So You were backed by a Prop House........

[bundbaby]

Calling those guys who were backed or are still backed. What have your experiences been?Who's doing good, who's struggling?
Did you get real training or just given a sim & told to get on with it?
What matters most to you?
Any comments gratefully received

 

[bundbaby]

I know its the weekend, but maybe soemone can give me some feedback

 

[traderboi]

Backed at an acrcade... one of the few frims that actually takes an interest in their traders, not a burn and churn place...

 

[bundbaby]

Please can u expand a little Traderboi?

 

[Stockjunkie]

I was employed not long ago as someone who played the market OPM.

to me , it was not nearly as great as made out to be , unless you are in one of those well run , well established hedge type funds , where you have enough faith in it to put a large portion of your own wealth into to it .

at my old place , I ran a book worth about $ 100's of thousands trading any index future I wanted , I concentrated on the DAX and the Swiss market.

it was OK , but there are a lot of complications : risk management - they want loose, I want strict controls .

trades : they want rapid fire rubbish , I want my own more measured 2/3-5 day approach .

timing : they want a 9-5 so that they can enforce their "power " over you , I know the market is not 9-5 , it is market hours.

so a lot of conflicts . bottom line for me is : ain't nothing better than trading for yourself ( unless it's one of the hedgies as I said ), though I acknowledge that it is not all a bed of roses .

i would avoid so called arcades like the plague , if some has to train you to trade , then it means :

1) they have no clue what they are doing , if they did they would do it themselves .

2) if you need to be trained , then you haven't acheived anything / enough . I got the job because I showed them my trading record 6x my capital . like I say if you want to be trained for this , the hard fact is that the only meaningful trainers are the hedgies and like , and chances there are few and far between .

that is not to say you cannot make use of other inferior institutions like banks , and I emphasise the word USE , that is of course if you know how to get there, and what to do .

A lot of bank staff are going to look at this and get real scared because I am letting thecat out of the bag .

 

[SOCRATES]

I was employed not long ago as someone who played the market OPM.

to me , it was not nearly as great as made out to be , unless you are in one of those well run , well established hedge type funds , where you have enough faith in it to put a large portion of your own wealth into to it .

at my old place , I ran a book worth about $ 100's of thousands trading any index future I wanted , I concentrated on the DAX and the Swiss market.

it was OK , but there are a lot of complications : risk management - they want loose, I want strict controls .

trades : they want rapid fire rubbish , I want my own more measured 2/3-5 day approach .

timing : they want a 9-5 so that they can enforce their "power " over you , I know the market is not 9-5 , it is market hours.

so a lot of conflicts . bottom line for me is : ain't nothing better than trading for yourself ( unless it's one of the hedgies as I said ), though I acknowledge that it is not all a bed of roses .

i would avoid so called arcades like the plague , if some has to train you to trade , then it means :

1) they have no clue what they are doing , if they did they would do it themselves .

2) if you need to be trained , then you haven't acheived anything / enough . I got the job because I showed them my trading record 6x my capital . like I say if you wnat to be trained for this , the hard fcat is that the only menaing trainers are the hedgies and like , and chances there are few and far between .

that is not to say you cannot make use of other inferior institutions like banks , and I emphasise the word USE , that is of course if you know how to get there, and what to do .

A lot of bank staff are going to look at this and get real scared because I am letting thecat out of the bag .

Yes, exactly so. LOL.

 

[Stockjunkie]

Glad you agree

 

[bundbaby]

Thanks Stock for your addition.
I wondeer if anyone elase has something to add?

 

[Stockjunkie]

BB,

why do you want to know ?

 

[bundbaby]

Stock, I wanted some alternative views as i didnt agree with a lot of your negative comments. i wondered if there were some more positve experiences from others

 

[Stockjunkie]

Is your definition of a prop house an arcade ? just to be sure we are on the same page .

 

[bundbaby]

No. A Prop House, is a "trading" house. A firm whose ultimate goal is to make money from trading profits. Easy to confuse with a firm thats only interested is round trips. Often the two are mixed. But seeing the difference in the ethos of the two seems to be fundamental as to the success of the traders.

 

[Stockjunkie]

Ok , so I was right from the start .

Although I think the choice of " prop " house is a bad one . Better to use trading fund .

I have heard that some prop houses still treat you as a tenant rather than an employee , that would not be truly trading for the house . That would be a tenant trading his own $ renting a space from the gov.

A day trading center as in the US . Rubbish.

The other thing is you say I have a negative view but I tell you that is based on my REAL experience .

I can't say it is good when it was not . Anyway I think in the end you are still employed , some people like it some don't . I don't , I prefer working for myself . thats all.

 

[Stockjunkie]

Anyway BB , why does it matter to you what other people think about trading other people's money ?

some will like it some will not.

If that is your aim then surely , it is irrelevant what others think unless they reveal to you that you'd be in mortal danger at one of these places .

Also usually if it is an all out trading house and not some bucket shop / arcade / daytrade centre nonsense , than the hard fact is that many are called BUT FEW are chosen.

And 99% of those called would never refuse the invite , though they may not stay for too long.

So I hope you are not implying that an aspirant such as you would turn this gifthorse down ? As it seems that is what you are implying , as if there would be any real consideration if an offer letter from XYZ trading fund came for you . I don't think so.

As such if this is your ambition . Go for it , forget this arcade thrash and try for the real thing.

 

[Parky]

Stock went to a very BAD trading room.
In the good ones you decide what front end you trade on, you decide what market you want to trade on and how you trade and if you make you P&L Target for the day "go home" its not in anyones interests for you too over trade. (Make your months target in three days then "see you next month" if thats what you want too do.)
Bad trading rooms tell you what to trade because they dont want too much exposure in any particular sector of the market.
Bad trading rooms tell you you have to use the only front end trading system they have because they haven't spent enough on IT or dont have IT staff worth spit.
Bad trading rooms make you sit there all day because you are a member of staff regardless of whether you are well up or well down on the day.
Not everyone has the money to go self financing, some dont even want the worry and prefer the knowledge of a fixed monthly income and a percentage on the P&L. Most appreciate that trading rooms have to have the best severs, the biggest communications lines and UPS power supplies, the best connectivity and the most up todate front end trading systems if they want too compete in a very aggressive market place.
Its horses for courses but dont assume every trading room is the same, they are as different as the traders that use them (or don't!)