Prop Firm Success stories...PLEASE POST!!!

Discussion in 'Prop Firms' started by mofak7, Mar 27, 2010.

  1. mofak7


    Been reading through this and want to hear from people who have actually went the prop firm route and succeeded.

    Please let us know how you started and what is has been like -

    -How much you were required to initially deposit if any

    -The payout percentage

    -How long it took you to become profitable consistently (post how much you average daily, if u don't mind)

    -Also any advice you will like to give to beginners looking to go this route as well

  2. I can tell you from my experience at a NY prop firm the following results. Last year they hired about 140 "trainees". Really, they hired anyone that paid the training fee, even if they didn't have the mental capacity to trade. After 1 year 120 of them quit or got fired, most of them had never traded before this experience. Of the remaining few maybe 2 make a paycheck each month.
  3. Years and years ago (2004 or 2005?) I started out at Assent. Oddly, they actually gave me a pretty good bit of training in terms of understanding what the market was doing, what to look at, etc. I didn't succeed the first year, and eventually left for a sub-LLC that used Genesis. The commissions rate made a huge difference, and I succeeded for a while until I lost my edge. Leaving assent (.008 per share at the time) and going to the sub-LLC took me to .003 per share, both were 100% pay-out.

    So, I was profitable for about a year and a half, or so, but wasn't making killer amounts of money compared to a day job. I then left trading, worked at a few banks, went to grad school, came out (around 4 years later) and then started making money.

    Here's the deal: you can go in, get training, use any weird technique you want from, say, a technician, tape reader, quant analyst, whatever. But the information won't "gel" in your head until you see the big picture. And by big picture, I do mean like a hippie "free your mind" situation. It's wrong to assume there is a fixed, rigid way to make money -- you have to understand a few key principles and relationships and adapt to them before you can make money, and there is no way to do this without just brute-force in-depth study, day in day out.

    Whatever you do, even through cycles of failure, you should never ever ever disconnect yourself from the market. You should always read new material, new blogs, new web sites, whatever. Something might not work, but you might find someone doing something that triggers an "a-ha" moment, and that turns into money.

    Some people on the forums say 6 months to a year, but I would actually say 2-3 years of solid market time is more realistic.
  4. cstfx


  5. mofak7


    so going the remote trading/training route with the initial 5k fee is not the way to go realisticlly???...i dont hope to learn everything at once but just get the knowledge grow in small increments from there
  6. It's a fine route, just don't expect to succeed and make sure you are free from worry (i.e., pay the rent, keep the wife happy, keep kids clothed) etc.
  7. Midas


    I have had a good experience. The majority of my income since 2000 has been from trading. The key is to change and adapt as technology, and the markets change.

    Find some people who make consistant money month in month out and learn what they do. Build your own strategies from there. Good luck.
  8. mofak7

    mofak7 can it be a fine route, if you dont expect to succed please explain further,
  9. College doesn't guarantee success either, but people drop more than $5000 on that. You're either going to pay for education or you're not, it's as simple as that. Some people make it cheap, some people don't learn quickly and make it expensive.