Tbh I'm not sure if I should post this in case anyone from the companies involved reads it. I'd I have an offer from a small prop firm in my country (Singapore) No capital from my end. Profit share 50%. They will mentor me in the beginning months. I also have an offer from Propex to do their online program. 5 week trial period online basically then a trainee period at the firm. I haven't signed anything at either side, tomorrow will be the first day at the local firm though. I also have to send back my Propex agreement latest by Wednesday. I am feeling worried lying on bed now. I don't know if the local guys are good traders -- I've chatted with them and went down to their office, they are friendly, and it doesn't seem like a scam as far as I know, but so far I haven't had concrete evidence yet that they are good traders. Propex has been established a long time so they must be doing something right. But they have some bad glassdoor.com reviews for Singapore, so maybe the Singapore office works differently from the Aussie one. Furthermore I don't know if I will even get in. I can't do both simultaneously. I just want to go where I can learn the most, from successful traders. I don't know, maybe I'm just worrying over nothing at the last minute. Rationally i am thinking the best thing to do is go down tomorrow, see what they will do, and tell them my concerns. What do you think?
I would be highly suspicious about firms offering to hire you with no capital required. You need to talk to people in the market to find out who are the guys behind the company and what have they done in the past. If you don't know people, send me a direct message as I know most of the players in Singapore and could find out about any others in a few minutes... But the reality is that most companies are looking to exploit you so keep eyes wide open and don't let yourself be conned. If it's too good to be true than you know its not going to work. Singapore is an expensive town flush with cash so plenty of scams going around.. the MAS has a website which lists those companies with a license to trade in Singapore - check that out as well. Plus social media is strong and searching for the company and people will bring up a ton of stuff - get off the bed and on the computer...time to work buddy, money don't sleep!
I'm in Propex Sydney you can ask me any questions about it. I would 100% go with them because I wouldn't trust any other firm especially with how the industry is. Let me tell you something about the majority of prop traders and firms in general; no-one cares about you and no-one is going to give you any edge. The teaching that most will try do is basically a sausage massage. Most people want to see you suffer and fail. Some guys are nice but that's about it. They won't be teaching you how to properly and consistently win. In 5.5 years I've only come across 2 people who could teach you how to do it. The guys making the most money are very selective and secretive with what they tell you. At the start you will probably be star-struck and think everything they say is gold; but then the polish wears away and you realise that you shouldn't be wasting your time speaking to selfish c*nts. Try to filter people out with how straight-forward they are with answers and how black-and-white they can be. Trading is one of the hardest things you'll attempt at your life, and the difference between consistent winners and losers is literally a knife-edge. Grabbing any concrete evidence, facts, research and planning is essential in this gig. If you want to succeed you have to be prepared to start researching an informational edge to base your trading execution off. This has nothing to do with the firm you join, but they can definitely foster it. Propex gives you 1 billion doors to open. You don't know what to do with them, but they can be opened. When guys are nice to you, like those locals, but you feel like they may or may not be great traders... here's whats really happened; they came in, they stuck around for a while, an "easy product" came along where it was pretty safe and the blow-outs weren't big, they took advantage of it and made some income, but now it's died away for the past year and they're struggling to find ground in something new. A lot of people do not survive the turn-over. This is a harsh reality we all face and it can happen to anyone if you let your guard down. I can give you a lot of examples on what to start with but it's very early for you. For example, for my mentee starting soon I'll be giving him homework to research a spread high and low max range with retracement value, for the past 6-months. So he'll make an excel sheet with his own research as to how the spread behaves for a certain session. After he does this, we'll go through some basic tail-risk strategies to draw some money out of the market. When you have this informational edge and basic research to back yourself, you will have some confidence to back yourself when you put on a trade. And then of course, I'll have to watch him crash and burn as the months go on because he is unable to avoid the pitfalls of certain Tier 1 event data or fundamental moves. But after every fall, I'll help him up with how to avoid it in the future, what to look for, and how to survive. Most "gurus" you'll find at any firm you go to, will not be the rock you want to lean on. They will give general wishy-washy advice and enjoy the general sausage massage that new kids give them. Anyway if you want to know more just ask away.
@s0mmi Just want to say thank you for your honest reply. My perception about people at prop trading firm was everyone was willing to help each other. it's good to know the reality.