all this confusion. if you have to put your own money, its not a job. period. BUT, if they dont require you to put your own capital(i dont know which do) and offer a salary for you to survive till you start making money, IT IS A JOB. if you put down 5K, all you get is more leverage. just like any other retail firm would. BUT, you also talk to other traders and get ideas and check with other traders if your ideas are good or not.
I don't think it's unreasonable for a company to require you to put up a few thousand dollars when you start. Think of it from their perspective. If it wasn't required, what's to stop someone from coming in, losing $5k or more of the company's money in high risk trades, and then leaving? Think of it as a security deposit. I'm sure there are shady companies out there that are just trying to get $5k out of you, but don't dismiss a company just because they require some capital up front. As for those people who are suggesting that you save up and start trading on your own, I disagree. Trading is an extremely difficult skill to learn, and trying to do it on your own is almost impossible. The advantage of working at a prop shop is that you're surrounded by experienced traders that can help you work your way through the learning curve. Don't get me wrong, it's still going to take a long time before you start making enough money to live on (probably about 12 months), but it's the best way to learn. Before settling on a company to work for, see if they'll let you come in to the office for a day. You want to get a feel for the work environment. You want to be trading in a place where people are working together and helping each other out. If you get the feeling that it's every man for himself, then you don't want to work there. I started trading pretty much straight out of college, and I don't regret it one bit. Yeah, I had to have a second job for the first 6 months, but it was worth it. What other time in your life can you take such a big risk? If you're like I was, you don't have a house to worry about, and you don't have a family depending on you for income. What better time to take a chance? I say go for it. Just make sure you're getting in with a good company.
Ive been in and around the Trading Industry since 99, and I have never heard of AMERIPRISE as a "Trading Prop Shop". They are an"Advisors" group. Hence, the old AXP advisors and have a very bad reputation with in the "Respectable" Financial Community. So, it is news to me that they have gone from a C rated brokage firm to a PROP SHOP. Back in 05 the NASD Fined Ameriprise 12.3 million (Small change considering) for Direct Brokerage Violations. It deals in Life Insurance as well. So, I have no idea how your trading "PROP" for AMERIPRISE. Maby I missed something.
Go with Cygroup. They use the Laser platform. It is retardedly fast. BTW, I would learn a lot more before actually trading a single penny. You need to know how the markets work in the real world. I am a finance major and everything I learned in college was garbage and a waste of money.
If you go into the trading business by looking at "unlimited earnings potential" then you will be broke after a week. You need to approach trading with a "limit my losses to a minimum approach" Don't worry about the winners only the losers and the rest will. Learn how not to loose and the winners will come.
thats exactly right. people think of making unlimited money. its the losers that need a lot of consideration cause they r the ones wipiing out ur account.
I agree completely. Working at a good prop shop greatly increases your chances of being successful, and it'll get you there quicker. That doesn't mean it'll be easy, but it gives you better odds. I was in the exact same situation as kiefer and you. I took a chance and tried trading and it was the best decision I ever made. I was lucky enough to hook up with a good office with good people and a great manager and it's given me a huge advantage. You'll have to have a second job to support yourself while you get profitable, but it's worth it. Think of your first 6 months or so as being in school instead of having a job. It'll give you the right attitude. Good luck.
thats ridiculous. some people spend years and are still not profitable. 6 months is nothing. a lot more time has to be spent learning human behaviour and price action. if you go with a prop firm, you will make dumber and riskier trades. whereas if you do it with your own money, you will make sure you do thebest not to lose it. ok, do this. dont try with 25K, do it with 10K(swing trade, unless you want to scalp) and see how you do