Trading with a view to join a prop firm

[itspossible]

EDIT: I'm overthinking things...

Wooosaa...

was that the had an accident at 13yrs old and needed a hip replacement & gained a lot of weight due to thyroid problems post.
call me a barstuart-but i wasnt buying it.......................................

 

[Nowler]

was that the had an accident at 13yrs old and needed a hip replacement & gained a lot of weight due to thyroid problems post.
call me a barstuart-but i wasnt buying it.......................................

I am not Enlightened Joe.
Please keep your trolling away from me.

 

[itspossible]

I am not Enlightened Joe.
Please keep your trolling away from me.

just being honest and speaking from the heart Nowler.
Im i supposed to believe everything that you say?
Am i a brainless robot?
I was about to challenge the post and the next day i discovered it was deleted ?

 

[Nowler]

just being honest and speaking from the heart Nowler.
Im i supposed to believe everything that you say?
Am i a brainless robot?
I was about to challenge the post and the next day i discovered it was deleted ?

I respect honesty and I am not trying to offend you, but I don't appreciate what I perceived to be you trying to instigate something because you are bored, or perhaps spiteful. What purpose would your challenging have? What does it have to do with trading. I edited it because I was clearly overthinking things. Hence the edited message. I am getting a bit carried away with myself and I might not even get an interview.

I have no interest in discussing anything other than my trading with you. So I'm certainly not going to get into discussion with you over something such as my health. I don't particularly care if you believe anything I say or not my friend. I am here for one purpose... 2 purposes...to improve my trading and to talk to fellow traders about trading.

Again I don't mean to offend you, I know how the internet works, particularly forums and social media so this is all I have to say on the matter. If you have anything productive or constructive to say then by all means do, but please don't start looking for silly things to argue about. We all have better things to be doing that trying to work out whether I have an underactive thyroid gland or hip replacement.

I'd really appreciate it

EDIT: If I am understanding the situation incorrectly then I sincerely apologize

 

[Lee Shepherd]

Good luck Nowler,

If this is truly what you want to do and are prepared to give your all for very little financial reward (at the beginning), then you will find this career f**king exciting to say the least. The financial rewards will come later.

2 words to keep on your wall:

Consistent
Persistent

Be these two things always.

If you get in, keep in touch.

Lee

 

[Nowler]

Good luck Nowler,

If this is truly what you want to do and are prepared to give your all for very little financial reward (at the beginning), then you will find this career f**king exciting to say the least. The financial rewards will come later.

2 words to keep on your wall:

Consistent
Persistent

Be these two things always.

If you get in, keep in touch.

Lee

Cheers mate

 

[Nowler]

Anyone know how I can check their turnover for the last 5 years?

Id like to know where they stand in relation to other firms in Dublin.
I could use such info to my advantage in an interview

 

[DionysusToast]

You would not need a 2 year record to impress a prop firm.

What you'd need is to hit some very specific consistency targets. P&L alone won't wash at all.

They will want to know how your average day looks, how well you recover when you go in the red on a day, how big the outliers are, how many stop-out days you get, how well you scale into larger positions when the opportunity arises.

I know of only 1 Forex prop firm and that firm trades just one pair - in other words, they are taking people to trade a specific strategy. For them, your method would matter less than your ability to unwind losing positions.

I would switch to stocks (focus on earnings/news stocks) or futures if you are serious about getting into a prop firm.

 

[Nowler]

You would not need a 2 year record to impress a prop firm.

What you'd need is to hit some very specific consistency targets. P&L alone won't wash at all.

They will want to know how your average day looks, how well you recover when you go in the red on a day, how big the outliers are, how many stop-out days you get, how well you scale into larger positions when the opportunity arises.

I know of only 1 Forex prop firm and that firm trades just one pair - in other words, they are taking people to trade a specific strategy. For them, your method would matter less than your ability to unwind losing positions.

I would switch to stocks (focus on earnings/news stocks) or futures if you are serious about getting into a prop firm.

Thanks for the heads up mate.
I'll definitely apply this accordingly should I get the interview.

I am thinking that since this is a trainee program, proving to them that I have the capacity to soak up what they are teaching and have the grit to grind the program out in a tough environment is my number one goal. I should probably brush up on my uni research on how expertise is attained and the mechanics of learning to show them that I am not only willing to grind it out but I have a pretty good edge when it comes to learning new things.

I'm not sure how my current performance stacks up actually... I have a lot of drawdown, but I only started 6 months ago. So above all, I am still in the game and can therefore assume not to be the 90% that blow their account within 3 months or whatever stat it is. I'm actually going to make a thread... perhaps we can get some quality evaluation. I'll post screen shots of the statistics via myfxbook

 

[DionysusToast]

Thanks for the heads up mate.
I'll definitely apply this accordingly should I get the interview.

I am thinking that since this is a trainee program, proving to them that I have the capacity to soak up what they are teaching and have the grit to grind the program out in a tough environment is my number one goal. I should probably brush up on my uni research on how expertise is attained and the mechanics of learning to show them that I am not only willing to grind it out but I have a pretty good edge when it comes to learning new things.

I'm not sure how my current performance stacks up actually... I have a lot of drawdown, but I only started 6 months ago. So above all, I am still in the game and can therefore assume not to be the 90% that blow their account within 3 months or whatever stat it is. I'm actually going to make a thread... perhaps we can get some quality evaluation. I'll post screen shots of the statistics via myfxbook

If you go to a prop firm with a track record and you fit their risk profile, I doubt they will want you to go through the learning process again.

For a prop firm, recruitment is a pain because it's very difficult to tell who has what it takes & who doesn't. So of course, they want to avoid making a bad choice.

Then the training is 100% cost to them - so why put anyone through it id they don't have to but more importantly. If someone comes with a track record, they don't know you'll be profitable doing something else.

At the end of the day if you want to use your own track record to earn prop money, you won't need the training because you'll be proven already.

As for your current stats - if you have a lot of drawdown, they are of no use.

 

[Nowler]

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]

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]

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]

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?

 

[Nowler]

I just found this now
https://www.glassdoor.com/Reviews/Employee-Review-Maverick-Trading-RVW7178589.htm


PS: I realise that it would be smart to do a check up on these places first. I just didnt this time

 

[DionysusToast]

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.

 

[Quantt]

That's not a prop firm.

Looks like a complete scam...

 

[Nowler]

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]

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]

Hey Nowler
What are you looking to get out of this?