iceman17
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DC STOXX
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You can pay. But if you do pay expect to keep 100% of your profits.
If you impress the firm then they might decide to back you and let you trade their own funds in return for a profit split.
If you are confident in your trading ability and have the money, i don't see why more people don't go self back in a prop firm, its probably the one of the best edges you can give yourself.
iceman17
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what i meant was training.. thanks for noticing the error..
Ummmm.. re-read what I wrote. I said never pay for TRAINING, not TRADING.
Oh, Ok. Why should you never pay for training?
Because there is nothing that they will teach you that you cannot teach yourself very easily from well known and widely available books. In fact you can easily get yourself streets ahead of where they'll get you just by studying a few good books and everything in the knowledge labs here.
People shouldn't be under the impression that a course, however good the reputation of the firm, will immediately get them trading profitably. There are no shortcuts, holy grails or magic formulas, and to be quite honest most trainers are trainers not traders for a reason. The initial training is just the first step on the long hard road to profitable trading.
Also, perhaps more importantly, if you're going to be trading their money (Or hoping to if they think you've got potential after the training) then you want to be with a company who's income comes from successful trading not one who makes their money running trading courses regardless of how successful the traders become.
Because there is nothing that they will teach you that you cannot teach yourself very easily from well known and widely available books. In fact you can easily get yourself streets ahead of where they'll get you just by studying a few good books and everything in the knowledge labs here.
People shouldn't be under the impression that a course, however good the reputation of the firm, will immediately get them trading profitably. There are no shortcuts, holy grails or magic formulas, and to be quite honest most trainers are trainers not traders for a reason. The initial training is just the first step on the long hard road to profitable trading.
Also, perhaps more importantly, if you're going to be trading their money (Or hoping to if they think you've got potential after the training) then you want to be with a company who's income comes from successful trading not one who makes their money running trading courses regardless of how successful the traders become.
iceman17
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i have heard that alot but if had the oppotunity to spend some time with a trader i could ask questions specific to what i feel i cannot understand and sometimes i find some things nbeed to heard from someones mouth as opposed to just being to give a better grasp of the subject.
I definately agree with you there. I still think by far the best way to go is to be backed by a prop firm and get free training, but if you back yourself the place will be full of other traders anyway who will become your friends and be happy to answer any questions you have for free. The firm's trainers will also be more than willing to help you as it's in the firm's interest for everyone to do well.
The only way I think the training could be worth paying for is if it includes a reasonable amount of time on a simulator. Say for example, they are charging 3k for training. The classroom training is worth sod all, but if that includes 3 months desk fees on a simulator then you are getting a good deal.
The only way I think the training could be worth paying for is if it includes a reasonable amount of time on a simulator. Say for example, they are charging 3k for training. The classroom training is worth sod all, but if that includes 3 months desk fees on a simulator then you are getting a good deal.
approach one that doesn't require you to pay - use the search function on this site there is a whole list of them....
