Got questions about working in prop?

arabianights · Jul 27, 2009

This isn't going to be some tldr ******** like confessions of a local... this thread is specific.

If you a) Are thinking of going prop* and b) have some questions, please ask them here.

Reason I ask is I'm reasonably likely to be going to be doing some training of new entrants to our grad course in a few months, so will be having some input into intake and being probably overly enthusiastic about doing this I want to research the market (that is to say mostly grads newish to trading) a bit more. So if you think you are included in that market, please post here about yourself, and what you think should be in a job advert to have the least amount of drivel applying. It will also help to see what the most common questions are so ideally they can be addressed in the ad/recruitment process.

P.S. Don't send me your CV. This is not a job advert.

*Incase anyone is unfamiliar with prop when I use this term, the idea is a company gives you money to trade with and you share the profits. If you don't make money, you don't get paid. However, you never (as an inexperienced trader) have to pay money up front - anyone who asks for this is conning you in one way or another. The rest is details.

cr6196 · Jul 27, 2009

do you get paid whilst training? and if so, what?

arabianights · Jul 27, 2009

Depends on the scheme. Some no, some a small stipend, and some others will allow you to withdraw money from your account but obviously with the expectation that you'll make it back later (however, if you don't you don't have to give it back to them).

In both of the latter cases it is not going to be much money; we're talking the region of a grand a month.

arabianights · Jul 27, 2009

Depends on the scheme. Some no, some a small stipend, and some others will allow you to withdraw money from your account but obviously with the expectation that you'll make it back later (however, if you don't you don't have to give it back to them).

In both of the latter cases it is not going to be much money; we're talking the region of a grand a month.

cr6196 · Jul 27, 2009

thanks, what are the different schemes? how much are desk fees?

GladiatorX · Jul 27, 2009

Hello, i'm a part-time E-mini S&P500 trader with relatively low experience but good success, i'm currently considering joining a propp firm or a trading arcade and therefore i think someone like me is your target audience... In terms of advertisement, i would just be looking for them to empathise their training, trading facilities and a mention of a trading atmosphere would be influential too...
I'd like a propp firm i was considering to have a decent % share of the profits, low trading desk fees for the first few months and a 'the more you earn, the higher % you recieve' sort of package.

Hope that helps.

GladiatorX · Jul 27, 2009

In terms of questions...

How long are you going to give me to become consistantly profitable?

Masquerade · Jul 27, 2009

Would it be possible to do a later market such as the asian or US? I'm not a fan of 6am mornings.

N Rothschild · Jul 27, 2009

whats the best way to turn rouge?

rawrschach · Jul 27, 2009

How do you get the hobbits stop stalking you

cuotes · Jul 27, 2009

I was trough a recruitment process in a prop trading firm about two months ago and basically I asked all that questions. More questions could be...

Am I going to be forced to execute a minimun of trades per day?
Cutting losses... how do you manage it?
Do I have to pay for training course? (if the answer is yes i'll leave inmediatly)
Are you going to pay every month, or do you follow a three months "capital conservation" scheme?
You said sometihng about pay eschemes before... give me further details on it.
How do you decide 'who' is trading 'what'? (this questions was important in my case)
How do you make your profit?
Is there any mentorship plan in place?
Can I take my own decisions or do I have to follow your rules? What degree of freedom?
From where does the money come from? (they didn't ask this one)
Who are you clearing with?

cuotes · Jul 27, 2009

Masquerade said:
Would it be possible to do a later market such as the asian or US? I'm not a fan of 6am mornings.

Very good question

shatztrader · Jul 27, 2009

1. Can I leave if I decided I am done for the day?
2. What`s the split?

ur welcome

XLFX · Jul 28, 2009

arabianights said:
This isn't going to be some tldr ******** like confessions of a local... this thread is specific.

If you a) Are thinking of going prop* and b) have some questions, please ask them here.

Reason I ask is I'm reasonably likely to be going to be doing some training of new entrants to our grad course in a few months, so will be having some input into intake and being probably overly enthusiastic about doing this I want to research the market (that is to say mostly grads newish to trading) a bit more. So if you think you are included in that market, please post here about yourself, and what you think should be in a job advert to have the least amount of drivel applying. It will also help to see what the most common questions are so ideally they can be addressed in the ad/recruitment process.

P.S. Don't send me your CV. This is not a job advert.

*Incase anyone is unfamiliar with prop when I use this term, the idea is a company gives you money to trade with and you share the profits. If you don't make money, you don't get paid. However, you never (as an inexperienced trader) have to pay money up front - anyone who asks for this is conning you in one way or another. The rest is details.

I've been traiding spot Fx for a while with good success and am looking to start prop trading. I would be interested in finding out about the trainging course, and the credentials of the trainer. Am looking for a mentor at this stage and this would be my primary reason for going prop.

Anyone know anything about the protradingcourse.co.uk. They want 5000K upfront for their trainging course.

Technically Fundamental · Jul 28, 2009

Send me your CV and I'l see if I tell you if I want one of the positions

Technically Fundamental · Jul 28, 2009

XLFX said:
I've been traiding spot Fx for a while with good success and am looking to start prop trading. I would be interested in finding out about the trainging course, and the credentials of the trainer. Am looking for a mentor at this stage and this would be my primary reason for going prop.

Anyone know anything about the protradingcourse.co.uk. They want 5000K upfront for their trainging course.

5 million quid to learn to trade? I'd rather retire there and then.

shadowninja · Jul 28, 2009

rawrschach said:
How do you get the hobbits stop stalking you

I understand if you keep going after their Ring, they will keep running. They're very obsessive about people not touching their Ring. A bit too obsessive if you see what I mean.

Technically Fundamental · Jul 28, 2009

arabianights said:
This isn't going to be some tldr ******** like confessions of a local... this thread is specific.

If you a) Are thinking of going prop* and b) have some questions, please ask them here.

Reason I ask is I'm reasonably likely to be going to be doing some training of new entrants to our grad course in a few months, so will be having some input into intake and being probably overly enthusiastic about doing this I want to research the market (that is to say mostly grads newish to trading) a bit more. So if you think you are included in that market, please post here about yourself, and what you think should be in a job advert to have the least amount of drivel applying. It will also help to see what the most common questions are so ideally they can be addressed in the ad/recruitment process.

P.S. Don't send me your CV. This is not a job advert.

*Incase anyone is unfamiliar with prop when I use this term, the idea is a company gives you money to trade with and you share the profits. If you don't make money, you don't get paid. However, you never (as an inexperienced trader) have to pay money up front - anyone who asks for this is conning you in one way or another. The rest is details.

Motivation letter stating which market/s they would prefer to trade, why they chose those particular markets and what they think they could offer the firm. <- that should cull the cavemen.

Finance and mathematics test.<- Scares people who don't know anything about trading except that they want a million pound. Plus you being you, do you want to be near people who can't do algebra?

Talk your firm up... If it seems like a real high flying place those who doubt themselves will probably feel it's out of their league and not waste their time.

Prospects? What will you be learning? career progression? Working with team or alone? What kind of experience do team have? ... needs to be a bit generic so you don't give them any clues for their "motivation letter".

Clearly defined salary is important if your parents aren't rich and/or you're living alone e.g. you studied in London.

That's the kind of stuff I'd want to know. Hope that helps.

gooseman · Jul 28, 2009

assume it's stirs and maybe longer-dated govvies?

arabianights · Jul 28, 2009

N Rothschild said:
whats the best way to turn rouge?

Incapacitate risk by whatever means (you need to be somewhere that is a clearing member for this to work) then remove your limits. Hit all markets in a way to suggest some horrible event has occurred. Hope you can exit your positions for a profit. Otherwise book flight to Rio.

Got questions about working in prop?

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