Trading with a view to join a prop firm

Nowler

Active member
Sep 13, 2017
758
55
38
#31
What sort of risk might be typical of an average prop firm?
Ive been doing a lot of exploratory trading to date. Much less now but a lot for the first 4 months of my 6 month experience. It was intentional and I have accumulated knowledge from them,win or lose.

Im fine with elevated risk but I dont want to spook them. Ill abide by their set guidelines for risk
 

DionysusToast

Well-known member
Dec 6, 2009
5,962
1,496
223
www.jigsawtrading.com
#32
What sort of risk might be typical of an average prop firm?
Ive been doing a lot of exploratory trading to date. Much less now but a lot for the first 4 months of my 6 month experience. It was intentional and I have accumulated knowledge from them,win or lose.

Im fine with elevated risk but I dont want to spook them. Ill abide by their set guidelines for risk
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.
 

Nowler

Active member
Sep 13, 2017
758
55
38
#33
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.
 

Nowler

Active member
Sep 13, 2017
758
55
38
#34
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? :)
 

DionysusToast

Well-known member
Dec 6, 2009
5,962
1,496
223
www.jigsawtrading.com
#36
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.
 

Nowler

Active member
Sep 13, 2017
758
55
38
#38
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.
 

Nowler

Active member
Sep 13, 2017
758
55
38
#39
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.
 

FXX

Well-known member
Oct 12, 2017
1,103
175
73
#40
Hey Nowler
What are you looking to get out of this?
 

Nowler

Active member
Sep 13, 2017
758
55
38
#41
Hey Nowler
What are you looking to get out of this?
Out of working for this prop?

The benefits of me getting on that trainee program with them are almost endless.

- Id be trained by professionals who have an invested interest in me succeeding
- They are willing to pay me each month to be a trainee (very little money, but it would cover rent/food)
- There is likely a job with them at the end. If not, i'd be far more attractive to other employers because of it.
- It would get me out of this soul destroying place and would certainly get my life back on track (socially, gym, sense of productiveness)...

There's loads!
- It would open to door for me to earn €30-50k/year towards the beginning and then give me the opportunity and experience to become a "senior trader", which brings more money.
- I could pay off my whole families debt
- I could pay for medical procedures for my mom and her partner.
- I'd be able to put a nice bit of money away into an account for family use
- I could start a college education fund for my nephew and now the new niece/nephew on the way(still 7 more months to go)

All of this opens the door for me to accumulate far more money than I have now. This will allow me to be a far more efficient philanthropist. I'd like to go back out to Sri Lanka where I went last year as a mental health volunteer and I could use my financial wealth to help build things like schools and whatnot...

I don't need to be a millionaire to achieve most of these...though it would help :)

I could work at a prop firm for 5-10 years and then trade my own large account.
 
Likes: Lee Shepherd

Nowler

Active member
Sep 13, 2017
758
55
38
#42
Oh!
And my hip!

I can't have many more years left on this as it is. I got it done 12 years ago, so... surely that'll have to be redone this side of 2025 which the last time I checked will cost me €15k minimum!

So getting into a prop firm would help me pay for that too :)
I guess I could get back on the road again too! Been ages since I drove! Since I started uni in '13

I miss my car :confused:
When stuff got too negative and difficult here I could just go for a drive. Now I have to deal with it continuously.

Look at the bright side... I'm trying to use it as motivation :)

I need a root canal for the last 4 weeks but didnt have the money to pay for it. I told him to just pull it out but he said that he wouldnt recommend it. Lol, I immediately changed my mind and said OK :)
I will have to get a loan for that during the week, so getting into a prop firm would pay off my own debt too!
 

Nowler

Active member
Sep 13, 2017
758
55
38
#44
Cool.. but will you be saying goodbye to steak and BJs ? :cheesy:
:)
Ah no. That doesn't rest on getting into this firm. It would have been nice to get into this one as they sound quite compatible with me but I was determined to become a full time profitable trader before I applied to them. Nothing has changed and I will still be aiming to be a full time trader if I don't get in with them. :)
 
Likes: Kaeso

Nowler

Active member
Sep 13, 2017
758
55
38
#45
Just an update on the application. Unfortunately I wasn't successful.
Disappointing, but considering I am only 6 month trading and this was the only place I applied for, it's not a shock :)

I guess I continue with my original plan... move to the UK in the new year.
I have found a few hours work here and there in the local bar, so I will gather up what experience I can there and then I should be OK for a job in the early days of the move, until I find better work.

Just like any of our losing trades, we dust ourselves off and go again. Thanks for all the help and the support folks!