Does it really take 10000 hours to learn to trade?

[DionysusToast]

true but i would like to think they run the training on their main trading floor

You would hope so but anyway - how many of these 8 grands do they accept - just the odd few relative to how may successful traders they have?

If they have 70 full timers, the perhaps 10-15 are the top tier. Then add in 200 trainees a year. How much of a pain in the ass are those trainees going to be to the guys they want to rub shoulders with?

I don't see it. Sure - if you get 10-20 qualified guys a year, then you can give them access to the decent traders. As the standards drop and you bring in anyone where the single qualification is that they have the 8 grand - how does the 'rubbing shoulders' work?

 

[N Rothschild]

maybe mr futex can address this!

 

[VielGeld]

Meh, any deal where you have to pay for training is not a deal you want. Any properly legit company should offer the training free to prospective employees.

I talked to the manager of a prop firm once, and he said the reason they charged was because guys would just come in, learn the material, then leave (and I suspect it's also a way of covering initial losses). They did return the training capital after one year of employment, though. It's a legit concern that they're just giving away their material, but, imo, that's the cost of finding good employees.

 

[Bint_Crusher]

My eyesight isn't very good......is it FUTEX or FUTILE?

My apologies KS. should have read FUTEX, mind there again is there really much difference?
whistlingsleeping:

 

[Lord Flasheart]

This thread is about how long it takes people to learn to trade, and I added my insight. FUTEX insight is hugely more knowledge based than most. In fact we are probably uniquely based to give an informed opinion. You just add negativity. I will decease from this post for now, because your negativity has turned the post direction sour.

Futex,you have clearly failed to answer Pboyles question and therefore guilty until proven otherwise. I live in london and would love to see you prove you can make winning traders. I just thought you were using the old reverse sales technique where by you make people feel so special they have been selected that they are honored to pay £8000 as a contribution towards training. Why not have a live trading room and show us how its done. Believe me £8000 is a small fee to pay if you can actually teach someone to be profitable.

 

[FUTEX]

sure no problem. you visit our floors and you can report back to t2w. please pm me so we can exchange some details and arrange an appointment. you will be welcome to meet our traders, managers and directors.

 

[Tarbez]

well it is all about the trader ... some might even make it 1 year or less and some might make it in 10 years or so , just saying ...
it is all about the trader .... if he is disciplined trader or not ? , is he greedy ? over trader ?
did he master one strategy at the very least ?

so yeah it all depends ...

 

[PollyM]

I think the 10000 hours will be from the school of hard knocks (speaking from experience).

Fundamentally, you need to formulate a method and then backtest. The backtesting stage can greatly mislead as most software packages have so many variables that can mess up the calculation (particularly when you don't know the source code). I've found simple backtesting using a basic spreadsheet works best for me. One of the most important nuts to crack is to find a method which produces a positive result when backtested (obvious I know but surprisingly difficult when first starting out).

 

[Lord Flasheart]

sure no problem. you visit our floors and you can report back to t2w. please pm me so we can exchange some details and arrange an appointment. you will be welcome to meet our traders, managers and directors.

guys.ive shot my mouth off about this firm,it has long been my belief that they dont really offer much for the £8000 fee. As you can see ive been invited to visit their rooms and report back. I would welcome any comments and question as to how to asses them.Just showing me round serves no purpose,I need to know what they are teaching works and offers value. Any ideas how to approach this are very welcome.Please pm me with any thoughts,thanks

 

[the hare]

So - if you have 30 guys and 4 are good, those 4 will be trading 90% of the money.

Precisely, and thats why the business model works.

I'd quite happily pay 8K to futex just to sit in their offices for a few months without taking a single trade if I thought for a moment that I could derive some information about how the company actually operates, and how it allocates capital.

I suppose anyone who goes in with the right attitude, could learn an awful lot if they kept their eyes and ears open. Most of course will assume they are being taught to trade, rather than being trained to be part of a business process.

 

[Bint_Crusher]

guys.ive shot my mouth off about this firm,it has long been my belief that they dont really offer much for the £8000 fee. As you can see ive been invited to visit their rooms and report back. I would welcome any comments and question as to how to asses them.Just showing me round serves no purpose,I need to know what they are teaching works and offers value. Any ideas how to approach this are very welcome.Please pm me with any thoughts,thanks

Well pictures of any front end women would help.
Otherwise just get some interviews with people who have been trained by them.
If you would like me to come with you and hold your hand then fees aside Iwould love to be of assistance.
whistling:whistling

 

[new_trader]

guys.ive shot my mouth off about this firm,it has long been my belief that they dont really offer much for the £8000 fee. As you can see ive been invited to visit their rooms and report back. I would welcome any comments and question as to how to asses them.Just showing me round serves no purpose,I need to know what they are teaching works and offers value. Any ideas how to approach this are very welcome.Please pm me with any thoughts,thanks

You don't know how to asses them? Strange response from a critic. I suppose you have shot your mouth off without really thinking.

 

[the hare]

You don't know how to asses them? Strange response from a critic. I suppose you have shot your mouth off without really thinking.

Thats a bit unfair. He wont be able to assess them because as weve already seen, they wont answer the simplest of questions.

 

[pboyles]

guys.ive shot my mouth off about this firm,it has long been my belief that they dont really offer much for the £8000 fee. As you can see ive been invited to visit their rooms and report back. I would welcome any comments and question as to how to asses them.Just showing me round serves no purpose,I need to know what they are teaching works and offers value. Any ideas how to approach this are very welcome.Please pm me with any thoughts,thanks

Well the unanswered question is how many of the people that pay the 8k 'make it'. I suppose another useful measure would be to compare how many paying clients make it compared to the sponsored graduate entries. You would assume the graduate entrants would have a higher success rate, in fact if they don't what's the point in having a selection process at all? I'm assuming having 8k automatically gets you selected for the paid course, though that may well be denied.

 

[Lord Flasheart]

You don't know how to asses them? Strange response from a critic. I suppose you have shot your mouth off without really thinking.

what you on about, I am a trader not a critic, I was simply asking for opinions of how best to asses this for t2win,why is that strange

 

[new_trader]

sure no problem. you visit our floors and you can report back to t2w. please pm me so we can exchange some details and arrange an appointment. you will be welcome to meet our traders, managers and directors.

Meeting traders, managers and directors...I can't see anything fairer than that.

I look forward to the report.

 

[Lord Flasheart]

Meeting traders, managers and directors...I can't see anything fairer than that.

I look forward to the report.

come along,two heads are better than one

 

[DionysusToast]

what you on about, I am a trader not a critic, I was simply asking for opinions of how best to asses this for t2win,why is that strange

Where's BeginnerJoe when you need him?

 

[grass_hopper]

Wow! I did not anticipate that my question would spark such a lengthy thread!

On the subject of prop firms, my ideal would look like this:
- does not ask for any upfront fees of capital commitments
- accepts a trader based on past performance including demo accounts after reviewing all trades and method involved
- provides training if necessary
- allows to start trading on a firm's demo
- monitors the progress, and then switches demo to live without trader's knowledge for top performers.
- after some time informs those on live accounts that they have been trading live for the last 1,2,3,etc. months and from now on they can take a profit share.

I would not mind to give 80% of my profits and only keep 20% if a company like that would take me in!

 

[MajorDutch]

come along,two heads are better than one

they invited me along when I questioned them, little did they know I had already visited.