Maverick Trading Celebrates 20 Year Anniversary
SALT LAKE CITY, UT – Maverick Trading, the premier proprietary trading firm, recently celebrated its 20th anniversary. Founded in 1997, Maverick Trading has two divisions, focused on options trading and foreign currency trading. It is one of the few proprietary trading firms that discourage day trading and one of the only firms that allows its traders to actively trade options.
Maverick Trading CEO, Robb Reinhold, spoke of the firm’s milestone. “When we started Maverick, it was a small group of traders local to Salt Lake. In the past twenty years we’ve been able to expand the firm to over 400 traders and, at last count, have traders on every continent but Antarctica.”
Maverick’s COO, Jon Frohlich continued, “When we look at the prop trading industry as a whole, we’re, I think, justifiably proud of our success. I mean, the average lifespan of a prop trading firm is three to five years before they blow up and we’ve been here for twenty.”
When Maverick’s staff was asked what the cause of its success and longevity was, Joe Jensen, Head Coach for Maverick answered. “From my point of view, it’s got to be the support we provide our traders. We get traders coming from other firms on a regular basis and a common theme in their comments is that they never had the type of ongoing support that they receive at Maverick. Where they were left to flounder on their own at other firms, Maverick takes a proactive approach to keep them on track.
“Trading on your own is a rough gig. We tell our traders up front that if they ever feel alone, they need to pick up the phone or send us an e-mail so we can get them back into the fold.”
Reinhold expounded in the same vein, “I actually think our success is attributable to several things. First, we’re only bringing people on board who fit in with the culture of the firm, which has always been supportive and collaborative. Secondly, we probably give our traders more training before they begin live trading than any other firm out there. There are some places that’ll let a new trader go live after two weeks and let them sink or swim on their own. Thirdly, I agree with Joe that the support systems we have in place help our traders to be consistent and profitable.”
During the roundtable discussion, Darren Fischer, Head Recruiter, discussed retention. “We’ve all agreed that bringing the right people on board is important to the firm’s success, but I think equally that retaining that talent is important. I think one of the reasons the lifespan of a typical prop firm is so short is that their trader retention is awful. For many years the success rate at most prop firms has been 10 to 15 percent. I recently saw one firm that had an eight percent success rate and they were happy about it. Maverick’s retention rate on a yearly basis has consistently been above 90 percent. People just won’t stay if they’re not profitable and happy.”
Reinhold wrapped up the interview discussing trader reviews. “We’re obviously happy with the success our traders and the firm have enjoyed over the past twenty years, but we don’t expect potential traders just to take our word for it. We value the input and reviews of our traders. They tell us what we’re doing right as well as what we need to work on. We have to always look to improve.”
Reviews from traders at Maverick Trading can be found in the following links:
When asked about plans for the next 20 years, Reinhold said, “I see the firm potentially growing to a thousand traders. We’ve got the capital to do it; we just need to get the right people and bring them on at a measured rate. We’re exploring the idea of opening an office internationally to provide additional support to our traders outside of North America. Whatever the path, we’re going to keep things fun.”
About Maverick Trading
Founded in 1997, Maverick Trading is a private proprietary trading firm, focused on position and swing trading options in equities and exchange traded funds, headquartered in Salt Lake City, Utah.
Additional information on Maverick Trading and proprietary trading can be found at www.mavericktrading.com.
Additional information on Maverick Trading’s FX Division can be found at www.mavericktrading.com/fx.
Media Contact: Jon Frohlich; 801-652-7180; email@example.com