage and control risk factors to preserve capital.
Those seeking to become proprietary traders do not necessarily have to have a college degree, although it's preferable. Market and trading experience is beneficial. If you have already traded or are a new candidate who is disciplined, motivated and ambitious, we encourage you to pursue this opportunity to work in an exciting career as a professional securities trader.
We offer highly competitive rates, professional leverage, dynamic trading floors in our branch locations, strong risk management, a variety of capitalization structures, a negotiated group health care plan, and a straightforward and supportive management and support team to ensure that your trading experience is as positive as it can be.
For those new to proprietary tradingIf you’re new to trading, and want to get more of a feel for what proprietary trading is, then here’s a quick overview. Assent’s proprietary traders trade our capital in the US equities market. We equip our traders with powerful computers and feature-rich, highly- customizable software which provides direct access to the markets via a number of exchanges and Electronic Communications Networks, or ECNs. Traders will generally buy and sell a limited group of securities, making lightening-fast decisions in a matter of seconds to capture the "spread" or the difference between the ask and bid price of that security.
In so doing, Assent traders utilize a number of resources, including ultra-fast, extremely low-latency real time market data feeds from the various exchanges and market centers. These feeds allow traders to see what other financial market participants are bidding, or offering. Although our Anvil platform includes certain charting capabilities, many Assent traders use the eSignal charting package which we have directly linked to our front-end platform. Analyzing such charts, which requires some skill, enables astute traders to pick up on patterns than may be of assistance when the trader makes buy or sell decisions.
Assent traders also have access to a news service (Trade the News) which is delivered in video as well as audio format. We also have arranged for our offices to subscribe to certain news broadcasting services, which are sometimes referred to as “squawk boxes”. By listening to what other traders are contemplating under different time frames and operating conditions, traders can get a better idea of what the price of the underlying stock may do in the immediate future.
Traders are required to commit their trading capital for at least one year. We’ve concluded that traders who trade their own risk capital are more willing to adapt to and accept certain basic principles of risk control and money management, which are among the many keys to longevity in this business. Proprietary trading positions are not salaried; instead, traders have the potential to earn a percentage of the overall net profit they make in any given month, (the more profit they make, the larger percentage they earn).
A very large percentage of the proprietary traders who join us already have one or more valid securities licenses that were originally sponsored by their former firm(s). Our Registration Department works very closely to transfer such licenses as quickly as possible, following the steps which are outlined below. However, if you are new to trading and do not yet have a valid securities license, we may decide to work with you to set up the means for you to become sponsored for the appropriate securities licenses (Series 7, Series 55, Series 63). You’ll have to register, pay an examination fee, and study very hard to pass such exams, which must be taken within a prescribed amount of time. Some traders enroll in preparatory review classes while others just purchase the books and prepare with practice exams. One link prospective traders may wish to explore would be: Series 7 Books & CD-ROM . Please note that any expenses you incur while preparing for such securities exams will be your responsibility.
For experienced proprietary tradersIf you are a successful proprietary or independent trader who wants to move to a firm where you are in a partnership with a hands-on, supportive management team, we believe that Assent LLC offers some very unique opportunities to succeed. If you already possess a valid securities license, here’s a quick overview of the steps that we’ll likely have to follow to transfer your licenses.
1. Consult with an Assent Branch Office Manager and together, complete a Proprietary Trader New Account Application Package
2. Download a Form U -4 from our website
3. However, before we instruct you to submit your U-4, you will want to submit your resignation letter to your current broker-dealer, if applicable, and furnish a copy to your new Assent Branch Office Manager
4. After you have completed the U 4 and our new account application package, your Branch Office Manager will submit it to our Registration Department, where our trained specialist will review it for completeness before submitting to the NASD’s Central Registration Depository (CRD)
5. Please note that if you have a contract with your existing broker- dealer, you must disclose this immediately to your Branch Office Manager, to whom you must forward a copy of the agreement Such contracts may contain provisions (including non-compete contractual language) that warrant special treatment, in order to avoid complications in registration.
6. If you have had prior complaints or disciplinary action, or have been the subject of a prior law enforcement action, or have outside financial business activities for which you receive compensation for, you must disclose this information in advance and you must include such information on your U-4.
7. Also, don't forget to review the Outside Business Disclosure Form. Under certain circumstances, you must disclose outside business activities that you are involved in.
As it relates to proprietary traders, one of our key goals is to generate commission revenue from the trades and strategies our traders execute. Successful traders we invite to join Assent LLC help us accomplish this goal. In contrast with other members of our trading community, we are not a firm that charges hidden fees or maintains hidden agendas. We make money when our traders make money, so we try hard to provide the Assent trading community with the tools, support and information they need in order to succeed.
