Iâm interested in joining a prop firm in Singapore and am looking for any tips or advice from those familiar with the firms there. Iâm from the US but I am currently a traveling full-time trader so I have no permanent residence. Iâm in Malaysia as Iâm writing this but the majority of my time is spent in Thailand. I only trade futures and Iâm a profitable trader but I donât know how my style of trading would be welcomed at a prop firm as I usually open and close one trade a day and some days I donât trade at all. I also do not have a college degree, I have two years completed but no degree, and Iâm under the impression that is a requirement at some firms. Although Iâm profitable, I still would like to join a firm with a solid training program so I can advance and adapt to a more high frequency trading style and also surround myself with other traders. Propex seems to be a good choice based on their website so Iâm interested in any experiences others might have had at this firm or if there are better choices out there for my background. I welcome and appreciate any advice and suggestions others might have. Thanks in advance
That's what I figured, that they are looking for a higher frequency of trades. This is my main reason in looking for a firm that also provides training so I can adjust. My one trade a day style is because I adapted it to my location and lifestyle. Traveling throughout South East Asia my internet isn't always that great so I adapted my strategy to compensate. At a prop firm I would have the tools and resources I need to develop a higher frequency approach.
I've done the Sydney Propex training program and it was quite good. Basically it's a good way to get free screen time while being mentored on different approaches and strategies. However, the most useful aspect is you get access to the trading floor and pick the brains of all the traders. I've noticed someone has put up this course on udemy recently https://www.udemy.com/become-a-career-day-trader/?sl=E0IadVlUQxMALBgeCRAcKBM= would be worth a look for you as it covers a lot of the fundamentals of day trading. I think it's made by someone from Propex or Aliom as it also uses TT and Esignal.
Propex is a good firm althou I do not know what kind of fees they will charge you or whether you will provide you with capital. But I really don't think your trading style and background will qualify.
Propex make all their money by charging exorbitant brokerage fees. They just want you to do turnover. There are some people making real money but the majority and making peanuts after costs.
I am interested in trading from OZ and would be good to be at a firm rather than by myself. what sorta fees they charge? you have experience ?
What do you mean by exorbitant brokerage fees? $3(before volume rebate) per round turn on SFE is not bad at all. Turnover volume is the aim of all prop firms. To do that they have to attract traders with low costs and quality infrastructure. With Propex you're learning to trade with their money, if you want the absolute cheapest rates available you'd have to put up your own. Isn't ALL trading about some people making real money and the majority not?
I am interested to learn more about Propex, any info? I am not an Aussie, do they only allow in-house traders?