Want to be accepted at Prop Firm

Discussion in 'Prop Firms' started by wanabetrader, Dec 16, 2001.

  1. Hi all :)

    I've been reading threads in elite. So far I have found a lot of useful informations on a variety of trading aspects at Prop firms such as Worldco, Echo, and Bright. I have worked at Charles Scwab as Trader Assistant and at Morgan Stanley as Research Analyst assisting their wordwide Desk Traders for two years. To be a trader is my lifelong dream, but I am not sure whether I m really qualified to be accepted to be a traders at prop firms. I have no experience in trading or doing active trading on my own. Even though, I was involved in trading operations. And I also do not have much money to contribute to the prop firms, since I still have to made payment on my past due student loan.

    Would anyone out there willing to help me to achieve my lifelong dream? Opinons and suggestion are warmly welcomed :)

    Many Many Thanks in advance

    Happy Holiday, everyone :)

  2. Send out your resume to them. The worse thing that will happen is they won't accept you. So what apply to them all and be persistent.
    Robert Tharp
  3. cashonly

    cashonly Bright Trading, LLC

    I know of a trader who was in a position similar to yours a few years ago. Trader's Assistant, limited funds, etc. He joined our firm and has worked his way to being one of the top traders in the company. So, I'd say "give it a shot" as you have nothing to lose by finding out what's available to you.
  4. We get dozens of requests like this every week, and we would love to accomodate them but....and this is the hard part...the business model of "hiring" traders simply has not proven to be viable. There has been only one firm that has done that very well (during the "bubble"), and now even they have cut back their existing traders and are not adding new ones.

    Your conviction seems real, and with that in mind, locating even $10K shouldn't prove too difficult.

    Also, if you try to attach yourself to a successful trader, that trader may want to sponsor you (we have many "groups" with friends sponsoring friends).
  5. Thank you so much to Rtharpe,CashOnly, and Don for your thoughtful advice. :)
    My biggest issue now is that my credit report is not that excellent. I used several of my credit cards to finance my education at UCB. My parents could not support me anymore. Thus, to finish my education (3 semester left). I turn to the credit cards to pay for the remaining fees. I realized that it's a careless part of me by not keeping my credit current. But at that time, it was the only way out. I could only work part time at the time and took several classes due to rigorous curriculum. It was a hard time for me but I'm finally graduated.
    I am afraid that my credit report will affect the decision making of my acceptance at Proprietary Firms.

    Will anyone out there kindly provide an insight to this dilemma?
    Once again, many many thanks for your advice :)

  6. start thinking about this as a long term thing. Sounds like you are thinking about it as well for the next 3-6 months. Think years --not months

  7. Don Bright and Rtharp, what are each of your firms minimum amounts to join up as a Nasdaq customer trader and what type of leverage is provided?
  8. Hit&Run



    i wrote you a private message earlier...but i just read the post that you're a UCB graduate...so am i...i graduated in '99....but i think i have some valuable info for you...can i have your email...or you can just call me...i gave you my number....=)

  9. Always remember one thing:

    Good Traders are rare and hard to come by. Those that establish their abilities are well taken care of at their current firm. Those that keep jumping from one shop to the next do so because they are not profitable and blame everything else for their losses.

    So when you approach a firm, be humble. Expect to go in there with the responsibility of proving yourself. If you believe in your abilities, then you may be asked to put up some capital. Some firms do not require any upfront capital, but they will also end up treating you like a novice.

    Don't be afraid to pursue your "dream". There will ultimately be a firm out there that will take you on. But be humble. Expect to have to prove your abilities, then the sky's the limit.
  10. Vinny1 to keep this post on topic you have been messaged on your private mailbox about Echo's minimum. Please check your mailbox on this site.

    #10     Dec 17, 2001