I wonder what some people look for. Because I just had 2 interviews with titletrading and I'm not sure I got the job. So, I may go with a remote prop firm. Anybody know if they're difficult to get into?
Are you <STRIKE>breathing</STRIKE> alive? Do you have any<STRIKE> money</STRIKE> change in your<STRIKE> bank account</STRIKE> pocket? If you answered yes to any of the above you can get a remote gig at Shill Trading. Tell Vito and Frankie that Pabst sent you and you'll get a special rate of 2 cents per side.
aka, if youve got cash and an internet connection, its not a matter of getting accepted, its a matter of signing a contract and installing software.
Times must have changed because I when I tried to go prop I had to send a resume, go on an interview, give references, and wait for the rejection
That is because its not about trading ...its about cash and commissions!!! and that is the truth. They dont really care if you only stay a year, as long as you earn the firm some money.
Props still ask for resumes, like they make you think it is some sort of job. I get a laugh each time I see it when these "unique broker" with a "technological advantage" spam CraigsList with their come-ons.
Well, from the interview process, they seemed to have a problem with the fact I had read on trading and already had experience. I think the idea of someone having ideas from books on longer term trading and fundamentals scares them. But, that's just my take from the way they were talking. I think I have enough experience to be totally flexible on the way I could trade.
Listen, as long as you have money to put up, they work for you! You are their customer, they work for you. The interview process for prop firms are a joke. The bottom line is, do they want YOUR business. Don't take that to your head but it is only the truth.
This of course depends on the defintion of Prop firm you are using. The defintion of prop firm is a firm that takes 100% risk. Ie they provide the capital, sometimes training if you need it, nice cozy office, and if you are a bad trader they will loose some money on you. For that they will take a cut of the profits usually between 90%-50% of your profits. Usually a company that pays more than 50% will have whole bunch of strings attached, includin desk fees, deposit fees, safety deposits, software fees, enitlments fees etc. Examples of prop companiesSwiftTrade, TitleTrade, many Futures trading arcades (its becoming rare but still possible/not sure if I should put traders who work for banks in this category because they get payed even when they loose money.) Thats why the interview process, if an office has hard time making money the process is fake they will take anyone hoping to get lucky with some trader being the next Szeven or the next lescor, if they have a couple gurus working then it's probably impossible to get in. Just ask szeven if he will hire you. Operation that make money regardles whether a trader is positive or negative for the month are Retail Brokers, Ie Bright, alot of the subgroups from genesis, interactive brokers. They are not prop trading companies and traders working for them are not prop traders, they are just traders using a specific broker to get to the market. These are my own definitions I am sure a lot of people will dissagre.
You're making it sound like a job. I see it more like YOU shoppin for a service. I don't trade prop nor have I ever but I spoke to Echo Trade before and basically, the gist is - bring your money and come down to our office and start trading.