What are my chances being taken on by a prop firm trading forex?

price_monkey

Newbie
2 0
If I have 3 months track record on a small live account making at least 10% every month, risk on every trade between 0.25 -0.5%, risk reward mostly 1:2, between 2-5 trades per day, 66% profitable trades, what are my chances of being taking on by a prop firm trading forex across multiple pairs?

I have a degree but not in the finance sector. 31 years old. 5 years since I began learning to trade forex.
 

fayalac

Established member
560 15
Three months?, no, buddy, you would be asked to have not less than 12 months of consistent trading and winning...
 

GameBoyTrader

Junior member
32 1
Thank you for the responses. So what about to be considered for a trial? Non paid of course.

Still, that's a highly unlikely option for you, sorry.

Not because of your performance. Because of simple business factors. No one would "employ" you for a test run because it's going to cost them $$$ for you to sit at their office. And with no guarantees of you making it into prop trading, no one would take that risk and reach out to you.

There are plenty of places which will train you up as a trader for a hefty fee. But please, for the love of all that's holy, don't fall for that. Stay well clear.

Your best bet is to continue trading as you are now and to build a track record. Best of luck to you fella!
 

alexaherself

Established member
560 149
Please excuse my interjecting that I'm a little surprised by the posts above.

I know it's only a 3-month history, but it still sounds like about 200-250 trades, and to be honest I'm wondering whether those commenting above have quite appreciated everything the OP said, with reference to his trading record?

It seems to me that 2-5 trades every day, for 3 months, on a live account, making a consistent minimum of 10% per month, with risk/reward mostly 1:2, and risk-exposure of only 0.25-0.5% per trade is really extremely impressive and unusual.

It's certainly better than I could manage.

The proportion of traders who have ever achieved those results with any degree of consistency, and with risk exposure of 0.25%-0.5% per trade, must be very low indeed?

If the figures aren't concealing a serious drawdown, they certainly sound good enough to pass a TopStepTrader "Continuous Combine" with eligibility for a $150,000 funded account there (subject to their terms and conditions, of course).

My own expectation, if it's independently verifiable, is that there are some trading places that would take you entirely seriously, on the basis described above, in consideration for a trial.
 

tommog

Well-known member
402 56
OP it might be enough of a track record to get you on a trainee program. But to be taken seriously as a senior trader they would want you to put money down (at least £10k).

Getting backed is great way to start out in the industry. Its how most of us started but it isn't easy. I would advise building up your trading account and if after 6 months or so you have a few thousand to bring to the table and a track record that has remained consistent over that time its a good place to start.

Although, to be honest, if you are trading cash FX trading platforms are pretty cheap, leverage is insane, why would you need a prop firm?

Most of us trade at prop firms for the discounted commissions (not as relevant in FX as it is built into the spread) and margin breaks so we can carry large positions whilst only keeping working capital in the account.
 
Hi Price_Monkey,

We are currently in the process of setting up a company that deals with people in the exact situation you are in at the moment. There is so many potential good traders who don't have the experience yet and are looking to crack into the industry. On August the 1st we are opening a trading floor in the City of Lonodn where you can rent a desk alongside our investment fund (£4m currently under management), along with the desk comes a small £50,000 trial account, if you can consistantly hit 5% per month, sticking to the usual risk limits, then you will be offered a position on the fundd trading a bigger sized account.

There is a desk fee but this helps us cover the losses from those traders who aren't profitable. It also provides you with the experience you need to fully break into the industry.

We also provide a similar package remotely if your not based in London

Lee - London Trading Group
 

GameBoyTrader

Junior member
32 1
Hi Price_Monkey,

We are currently in the process of setting up a company that deals with people in the exact situation you are in at the moment. There is so many potential good traders who don't have the experience yet and are looking to crack into the industry. On August the 1st we are opening a trading floor in the City of Lonodn where you can rent a desk alongside our investment fund (£4m currently under management), along with the desk comes a small £50,000 trial account, if you can consistantly hit 5% per month, sticking to the usual risk limits, then you will be offered a position on the fundd trading a bigger sized account.

There is a desk fee but this helps us cover the losses from those traders who aren't profitable. It also provides you with the experience you need to fully break into the industry.

We also provide a similar package remotely if your not based in London

Lee - London Trading Group

Do you also happen to be running a training course Lee?
 

GameBoyTrader

Junior member
32 1
Hi Price_Monkey,

We are currently in the process of setting up a company that deals with people in the exact situation you are in at the moment. There is so many potential good traders who don't have the experience yet and are looking to crack into the industry. On August the 1st we are opening a trading floor in the City of Lonodn where you can rent a desk alongside our investment fund (£4m currently under management), along with the desk comes a small £50,000 trial account, if you can consistantly hit 5% per month, sticking to the usual risk limits, then you will be offered a position on the fundd trading a bigger sized account.

There is a desk fee but this helps us cover the losses from those traders who aren't profitable. It also provides you with the experience you need to fully break into the industry.

We also provide a similar package remotely if your not based in London

Lee - London Trading Group


ALSO

Is your company actually called London Trading Group? Because the only company by that name registered in the UK has been dissolved since 2007.
 

futuresny

Newbie
1 0
Hi Gameboy,

The registered company name is London Traders Group, Company number -09586553.

Best

Lee


Hi Lee,

Can you provide more details about trading the Sim 50K account? What are the risk parameters? How many months of 5% + profits will be required and so on. \

What will be the cost to trade in the Sim remotely ? Lastly what is the link to your fund's site ?

Thanks
 
 
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