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; Good luck Nowler, If this is truly what you want to do and are prepared to give your all for ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Nov 5, 2017, 11:01am   #25
 
Lee Shepherd's Avatar
Joined Feb 2008
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
__________________
Check out Lee Shepherds Trading Diary:
http://www.trade2win.com/boards/trad...ing-diary.html
Lee Shepherd is offline   Reply With Quote
Old Nov 5, 2017, 12:33pm   #26
Joined Sep 2017
Nowler started this thread
Quote:
Originally Posted by Lee Shepherd View Post
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
Nowler is offline   Reply With Quote
Old Nov 5, 2017, 1:29pm   #27
Joined Sep 2017
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 1:35pm.
Nowler is offline   Reply With Quote
Old Nov 5, 2017, 2:31pm   #28
 
DionysusToast's Avatar
Joined Dec 2009
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.
__________________
Yes - this IS a protest!
DionysusToast is offline Software vendor   Reply With Quote
Thanks! The following members like this post: Nowler
Old Nov 5, 2017, 3:41pm   #29
Joined Sep 2017
Nowler started this thread
Quote:
Originally Posted by DionysusToast View Post
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
Nowler is offline   Reply With Quote
Old Nov 5, 2017, 3:50pm   #30
 
DionysusToast's Avatar
Joined Dec 2009
Quote:
Originally Posted by Nowler View Post
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.
__________________
Yes - this IS a protest!
DionysusToast is offline Software vendor   Reply With Quote
Old Nov 5, 2017, 7:09pm   #31
Joined Sep 2017
Nowler started this thread What sort of risk might be typical of an average prop firm?
Ive been doing a lot of exploratory trading to date. Much less now but a lot for the first 4 months of my 6 month experience. It was intentional and I have accumulated knowledge from them,win or lose.

Im fine with elevated risk but I dont want to spook them. Ill abide by their set guidelines for risk
Nowler is offline   Reply With Quote
Old Nov 6, 2017, 5:03am   #32
 
DionysusToast's Avatar
Joined Dec 2009
Quote:
Originally Posted by Nowler View Post
What sort of risk might be typical of an average prop firm?
Ive been doing a lot of exploratory trading to date. Much less now but a lot for the first 4 months of my 6 month experience. It was intentional and I have accumulated knowledge from them,win or lose.

Im fine with elevated risk but I dont want to spook them. Ill abide by their set guidelines for risk
Rought guidelines as every shop is different...

If you want to go from SIM to live in a prop firm - they will start you off with very small size. So, once you are live on 1-2 contracts...

They wont allow you to hold overnight positions.

If you go over $3-500 losses intraday, they'll stop you trading for the day.

Do that 3 times in a week and you are back to SIM.
__________________
Yes - this IS a protest!
DionysusToast is offline Software vendor   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
YESFX Prop Trading firm Nikos70 Trading Firms 0 Jun 8, 2015 11:47am
Trading From Home To A Prop Firm? Pipsaholic Home Trader 19 Nov 23, 2011 10:38am
prop trading firm smt2000 Forex Brokers 1 Mar 14, 2011 7:08pm
Want to join a Prop firm Mr Flibble General Trading Chat 20 Aug 17, 2010 10:37pm
what can i expect trading fx for a prop firm richard7173 Trading Firms 5 Nov 9, 2009 2:43pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)