Prop much experience???

Discussion in 'Professional Trading' started by tampatrader82, Nov 24, 2006.

  1. Hey everyone,

    I know threads have been done on this, but I need some serious advice. I am trying to decide whether to persue prop trading or not.

    My background - I have the 63,7 & 55, I am three years out of college, and I have 25k I can throw into a prop account.

    I feel like with a little training, I could do a good job. I have a few strategies that work well, but wont come about everyday. I want to be a trader and feel this is the best way to do it. Anyone have any advice...Good Idea bad idea???

    Thanks everyone.
  2. if I were you, I would take 5 k and really learn how to trade

    I mean really, cause prop will just chew you and spit you out if you don't know what you are doing

    prop will also get you to scalp cents, and there are better ways to trade with equal money earning and far less work

    and still be daytrading

    hope this helps
  3. jtnet


    what are these ways????

    and i dont think props care how you trade, just not overnights, as long as you are making money.
  4. If you are going to trade with 5k, wouldnt it be better to just paper trade than to waste the money on commissions? Also, are there any prop trading shops that have training? Considering I have a mortage, how can I trade on 5k and pay a mortage lol? Thanks for the advice, I greatly appreciate it.

    Also, if I had the 25k, can I not hold overnight on leverage?
  5. Joab


    Few prop firms will give you any training because 95% of them do not give a hoot about you, even though if they were smart they would.

    Find a good mentor FIRST and foremost OR study till you are extremely confident and I do mean EXTREMELY.
  6. Maverick74


    There are many prop firms that train you and many that let you hold overnight. You just need to look around.
  7. find a mentor find a mentor, i am starting to see more and more about this, several months ago i made a post in this forum about finding a mentor and i was laughed at and ridiculed about how i couldnt afford to pay them or that I seemingly had nothing to offer them in return.

    I think in the perfect world there are good people that want to give back to the community and in this case the trading community, I know i would if i were ever sucessful. So let me just ask again. How DO you find a mentor, im not asking for a mentor but if you would like to teach me and feel you have something to offer by any means PM me. Do not try and get a dime out of me as i dont even have a nickel to spare right now. I am interested in learning what i can while not in the market.

    Now for my two cents, i agree find someone that is willing to mentor you and allow you to watch them, hopefully they have a similar style and you can model after them. Certainly have a better chance doing that than you do trying your own thing, takes much more trial and error opposed when you could propose something to your mentor and they could quickly accept or refute it. Or atleast show you HOW to test it.
  8. Joab


    There are only a few good Mentors here in ET, in my opinion but you have to remember you get what you pay for and there are 4 roads that you can go.

    1. Buy lots and lots of books and sit at home and study and then try out your hypotheses in live trading.

    This will COST you time and money in losses.

    2. Go to a prop shop and HOPE that your smart enough to pick up scraps form the 1 or 2 guys making $ and sit in a room with a bunch of yahoos 24 year old college kids.

    This may or may not work.

    3. Find one of the good Mentors in here (or elsewhere) and pony up the cash for them to take time out of there business to teach you.

    4. There a a few FREE journals in ET that help traders learn to trade like spyders and their GREAT but once again it will take you time and lots of effort to learn the methods, so be very patient.