Was wondering if anyone had any suggestions for preparing for an interview for a junior trading position. Specifically. are there any books or online resources that can help me prepere for the written and verbal math/probability questions that I will be asked. Any information on preparing for the interview would be greatly appreciated. Thanks.
Math may be important in some areas, but I wouldn't overestimate it. I'm a successful trader, and I don't use math that much. I fought hard for my edge, which relies on several simple tools. Your starting point is Jack Schwager's Market Wizards. Once you master the vocabulary of Schwager's work, its "coded messages", you will become much more confident and relaxed at the interviews. Good luck.
Just remember you aren't applying for a real job. The only real prerequisite to work at a prop firm is a fat check to fund you account. The rest is just details.
Some will back you but you have to pay for the training. Don't be surprised if one of the questions is can you write a check or put 5k on your credit card.
I interviewed at a prop firm in Chicago in 2007. They paid a salary and you traded the company's funds as part of a trading team. The interview was similar to that of any other job, with the addition of some problem solving and computer programming questions.
Same type of process I went through. Apparently some people don't realize that there are different kinds of trading firms. I'm sure the threadmaker's interview is for a firm where you start off as a junior trader/assistant and learn from the experienced guys. Then you graduate to trader after a while if you're doing well. As far as books go, Market Wizards has been mentioned and is essential. Also, I would pick up 'Heard on the Street: Quantitative Questions from Wall St Interviews'. Some of the later chapters are far beyond anything you'll need to know for a prop interview, but the first few chapters provide tons of logic/math/probability questions you can expect to hear.
What's the big deal with "Market Wizards"? I went to the book store and flipped through some pages, the first wizard (the one who had a part-time secretary and refused to listen to anyone's advice) is a loser, he won some money in the bull market of the 90s, he lost money in the bear market afterwards.