Does anyone know how much an average prop trader actually make per month? I am not talking about the top 1% who make millions. I am very curious to know how much just an average prop trader can make. And more importantly, how much they should make in order to keep the job. I heard there is a minimum quota (after commissions & after that 5--60% paid to the firm) that one should make per month. Is it $1000? $2000? If you are currently doing prop trade for a living, please tell me these important questions. I am very thankful to all the help I get from all of you. Thank you to you all for helping me a lot.
Thank you for that tip^^. Are you working for a prop firm? How was the training process? If you know, please tell me. Thank you a whole bunch.
Yes, I'm working for a prop firm. The training process where I was hired was very fair. They started out giving me simple stuff that was hard to loose or make money on, and as I prooved myself they started showing me the tricks of the trade bit by bit. I feel like I've always been well supported by the guys at my office and by my boss. I get the impression from reading posts on this site and from word of mouth that my firm is a bit of an exception. I got pretty lucky to have been hired on where I am. That said, I've still watched tons of people that came in before and after me fail, so it's not like having good training makes it "easy." Make no mistake, trading is very hard and most people just don't have what it takes to do it, regardless of what else they may be good at. Still, if it's what you want to do give it a try. It might just work out
Yes, those are more important than playing video games. Video games have nothing to do with making money in the markets. There's alot of kids at these prop firms, so naturally alot of them grew up playing video games....but it has no bearing on if you'll stay in the game or not. If your uncomfortable, just lie and say you play video games 'occasionally'. This game is all about lies anyways, so it's good to get a head start!
I disagree - the markets and scalping has nothing to do with video games. Video games are fake - trading is real life with real money on the line. Kitty, there are various ways to trade, some people have a very short time frame, others long. None is better than the other. Just forget about the video games.
Alot of those traders you talk about didn't start on their own, so from my talking to prop owners, when they try to leave and do it on their own, they sometimes fail, because they aren't used to it or who knows why. Most traders in these places don't last, the turnover is extremely high. Guys that make money sometimes lose most of it and give it back to the market. Same story as anywhere else. It's not just money that can make you independent. Without their support structures of the prop shop, it changes the whole game for these people that have relied on a support network.
Wall street firms are usually larger institutions / Corps, and that is the screening and hiring process in our corporate world. That's not to say that if you know someone influential, you can't get it. Never mind about the video games again. I think when you say wall street trader you mean Institutional Tader or trader at the prop desk of a large corporation. Traders are traders, regardless of where they are, but many of those positions are paid salaries, plus on the institution side, they may have access to more markets and overnight trading. From what I know swift doesn't do alot of overnight trading (holding positions for days, weeks, or months).