Alternatives to Prop Firms?

Quote from TrueProp:

Haven't read it all yet, but this thread is hilarious. Just a comment about prop firms my man. It sounds like the "prop" firm you were a part of was actually what is now called "retail in disguise". A true prop firm would not require that you put up a deposit. A true prop firm would capitalize you and hopefully they would set you up with some sort of mentor in addition to some form of training as well. True prop firms have at least some/a little vested interest in your success.

On another note, it seems like you've passed over the advice that Maverick offered....if there is anyone on this site that knows anything about the world of trading, it's that guy. Maverick I'd like to thank you by the way for the thread on tape reading when you went back and forth with shortseller. Classic. I remember my mentor having me read that before I started trading and it made very little sense to me. After I traded for a few months it made more sense, now here we are almost 4 years later and it's second nature to me in watching price action. Although I rarely ever saw double prints.

Can you send me the link to that thread on Tape reading ?

Thanks.
 
TsTrades, you MUST find a way to network with traders at one of the (legit) prop firms you listed as your desired place of work. I.e., you gotta somehow make friends with them, and Facebook is useless for such things. Networking must always be done the old-fashioned way - face-to-face.

The fact of the matter is that even with traditional jobs most people are hired through referrals from from friends. Most of the tougher jobs out there are available through job agencies because of this issue, but even there you'll see recentally landed immigrants referring each other because they were friends back home, or in-laws.

And with a (potentially) high paying career (as trading) where you want to be taught AND receive a salary, AND not have to put up risk capital... believe me, you NEED a REFERAL - there is NO OTHER WAY. Especially not in the type of economy we're in now because I'm sure most of these firms know that we're headed for a double-dip and worse.

With a referral they'll even let you enter as a trader-in-training. Just make sure you ask your reference if his/her boss prefers a total novice, or someone more experienced. If they want a novice whom they can groom bottom-up, then just don't mention your experience with previous prop firms. Don't even use the word "prop firm" or it will raise a red flag.

Anyway, for a 32+ year old with no previous contacts in the industry there is STILL HOPE... You just gotta find a person who will help you break in. This is why many GREAT actors go undiscovered - can't catch a big break with a big director.

REFERENCES/FRIENDS/REFERALS ARE KEY!

Its what you know, but also WHO you know in Hollywood, Washington, AND of course, on Wall Street!
 
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