Trading with a view to join a prop firm

Nowler

Active member
Sep 13, 2017
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#61
You said you wanted the training a prop firm would offer - I'd say that these arcades/prop firms generally don't offer a great deal in the way of training and that what they do offer in the most part you could probably get relatively cheaply from a program such as that offered by the firm I linked to (while I'll emphasise again that I'd be skeptical about the firm overall I do think that if you're starting from basically almost 0 experience then perhaps it could be $100 well spent)

You're just taking punts with some bucket shop at the moment? No interaction with an actual exchange - you don't get to see any liquidity/the order book is just a two way quote provided by the bucket shop you have an account with?

That sort of thing doesn't lend itself very well to the sort of intraday trading these firms/arcades do.

I'll also need to add in again that this sort of intraday trading isn't very likely to work out for you, you're very likely to not be able to make money from this...
I may have misunderstood your previous post a little.

I'll have a look at the link shortly and see if I would be willing to invest €100 in their training. I am doing a free course which I find very useful so after this I may test the other one out since it is just €100. People have spent more on less :)

Yes, I am spread betting with a bucket shop (Oanda) at the moment but that's just where I landed. I have already put some work into looking around at Options and Futures. Spread betting just happens to be where I began to learn my craft.

I am restricted by capital so have to make do with what I have at my disposal. When I am happy that I am ready to move from a mini live account then I will be willing to deposit more money. So far, I have not found any futures brokers willing to let me play with as little as Oanda does. A friend of mine opened an account for €5...I €20.

If you can point me in the direction of a futures broker that's willing to let me in for that, then that would be great.
 

DT

Active member
Sep 17, 2003
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London
#62
nope I can't sorry, even if you could open an account at a futures broker for $20 you couldn't trade anything

have you had a look at Betfair? If you're on a budget then that might be an option, at least you'll have an order book (and an API) to play around with and can start to learn about market microstructure etc..
 

Nowler

Active member
Sep 13, 2017
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#63
nope I can't sorry, even if you could open an account at a futures broker for $20 you couldn't trade anything

have you had a look at Betfair? If you're on a budget then that might be an option, at least you'll have an order book (and an API) to play around with and can start to learn about market microstructure etc..
I don't share your pessimism.
Of course I am not disputing that most people who attempt to trade the markets will fail, but from the work I have put in over the last 6 or more months I am optimistic enough to continue. Of course spread betting is not my goal, but I have to start somewhere... My risk/money management is good so even if I can't make spreadbetting work, I will at least keep my shirt and my dignity.

If I cannot make that work to build enough capital to make the next step away from spread betting then I'll reevaluate. But for the moment I am enjoying learning and trading fx with a mini spread account. It's keeping me stimulated and amused while I continue learning more about economics and the psychology involved, so at the very least, it'll will have to do until I can raise the capital needed, via trading or saving... :)
We'll see I guess, I'll proceed with caution.

I actually did come across something about cold trading on horse racing and whatnot! I wrote it down so that i'd come back to it but I just got consumed by the amount of work that goes into learning how to trade. That type of trading sounds kinda wacky... but I'm going to do a bit of reading on it now.
 
Jul 9, 2010
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#65
Seriously, why are you looking at FX when bitcoin and other cryptos are moving?
 

Nowler

Active member
Sep 13, 2017
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#67
it isn't pessimism, just being realistic
Well yeah, it's unlikely that any new trader will ever be profitable but I am trying to remain optimistic while I plough through all this learning. I know that you were just highlighting the task at hand, but I have no shortage of people reminding me how unlikely I am to make anything of this.

What I have is all I have.
All I can do is continue learning...if that means being proved that I can't make money from spread betting forex, well then so be it. All I can do is keep looking for evidence. So far, I seem to be able to make money. My issue is stemming my losses.
 

darktone

Well-known member
Nov 2, 2003
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#72
Betfair's not a bad suggestion actually. Can open an acc with peanuts and use Geekstoy free for a month. Will give you an idea of how the market actually works, can bid n offer, see depth etc. Nice environment to dip your toe and learn how to work an order and really manage your shiz with a spot of risk.
 

Nowler

Active member
Sep 13, 2017
758
55
38
#73
Betfair's not a bad suggestion actually. Can open an acc with peanuts and use Geekstoy free for a month. Will give you an idea of how the market actually works, can bid n offer, see depth etc. Nice environment to dip your toe and learn how to work an order and really manage your shiz with a spot of risk.
Yeah, it's certainly an interesting one!
I did a bit of reading on it last night but realistically, what could I learn in an hour of reading.

I might dabble in it a bit later... just for the sake of actually laying eyes on it in progress. Might even find a few youtube videos of it in action!