prop firms - general questions about my game plan

Discussion in 'Prop Firms' started by rdlsmith, Jul 27, 2008.

  1. rdlsmith


    I'm still considering epiphany trading as their strategy of trading isn't that far off from what I'm doing.

    From my reading and research it seems prop firms aren't evil. At least not all of them.

    When I first started considering the possibility I thought it had to be a scam. Now I think if you realize what it is, it can be useful.

    In my situation I will be trading remotely. I have no certifications in the financial industry. I'm not new to trading but most of my experience has been in position trading.

    Since starting to day trade, I've actually had some mild success but only because I cut losses short. I have made very little because I tend to also cut my profits short.

    I'm considering a prop firm for three reasons.

    1. Education.
    2. Access to successful day traders. (okay, more and probably better education)
    3. I can still position trade while using a small portion to open with a prop firm. I'll have enough buying power to do both instead of one. And it will be in separate accounts.

    Education is the big one. I'm really not looking to get rich over night and certainly not poor.

    I want to learn to day trade well. I want to do more than just cut my losses.

    Given my objectives, what are your thoughts on prop firms as a source of education and support?
  2. I'm kind of from the new school of electronic trading who has been around for a while now. I started trading in early 2002, right out of college.

    I know a lot of traders, some still around, some went into other fields. I can tell you one thing for sure. The successful traders that I know did not go to a company for education. The majority go to trade someone else's capital (especially when you are 22 and have no money to begin with).

    Trading, in general is something that is very, very tough to 'teach.' What makes a good trader is a person who doesn't give up, and goes in everyday and just stares at that screen and gets themselves involved in markets.

    You will learn a hell of a lot more from yourself than you ever will from someone else, even a successful trader who has been around forever.

    Just my 2 cents.