Trading performance needed before given consideration

Scotty2Cues · Apr 21, 2011

Hi,

For future reference:

Assuming an average of 10 trades or so a month; what trading record is needed before being seriously considered by a bank, fund or prop shop? IGuessing I dont have enough experience yet: placed my first live trade in October and am currently up 10% with peak of 12% although didnt trade Dec or Jan.

Also, maybe for the distant future, how much is involved in applying for license to start a fund, what do the courts look for when deciding?

Thanks.

jiggly · Apr 22, 2011

you need a trading record which demonstrates something like this:

http://www.trade2win.com/boards/gen...36-what-consistent-profits-2.html#post1528982

was you expecting any less?

cr6196 · Apr 22, 2011

i don't think many funds or banks will take someone based on a track record, in most cases. certainly, no bank would.

trader_dante · Apr 22, 2011

Scotty2Cues said:
Hi,

For future reference:

Assuming an average of 10 trades or so a month; what trading record is needed before being seriously considered by a bank, fund or prop shop? IGuessing I dont have enough experience yet: placed my first live trade in October and am currently up 10% with peak of 12% although didnt trade Dec or Jan.

Also, maybe for the distant future, how much is involved in applying for license to start a fund, what do the courts look for when deciding?

Thanks.

Scotty, if you pm me your email add I can send you my record that I used to get in at prop.

The previous poster is right - whilst entry into prop is much easier with a record, entry at a fund or bank based on a record is not likely. If you really want to go down this route, you need to network. There used to be a fair few people in a position to help out reading this site. God knows whether they are still here with the current state of nonsense being posted at every turn. But getting yourself out there is one of the easiest way to get yourself in there.

As far as I am aware, trading statements are not taken into account when applying for a licence to start a fund. However, there is an approximately £1,500 non-refundable charge to apply. Or so I heard.

EDIT: I forgot to add that was for FSA regulation to trade funds for others.

Hotch · Apr 23, 2011

Don't really need a track record for prop, they'll let anyone in

As for a bank, I doubt a record is going to help, perhaps a reputation gained from awfully good trading, but if you get that, the statement is moot.

tomorton · Apr 23, 2011

Scotty - why would, you want to work for anyone other than yourself? Given your solid start, is it not possible you could build up both your personal trade frequency and capital until you're self-supporting?

shadowninja · Apr 23, 2011

trader_dante said:
But getting yourself out there is one of the easiest way to get yourself in there.

Interesting you say this in respect of this forum. There are other forums out there that I use where bankers and other senior financial workers do participate. Of course, if one's first post upon signing up is, "Anyone work for a bank? I want to be a trader, please give me a job!", the poster is going to be torn a new one. Networking is pretty much Tainted these days, Love, and tends to be used to Soft s(C)ell (see what I did just then) rather than getting to know the other party and being interested in what you can do for them rather than what they can do for you. Irrespective of the forum and requirement, if someone logs in not with a common interest but because they want something, established members don't take kindly to such actions.

Scotty2Cues · Apr 23, 2011

jiggly said:
you need a trading record which demonstrates something like this:

http://www.trade2win.com/boards/gen...36-what-consistent-profits-2.html#post1528982

was you expecting any less?

Pretty much figured that bit out myself.
Thinking more about drawdown, number of trades per month (to get accepted into one company, you need to be active 20 days out of 25, sharpe ratio > 3, min dd etc)

Scotty2Cues · Apr 23, 2011

thanks for all replies-much appreciated!

Scotty2Cues · Apr 23, 2011

trader_dante said:
Scotty, if you pm me your email add I can send you my record that I used to get in at prop.

The previous poster is right - whilst entry into prop is much easier with a record, entry at a fund or bank based on a record is not likely. If you really want to go down this route, you need to network. There used to be a fair few people in a position to help out reading this site. God knows whether they are still here with the current state of nonsense being posted at every turn. But getting yourself out there is one of the easiest way to get yourself in there.

As far as I am aware, trading statements are not taken into account when applying for a licence to start a fund. However, there is an approximately £1,500 non-refundable charge to apply. Or so I heard.

EDIT: I forgot to add that was for FSA regulation to trade funds for others.

thanks! pm sent in a bit.

I sent fsa an email and its £1500 to manage funds and £6k to pool funds but thay didnt say what the criteria is or even if there is any.

If it turns out I can trade, just trying to figure out all the options (but am leaning towards starting a fund at some point)

When first looking into trading, I got an invite to aprop shop to take the tests but declined as thought it better to actually try it out first and learn a bit about it before I went to an interview! (Had to see if it was something I wanted to do too and after reading about some of the TA I very nearly started looking for a new hobby)

Scotty2Cues · Apr 23, 2011

tomorton said:
Scotty - why would, you want to work for anyone other than yourself? Given your solid start, is it not possible you could build up both your personal trade frequency and capital until you're self-supporting?

If it works out (still early days) would love to work for myself, just want to figure out all the options.
Not planning to withdraw any future profits

cr6196 · Apr 23, 2011

the reason why is that you get paid a lot of money, you get access to the best equipment/resources, you get to learn from the best in the business and you build a reputation in the industry which could result in more interesting jobs and more money to trade...seems quite obvious really...most people don't like trading that much tho.

dmt257 · Apr 23, 2011

Why would they require you to be active on 80% of days? Since when does frequency of trading equal greater profits?

Trading performance needed before given consideration

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