Paying for a Trading Internship?

[Daui]

I'm really trying to something productive with the rest of my gap year before I start a masters. I hope to work on a trading desk at an IB or for a prop trading firm in the future, however I have no trading or banking experience.

I've noticed several prop trading firms offer internships which you have to pay to for. My question is would it be worth paying £1000+ for 1 or 2 month internships at these places? Would they add to my CV or would it just look like I had more money than intelligence.

Side-note: This would be paid for by myself by money I've worked long and hard to accumulate so this would not be a decision I would take lightly. Any feedback is appreciated.

 

[tdev]

Man, do not do that. I believe the only idea people learn at such places is - do not give your money to strangers. I doubt they would teach a person who will go away after a month or so.

There are plenty of platforms where you could hone your trading skills for much less than £1K.

 

[Blaiserboy]

I would be skeptical of the idea of paying..

Spend several hours looking through this forum and you will find some excellent trading methods described.

You need to master only one method or perhaps two to succeed in this business, there are many approaches described in here daily.

The seasoned pros are glad to be helpful.

 

[coopster]

Its a scam.

Its the same con they use for driving instructor training. They advertise as starting you on a career with them but really they make their money from training you for a fee, and renting cars etc to you. They have little interest in your success so long as your tied into a monthly agreement.

Not quite the same but very similar. If they really wanted to help you, with no other motive, it would be free. Banks, Investment firms, Prop houses often make millions. Would they really care if a student watched over their shoulder for a month or two? Probably from a secrecy POV but financially, i doubt it.

 

[shadowninja]

As it is an internship, they should be paying for just your travel expenses but not giving you a salary. Wait, you have to pay THEM?

 

[WesleyMantooth]

No decent firm is going to charge you to do an internship. If you want to go and work for an IB, working at a prop shop isn't going to help you in any shape or form. If you want to go and work at a prop shop I wouldn't bother with the masters personally unless it's something you really want to do for other reasons. Take that 1k and go trade with it. The lessons you will learn will pay many more dividends in the long run if that is what you really want to do. And as has been said above, read, read and read some more...There's plenty of info out there for free if you're resourceful enough.

 

[supremegizmo]

Learn this golden rules
1> No one out there is going to teach you their strategies and make you a profitable trader.
2> Dont even expect that in a IB
3> You have to dedicate and bring the trader out from your self..

All this companies charging fees for training are a bunch or idiots who have the tendency to exploit graduate..

My suggestion open a 1k trading account, browse the t2win web and learn to trade you self.

 

[Blaiserboy]

Learn this golden rules
1> No one out there is going to teach you their strategies and make you a profitable trader.
2> Dont even expect that in a IB
3> You have to dedicate and bring the trader out from your self..

All this companies charging fees for training are a bunch or idiots who have the tendency to exploit graduate..

My suggestion open a 1k trading account, browse the t2win web and learn to trade you self.

This is good advice, there are some excellent threads in here and the people are pleased to assist someone who is sincere and will do the work.

You have to keep in mind that those who are teaching trading are actually people who have a hard time making an income from it. so what are they going to be able to teach.

There are some people in here with threads who make a good amount every day and they are willing to share.....

Keep the tuition money for your account and get to work learning for yourself and asking questions. trading is a self taught business despite what the supposed 'teachers' will tell you.

As I mentioned before, the reason that they teach for a fee is that they can not earn from trading. That's why that one farce of a company wants to teach the ichimoku indicator. because they know nothing about trading. Charlatans...!!!!

 

[BeginnerJoe]

An internship will help on your CV. For your money, they are likely to teach you the basics, but not enough for you to make money with. The best way to get into IB is good grades and good school. Alternatively, you can get lucky and get in. Life is a gamble, place your bets and take your chances.