Im looking to try trading at a prop firm. Im a recent uni grad and have bills to pay though so I need at least a minimal income. Is there anyway to negotiate minimum wage with a lower payout say 10-20%? I just want enough to make my loan payment and some low cost rent and food. I only have about 2k saved atm. If this isnt possible would it be possible to work part time at a prop? Say monday - wendsday and then I could work another job thursday to saturday to keep me alive? Thoughts?
probably not possible to work part time but you could consider waiting tables in the evening and on the weekends.
You can't trade part-time if you want to be successful, a day there a day off and you 'll be completely out of the flow of trading. You'll also find it very difficult to negotiate the kind of deal you're looking for. You should look into getting an evening and weekend part-time job, something in service or maybe retail that will give you enough to get by. It's a tough grind, but if you're serious about trading you'll find a way. It took me a few years before my trading income exceeded what i earned at the other jobs, a lot of guys here had to go that route.
I just want to add some more info. I have traded before in the past. a few years back I ran 1k-8k. I seemed to do fairly well trading but what was killing me the most was the commissions. I mean 10-30$ per trade on $1000 trades makes it hard to make consistent profits. I would like to join a prop firm for the networking, leverage and especially the low commissions which would allow me to employ much better and more safe strategies not worrying about huge commission charges each trade. That being said I also need to eat...even min wage wouild suffice while im getting my feet wet. Or likr I said just doing prop 3 days and working elsewhere 3 days to ensure I dont go broke as a safety net.
Thanks for your reply. From what I gathered the best trading days (at least for me) were typically Monday,tuesday and thursday. Friday I could do without. The ony thing is it would be hard to make the monthly min (like at swift) if your limiting yourself to 3 days a week trading. Of course assuming I start making reasonable profits and have say 3 months expenses at least I would jump right in to 5 days a week. Not feasible? I could try working nights as well but somehow I dont see that working out too well.
I say this on almost every prop thread, go work for a futures trading firm, equity fills have slippage and cost too much to make any money... when you start you are trying to bang out $100 days some firms (equity) have told me that $500-1000 a day is good, you can make that (or lose it!) by trading futures in a matter of seconds. Some guys in my group consistently make 20K+ a day.
Can a Canadian just go and work in the US if you are hired by a firm or do you need to have citizenship?
Are you a cheerleader for the futures market? How many times have you posted this message verbatim, whether or not it has anything to do with what the OP is talking about. Just because you don't know of equity traders doing well, doesn't mean they don't exist.