Need some advice from experienced folks

[darvas_trader]

This is my first post. I am 30 yrs old doing my PhD. I trade my personal account. Have never traded with paper money. I started three years back with 1800$ and three stocks, NFLX, BRK-B and VIMC. After two years I made a few hundred with NFLX, lost more with VIMC and lost a little with BRK-B. It was march last year. I saw the market metdown borrowed 5000$ quit buy and hold strategy and started trading with ~6000$. My account balance now reads ~14000$. I am a short term (few days to a week) trend/momentum trader. I am INTP if anyone is interested. I trade because I think it is the most honest and unpretentious way of making money. Making money to me is more important than being right. I base my judgements on simple technicals and philosophies. I like using simple price volume relationships, support resistance and some candlesticks plus level 2 action, instead of complex derived indicators. My philosophy is that it is more important to make money than being right. So I cut my losses short. Given a 50% probability (it should be more though) that I have chosen the right trade, I stand to win more in the long run with this strategy.

I am considering going full time in a year from now, either from home or at a prop firm. I would have loved to do it on my own but I need more capital. Also I think I am just a novice and need to learn from being in contact with more experienced traders. Given my background can you suggest a career path for me. It is amazing but I do not know any trader in person and so I have to depend on a forum to make the most important decision of my life. Thats life I guess. It would be great if you could help me in any way.

 

[darvas_trader]

ok since i did not get any reply let me rephrase my question:

1)what are the advantages/disadvantages of a prop shop?
2) What qualifications do you need to get in one?

 

[wackypete2]

Hi darvis.
Good luck in your trading.
Try checking out the thread link below. It has a lot of good useful information about which you are inquiring.

Peter

http://www.trade2win.com/boards/trading-firm/93124-prop-firms-individuals-trying-rip-me-off.html

This is my first post. I am 30 yrs old doing my PhD. I trade my personal account. Have never traded with paper money. I started three years back with 1800$ and three stocks, NFLX, BRK-B and VIMC. After two years I made a few hundred with NFLX, lost more with VIMC and lost a little with BRK-B. It was march last year. I saw the market metdown borrowed 5000$ quit buy and hold strategy and started trading with ~6000$. My account balance now reads ~14000$. I am a short term (few days to a week) trend/momentum trader. I am INTP if anyone is interested. I trade because I think it is the most honest and unpretentious way of making money. Making money to me is more important than being right. I base my judgements on simple technicals and philosophies. I like using simple price volume relationships, support resistance and some candlesticks plus level 2 action, instead of complex derived indicators. My philosophy is that it is more important to make money than being right. So I cut my losses short. Given a 50% probability (it should be more though) that I have chosen the right trade, I stand to win more in the long run with this strategy.

I am considering going full time in a year from now, either from home or at a prop firm. I would have loved to do it on my own but I need more capital. Also I think I am just a novice and need to learn from being in contact with more experienced traders. Given my background can you suggest a career path for me. It is amazing but I do not know any trader in person and so I have to depend on a forum to make the most important decision of my life. Thats life I guess. It would be great if you could help me in any way.

 

[darvas_trader]

thanks my friend...that thread opened my eyes.

 

[pboyles]

ok since i did not get any reply let me rephrase my question:

1)what are the advantages/disadvantages of a prop shop?
2) What qualifications do you need to get in one?

1. Not many advantages any more except possible access to more leverage, commissions and margins are very low with brokers these days and of course you wont have to pay desk fees to trade from home.

2. In some cases none but they will want you to pay a deposit to join.