Here at Patak Trading Partners, learn to trade, online futures trading and understand that there are many barriers that exist when trying to become a futures trader.
Online PR News – 22-March-2011 – – Patak Trading Partners, a Chicago-based boutique proprietary trading group, is hiring at least 12 commodity futures traders.
The firm was founded by Michael Patak, a floor trader for over ten years, in December 2009. Patak designed the firm to attract college students and recent college graduates who couldn't afford a large capital contribution or didn't want to have to clerk for an extensive period of time in order to get into trading.
The recruitment program at Patak involves tryouts for every candidate. After hiring manager Melissa Footlick reviews the resumes, she selects applicants for a trading program called the Combine, which allows candidates to trade in a live, real-time market environment. They're given access to an interactive trading chat room as well, in which they can ask advice of other traders in the program.
If the candidate hits a certain profit margin and does well in the Combine after four weeks, he or she will be invited to join the firm. Applicants aren't required to have a lot of trading experience. About half of applicants are college students, Footlick estimated.
The firm is planning to hire 12 traders in the near term, but "that number is evolving,"
Footlick said. "We're not going to shut our door to anyone who's a capable trader."
Traders will trade remotely from home for the first one or two months. After that, they can put in a request to trade from a desk in the Chicago office. Or they can choose to trade remotely indefinitely -- one employee is currently based in Ghana.
Traders will ultimately take home between 60% and 80% of their trading profits. The firm doesn't give out bonuses as of yet.