Pros
I have to say that many reviews of SMB are just downright, 100% wrong.
I came to this firm in 2015 as part of a hired class. SMB gave me an opportunity to develop into a great equities intraday trader, which I did not successfully accomplish during my time there. I was surrounded by a number of very successful traders (P/L is openly shared on the desk through our blotters, so I know what many people were making), and I was even paired up with a mentor. I simply could not overcome my own self and master intraday equities trading.
SMB has a great culture of working hard to get better as a trader and as a person each and every day. It's not just some slogan they use, it's a real culture. I will always look back and wish I could have been successful there.
I had every opportunity to go in the direction I wanted - whether that be scalping, algorithmic models, intraday position trading, news plays, stocks in play, low float biotechs, etc. The firm really gives traders all the resources and technology - it's just up to the trader to find their niche and excel.
In fact, I could have simply copied trades from the more successful traders at first, and built up some success. In hindsight, I should have had a much smaller ego and done more of this. I was stubborn in my ways and kept forcing the way of trading that I thought was best - and that was clearly the wrong way to approach things.
SMB provides a fair profit split, and reasonable desk fees (which are very low for newer traders to give them a better chance at not getting eaten up in fees).
In essence, what I'm saying is that even though I was let go from this firm, I really do not fault them for it. They gave me the seat, the capital, the technology, the coaching, and I fully accept the responsibility of me not achieving greatness there. I think too many people don't make it as a trader at a prop firm, and then go off and talk really poorly about the firm as a means of removing that responsibility from themselves.
Cons
I was a bit in the dark about how much money I could lose before I would be let go. I understand the firm doesn't want to stick to any hard rules on this, and be discretionary in their hiring and firing process, but I do wish I would have known what number I should not have drawn down to before I was really in hot water with management.
It was tough because there was no salary, but that was something I came into the situation with full awareness of- SMB told me from the get go, that there would be no salary. So, this isn't really a knock on the firm, but just an honesty about the structure that made it difficult for me.
