Am I fit for a PROP job?

Discussion in 'Prop Firms' started by vipon, Dec 2, 2008.

  1. vipon

    vipon

    Lemme break down my situation.

    Live in Toronto
    Have about 20k in school debt
    Have no real relevant trading experience (read key books on it), but it interests me greatly and plan to open an account once i have some money freed up...

    Want to work at a local prop shop, am slowly starting to get into the procedures

    Talked to a friend who worked at SWIFT TRADE, says that they halt trading for u for the day as soon as u lost $50 which seemed RIDICULOUS to me, thats such a small downswing, you would basically have to time the daily bottoms

    What can i expect to get in terms of capital to work with? I would rather put up some money myself if that means that I can get more profits.

    From my understanding tehre are two ways, they give you money in which case they limit your loses but you only get 50% of profits (at first)

    OR

    You give them 5% say $5000 (might be able to get from parents) and they will give u $95000 and you pay comissions (and other fees).

    Before I get into other questions, any comments thus far? Am i way off...I know i would barely scrape by at first, I would get a part time job at night and live cheap but I figure 2-3 years and id be ok? (making 60k+?? if im good?)

    Thanks
     
  2. GGSAE

    GGSAE

    I had a very similar situation when I got into trading...you'll need to work at least 30 hours a week just to get by (assuming you aren't living at home and not paying rent/food ect.) while trading full-time and be prepared to do this for at least 2-3 years before you can quit your part-time job...it will be very difficult.
     
  3. vipon

    vipon

    I thoguht paper trading was pretty innaccurate in terms of fill/real time data/platforms...

    is there anything remotely sophisticated/comparable to a prop trading software so I can get afeel for it?

    Thanks...
     
  4. bespoke

    bespoke

    don't even worry about the payout since you're a beginner. you won't be making anything for months, possibly years, possibly ever (based on statistics)

    50% or 100% of nothing is always going to be nothing

    learn how to trade on someone else's dime first and then go searching for a deal

    or you could go ahead and throw away your parents 5000 dollars. unless you think you'll become profitable before spending 5K on 0.003 per share commissions (if you're lucky) and monthly software/data/entitlement fees
     
  5. vipon

    vipon

    Where did I give you the impression i had answers?

    I was asking a question, i wanted to be directed towards a good paper trading system....

    no need for hostility
     
  6. GGSAE

    GGSAE

    There's only one way to make it in trading and that is to figure it out on your own. To be able to do that you need to put yourself in a position that will allow you to succeed....trading with no money, borrowed money, in a lot of debt or any combination of these (which you seem to be presented with) makes it all that much more difficult. This is a journey with many obstacles, don't fool yourself into thinking it will be a cakewalk and nothing else in life you've experienced will prepare you.
     
  7. kid, get a job and i don't mean at a prop shop. you will lose everything contrary to what most will say. you wanna be an actor,not everyone fails to make it big in hollywood,look at deniro. then again,how many denoro's are there and how many failed actors are there? get the picture?
     
  8. vipon

    vipon

    I know i will lose, i just hope to lose less and less every year. I understand the risks, I just want to improve.

    Im not thinking this is the quick route to success i love the elements of the challenge, the being your own boss, how one controls their own destiny (in a way).

    its like a game of chess mixed with poker, thats what intrigues me...
     
  9. I'd just hire a good trader. There are plenty at collective2.com.
     
    #10     Dec 2, 2008