New to The Scene

I'm starting a new "job" with Lynx Capital Partners (owned by Assent) as a trader next Monday. I've been reading posts from a number of different threads and I've gotta say that I'm a bit nervous about the whole prop trading thing.

I agreed to take the position partly because they would sponsor me for the series 7, but also because I thought prop trading was interesting and challenging, and its something I want to get into.

My main concern is that they didn’t really fill me in on all the details of leverage they use and were light about details on anything else. They did say there would be a good deal of training involved but now I'm concerned this was just a sales pitch. I know there are a wide range of prop shops from terrible to reputable, but how do I know if my company is any good?

 

Do they have FREE Pizza on fridays, what do the chics look like on the desk?

s'

 

If you're new to trading, I wouldn't worry about details of leverage or the ins and outs of how the firm is run, as is so popular to discuss here. Just learn how to trade. Once you're good at that, some of that other stuff may start to matter.

 

It helps to have a good mentor to analyze or critize your trading mistakes. Listen carefully to what they have to say and focus on your weaknesses, like cutting loses or holding onto a losing trade in the hopes that it will turn around, sometimes there's no bottom. Set daily quantitative goals. Also read up on psychological aspects of trading this really helped me along in the beginning. Good luck and all the best. Its a steep learning curve but work hard and be very disciplined and you should be fine.

 

CMcG10,

Are you still with this firm? Is there some good mentoring going on? Are they urging you to over trade?

thanks,

 

just keep in mind they make their money off commissions, they could care less if you profit or not since your losses are taken outta your deposit.

 

demoship

Yes, that's why I wanted to know how it's going. In my opinion it's very counterproductive when someone is telling you to treat it like a game before you are able to determine what a "compelling" trade looks like

 

Can someone tell me how selective these prop firms are in their hiring process? CmcG10, what was your interview process like and why did you choose these guys over any of the other firms in your area?

 

If you have $5k to put down, ur hired.

 

Sometimes 3k will suffice