What's the point? They're gonna start traders off with a measly $20 or $50 max intraday stoploss - even with experience. I don't understand why breakship quotes Title Trading as being a "good company" - or any others for that matter. Maybe he hasn't read the rest of the threads about them. The fact of the matter is that the TRUELY GOOD COMPANIES pay a BASE SALARY, and only young university graduates with an aptitude for math even have a chance with them. And pretty much all such firms are the high-frequency/quant types; none I have come across so far has listed any openings for discretionary traders. Take a few WISE (and LOGICAL) tips from me regarding this business: 1] Only become a trader with YOUR OWN SAVINGS. 2] Forget about pie-in-the-sky non-sense about employment with these "firms", and/or unrealistic monthly, weekly, and daily profit targets - e.g., 25% + returns per month, or 1% per day... that's unrealistic. 3] Most of these prop shops are going to go belly up if/when the market crashes anyway. 4] Its not that hard to save $100,000 in a few years; I am still saving, and using Elliott Wave, and another self-developed system to trade various markets. This is the best route for someone who hasn't graduated from a top notch school with a top notch GPA. It's working for me. All you need is a savers mentality. 5] Do NOT borrow from lines of credit, credit cards, or even trade on margin - especially if you are very new to this business! 6] In the meantime just demo trade, and keep your demo trading HONEST. Eventually you will have enough money saved up AND a system that works! 7] Aim for a 8% to 10% NON-compounded return per month on the high end, and 5% on the low end, and withdraw that money from your trading account after you hit your target; you will have those funds available to re-invest later on if/when you become certain that your live trading is yielding CONSISTENT results with ACCEPTABLE dradowns. 8] Build a 1 to 2 year record, and then get friends and family to invest. 9] NOW you can quit your day job! SIMPLE! Good luck =0)
Welcome to the world of Prop 95% of the firms out there are like that. This is why so many people will say to trade in sim for months before you even think of starting as a trader so you have a feel for the market and understand the true market rather then theory you get from BS books
I still work there and I think they are fine. Trading just sucks and its almost impossible for newbies to scalp money as a beginner... Not surprised they cant teach you anything... its not your fault its just a numbers game.
I still think that if you are a new trader you just dont have enough perspective to really see things clearly. This market is brutal. The smartest people I know are down 50-90% of what they made in 2009. Branches are closing left right and center... its not just title, every day trader monkey shop has little to no chance of training a new trader in this environment...
This I could not agree with more! Those traders who are not changing with the times are getting killed. Less and less you are finding traders who make 50k a month and rather those guys are making 50k a year
Looking for a legit prop firm that will call you back. I have tried to join with 3 prop firms this week with no luck. It is Very hard to get someone live.