Trading with a view to join a prop firm

This is a discussion on Trading with a view to join a prop firm within the Trading Firms forums, part of the Trading Career category; Originally Posted by Nowler Should I be worried? 30-50 trades in a day works out at...4-6 trades/hr over an 8 ...

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Old Nov 3, 2017, 7:47pm   #16
 
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Originally Posted by Nowler View Post
Should I be worried?

30-50 trades in a day works out at...4-6 trades/hr over an 8 hr period.
I am not sure what information/indicators they use to inform their trades but I could probably pull off 6 trades an hour just scalping pips here and there, or losing pips here and there

That's a lot of trades though!!
I wonder does a trade have to be closed before another one can be opened...
Frankly I have no idea, since I am not into day trading, not saying it's not working, but it's not my cup of tea, unless you can automate it (hence the HFT reference)... Looks like very stressful job, if you have to do it day after day staring into screens all the time...
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Old Nov 3, 2017, 8:20pm   #17
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Frankly I have no idea, since I am not into day trading, not saying it's not working, but it's not my cup of tea, unless you can automate it (hence the HFT reference)... Looks like very stressful job, if you have to do it day after day staring into screens all the time...
I am aware that in 2008 they reinvented themselves from the remains of an algo focused approach and from what I can tell, they still use it but only to a point. The human element is very much a part of their approach.

I am still optimistic and enthusiastic about it and at the very least it's a means to an end! I put up with a lot of crap where I am now and no support. At least i'll get support there with them and be encouraged to perform better...here....meh...let's just say I am looking forward to the opportunity to struggle in Dublin, staring at screens all day

Let's see if I snag an interview
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Old Nov 3, 2017, 8:24pm   #18
 
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I am aware that in 2008 they reinvented themselves from the remains of an algo focused approach and from what I can tell, they still use it but only to a point. The human element is very much a part of their approach.

I am still optimistic and enthusiastic about it and at the very least it's a means to an end! I put up with a lot of crap where I am now and no support. At least i'll get support there with them and be encouraged to perform better...here....meh...let's just say I am looking forward to the opportunity to struggle in Dublin, staring at screens all day

Let's see if I snag an interview
I really, really hope it works out for you, so good luck and keep us posted...
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Nov 3, 2017, 8:40pm   #19
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I really, really hope it works out for you, so good luck and keep us posted...
Me too buddy! Me too!
I'll certainly keep you all up to date. I really appreciate all the help i've gotten from you fine folks! Your efforts are not in vein
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Old Nov 3, 2017, 9:02pm   #20
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Nowler started this thread EDIT: I'm overthinking things...

Wooosaa...

Last edited by Nowler; Nov 4, 2017 at 1:29am.
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Old Nov 4, 2017, 6:51pm   #21
 
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EDIT: I'm overthinking things...

Wooosaa...
was that the had an accident at 13yrs old and needed a hip replacement & gained a lot of weight due to thyroid problems post.
call me a barstuart-but i wasnt buying it.......................................
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i'm lying for the attention
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reloading another "K" next week.
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you don't really have an orange juice position do you?
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Old Nov 4, 2017, 7:00pm   #22
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was that the had an accident at 13yrs old and needed a hip replacement & gained a lot of weight due to thyroid problems post.
call me a barstuart-but i wasnt buying it.......................................
I am not Enlightened Joe.
Please keep your trolling away from me.
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Old Nov 4, 2017, 9:46pm   #23
 
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I am not Enlightened Joe.
Please keep your trolling away from me.
just being honest and speaking from the heart Nowler.
Im i supposed to believe everything that you say?
Am i a brainless robot?
I was about to challenge the post and the next day i discovered it was deleted ?
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i'm lying for the attention
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reloading another "K" next week.
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you don't really have an orange juice position do you?
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Old Nov 4, 2017, 10:49pm   #24
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just being honest and speaking from the heart Nowler.
Im i supposed to believe everything that you say?
Am i a brainless robot?
I was about to challenge the post and the next day i discovered it was deleted ?
I respect honesty and I am not trying to offend you, but I don't appreciate what I perceived to be you trying to instigate something because you are bored, or perhaps spiteful. What purpose would your challenging have? What does it have to do with trading. I edited it because I was clearly overthinking things. Hence the edited message. I am getting a bit carried away with myself and I might not even get an interview.

I have no interest in discussing anything other than my trading with you. So I'm certainly not going to get into discussion with you over something such as my health. I don't particularly care if you believe anything I say or not my friend. I am here for one purpose... 2 purposes...to improve my trading and to talk to fellow traders about trading.

Again I don't mean to offend you, I know how the internet works, particularly forums and social media so this is all I have to say on the matter. If you have anything productive or constructive to say then by all means do, but please don't start looking for silly things to argue about. We all have better things to be doing that trying to work out whether I have an underactive thyroid gland or hip replacement.

I'd really appreciate it

EDIT: If I am understanding the situation incorrectly then I sincerely apologize

Last edited by Nowler; Nov 4, 2017 at 10:55pm.
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Old Nov 5, 2017, 10:01am   #25
 
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Good luck Nowler,

If this is truly what you want to do and are prepared to give your all for very little financial reward (at the beginning), then you will find this career f**king exciting to say the least. The financial rewards will come later.

2 words to keep on your wall:

Consistent
Persistent

Be these two things always.

If you get in, keep in touch.

Lee
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Old Nov 5, 2017, 11:33am   #26
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Good luck Nowler,

If this is truly what you want to do and are prepared to give your all for very little financial reward (at the beginning), then you will find this career f**king exciting to say the least. The financial rewards will come later.

2 words to keep on your wall:

Consistent
Persistent

Be these two things always.

If you get in, keep in touch.

Lee
Cheers mate
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Old Nov 5, 2017, 12:29pm   #27
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Nowler started this thread Anyone know how I can check their turnover for the last 5 years?

Id like to know where they stand in relation to other firms in Dublin.
I could use such info to my advantage in an interview

Last edited by Nowler; Nov 5, 2017 at 12:35pm.
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Old Nov 5, 2017, 1:31pm   #28
 
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You would not need a 2 year record to impress a prop firm.

What you'd need is to hit some very specific consistency targets. P&L alone won't wash at all.

They will want to know how your average day looks, how well you recover when you go in the red on a day, how big the outliers are, how many stop-out days you get, how well you scale into larger positions when the opportunity arises.

I know of only 1 Forex prop firm and that firm trades just one pair - in other words, they are taking people to trade a specific strategy. For them, your method would matter less than your ability to unwind losing positions.

I would switch to stocks (focus on earnings/news stocks) or futures if you are serious about getting into a prop firm.
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Old Nov 5, 2017, 2:41pm   #29
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You would not need a 2 year record to impress a prop firm.

What you'd need is to hit some very specific consistency targets. P&L alone won't wash at all.

They will want to know how your average day looks, how well you recover when you go in the red on a day, how big the outliers are, how many stop-out days you get, how well you scale into larger positions when the opportunity arises.

I know of only 1 Forex prop firm and that firm trades just one pair - in other words, they are taking people to trade a specific strategy. For them, your method would matter less than your ability to unwind losing positions.

I would switch to stocks (focus on earnings/news stocks) or futures if you are serious about getting into a prop firm.
Thanks for the heads up mate.
I'll definitely apply this accordingly should I get the interview.

I am thinking that since this is a trainee program, proving to them that I have the capacity to soak up what they are teaching and have the grit to grind the program out in a tough environment is my number one goal. I should probably brush up on my uni research on how expertise is attained and the mechanics of learning to show them that I am not only willing to grind it out but I have a pretty good edge when it comes to learning new things.

I'm not sure how my current performance stacks up actually... I have a lot of drawdown, but I only started 6 months ago. So above all, I am still in the game and can therefore assume not to be the 90% that blow their account within 3 months or whatever stat it is. I'm actually going to make a thread... perhaps we can get some quality evaluation. I'll post screen shots of the statistics via myfxbook
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Old Nov 5, 2017, 2:50pm   #30
 
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Thanks for the heads up mate.
I'll definitely apply this accordingly should I get the interview.

I am thinking that since this is a trainee program, proving to them that I have the capacity to soak up what they are teaching and have the grit to grind the program out in a tough environment is my number one goal. I should probably brush up on my uni research on how expertise is attained and the mechanics of learning to show them that I am not only willing to grind it out but I have a pretty good edge when it comes to learning new things.

I'm not sure how my current performance stacks up actually... I have a lot of drawdown, but I only started 6 months ago. So above all, I am still in the game and can therefore assume not to be the 90% that blow their account within 3 months or whatever stat it is. I'm actually going to make a thread... perhaps we can get some quality evaluation. I'll post screen shots of the statistics via myfxbook
If you go to a prop firm with a track record and you fit their risk profile, I doubt they will want you to go through the learning process again.

For a prop firm, recruitment is a pain because it's very difficult to tell who has what it takes & who doesn't. So of course, they want to avoid making a bad choice.

Then the training is 100% cost to them - so why put anyone through it id they don't have to but more importantly. If someone comes with a track record, they don't know you'll be profitable doing something else.

At the end of the day if you want to use your own track record to earn prop money, you won't need the training because you'll be proven already.

As for your current stats - if you have a lot of drawdown, they are of no use.
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