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 DionysusToast Rought guidelines as every shop is different... If you want to go from SIM to live ...

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Old Nov 6, 2017, 12:52pm   #33
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Nowler started this thread
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Originally Posted by DionysusToast View Post
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.
Makes sense.
Thanks for the heads up.
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Old Nov 6, 2017, 7:08pm   #34
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Nowler started this thread I applied to Maverick Trading and almost immediately my spidey senses were tingling. I couldn't quite put my finger on it but I continued...what harm?
I was required to watch a 48 min video during the application process and I did attempt to do this immediately but I had to pop out. I had gotten to about minute 10 at this stage and by then I could sense something a little off. I actually had to skip a part of the video because they were wasting my time talking about their tinder profiles and driving while taking selfies... I know right...wtf has this got to do with trading. I was in a bad mood this morning, so maybe that's the only reason I got the hump over that but still...get on with it

In hindsight I probably should have just moved on there, haha.
When I got home I had an email from them saying that my application was received and that I was required to finish the video. Reasonable request. Throughout the whole process it was made abundantly clear that I had to pass a few week training/education period and prove that I possessed the ability to move to firm capital. Again, reasonable. They went into grand depth about how good their guidance was during this education period and beyond. I still felt something was off and I was waiting for it to pop up...and it did!

It wasn't until toward the end of the video that it shot up. Once I have passed their fantastic educational period (of a few weeks) I then develop my strategy/s and prove it. Once I prove a profitable strategy then I move to level one live capital of €25,000. But there's the catch...I have to deposit 5k and then they will add the 20k

Pwahaha... I immediately stopped the video (when I finished laughing) and emailed them back, stating that I saw their video and was no longer interested.

Maybe this is how it is...but they won't be getting my money or ability
I knew I smelled a rat!

If their education is so great at ensuring I am going to be a profitable trader, then why do I have to put up 5k of my own money?
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Old Nov 6, 2017, 7:16pm   #35
Joined Sep 2017
Nowler started this thread I just found this now
https://www.glassdoor.com/Reviews/Em...RVW7178589.htm


PS: I realise that it would be smart to do a check up on these places first. I just didnt this time

Last edited by Nowler; Nov 6, 2017 at 7:23pm.
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Old Nov 7, 2017, 4:41am   #36
 
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Originally Posted by Nowler View Post
I applied to Maverick Trading and almost immediately my spidey senses were tingling. I couldn't quite put my finger on it but I continued...what harm?
I was required to watch a 48 min video during the application process and I did attempt to do this immediately but I had to pop out. I had gotten to about minute 10 at this stage and by then I could sense something a little off. I actually had to skip a part of the video because they were wasting my time talking about their tinder profiles and driving while taking selfies... I know right...wtf has this got to do with trading. I was in a bad mood this morning, so maybe that's the only reason I got the hump over that but still...get on with it

In hindsight I probably should have just moved on there, haha.
When I got home I had an email from them saying that my application was received and that I was required to finish the video. Reasonable request. Throughout the whole process it was made abundantly clear that I had to pass a few week training/education period and prove that I possessed the ability to move to firm capital. Again, reasonable. They went into grand depth about how good their guidance was during this education period and beyond. I still felt something was off and I was waiting for it to pop up...and it did!

It wasn't until toward the end of the video that it shot up. Once I have passed their fantastic educational period (of a few weeks) I then develop my strategy/s and prove it. Once I prove a profitable strategy then I move to level one live capital of €25,000. But there's the catch...I have to deposit 5k and then they will add the 20k

Pwahaha... I immediately stopped the video (when I finished laughing) and emailed them back, stating that I saw their video and was no longer interested.

Maybe this is how it is...but they won't be getting my money or ability
I knew I smelled a rat!

If their education is so great at ensuring I am going to be a profitable trader, then why do I have to put up 5k of my own money?
That's not a prop firm.
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Old Nov 7, 2017, 3:48pm   #37
 
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Originally Posted by DionysusToast View Post
That's not a prop firm.
Looks like a complete scam...
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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 7, 2017, 5:14pm   #38
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Looks like a complete scam...
Sounds and smells like it too.

I was warned about this sort of stuff though, and I can usually smell BS a mile off! ...usually...

All my Irish eggs are in the basket of the legit looking firm I applied to. I won't be applying to any more Irish firms. I am doing some homework on the lads at this legit looking firm. I know who the 3 owners are, I know that they took over Saxon and then rebranded and moved away from Saxons failed attempt at going full algo. I know I know the educational history of one of them, I know a non-work related passion for another one of them...just need to look a bit deeper into the last 2 guys so I can tailor my interview. I know roughly how much the firm made since '08 and prior to this year. I have an idea of where they want to be in 5-10 years after reading some interviews with them. Thankfully my attitude and work ethic fit perfectly with what I am perceiving from them.

It's been said that we should be doing our homework on our markets, gathering as much info as possible in order to make the best informed decision. I am treating this potential interview like a trade. I want to be as informed about them as possible and then I'll execute the "trade" to the best of my ability.
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Old Nov 9, 2017, 7:29pm   #39
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Nowler started this thread Saw a Tweet earlier from this prop firm i've applied to, stating that interviews have commenced and that C.V's can still be submitted. About an hour later I got a phone call from an American number...I thought it might be one of the main fellas (he's a yank)...it was some clown from Ninja Trader asking if I was OK with the setup of the Futures demo I downloaded yesterday... You could almost hear me deflating haha

The suspense is killing me...which today I realised is something that I should be OK with considering I am attempting to be a trader. Me sitting around wondering when/if I am going to get this call from them reminds me of my first 2 months of trading. Watching each twitch on a trade

I am going to put the wheels in motion for my move to the UK. I am not going to wait around on this crowd. If they contact me in time then good but if not, their loss (and mine too unfortunately). I probably won't actually leave until January but I need to find an area to move to. I snagged a few hours in a bar tonight. Once I get a few more shifts under my belt then that's something I can do in the beginning when I move.
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Old Nov 9, 2017, 11:17pm   #40
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Hey Nowler
What are you looking to get out of this?
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