I recently interviewed for a prop trading firm. But before I committ my $5k. Id like to know what are my chances of being successfull in this business. I have been a swing trader on and off for the past 5 years. And my track redord is good. however my capital has only been but a few $thousands. I think I've mastered the art of technical analysis (on all time frames) and this has been pretty much the only reasoning i've used to executing my trades. From what i was told by the person interviewing me and from what I've read here, it takes about 6+ months to start making profits, however, does this apply to someone like me who has extensive knowledge of technicals analysis for daily and intraday charts? Thanx
No offense but for anyone starting today at a prop shop with $5k, I'd estimate the chance of succeeding at <5%
First of all, I'm interested in which firm requires a deposit, and also has an interview process. But to answer your q, I think most will agree when I say you will be the only one who knows if you might make it after you've been in the trenches for a while. The timeframe is different for all, and some just don't make it, even after having "mastered" technical analysis. Read Szeven"s post on this page for inspiration. http://www.elitetrader.com/vb/showthread.php?s=&threadid=83837&perpage=6&pagenumber=874
Daytrading and swing trading are completely different animals. More than likely it will take you a minimum of 1 year to start making money. Your chances of success are low however that shouldn't deter you if you think trading is something you will give your all at and not some half ass effort. Just be prepared to be able to live 1-2 yrs without earning any money from trading and all the while busting your hump to refine your skills and approach.