Curious About what they teach you at prop firms

Quote from pumpkinhead:

Who cares if you fit or not as long as you are making money. Are you there to make friends or make money? ANSWER: MAKE MONEY!!

What a prop firm does, is give you extra buying power for your money. So you can buy 10 times more shares than you normally would without a prop firm. But you also can lose 10 times more. You still have to open an account with them. The prop firm is basically a broker with a fancy name and more buying power. You still pay commissions, software fee's, misc fee's.
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Actually we frown on "buying 10 times more shares" or anything like that, quite the opposite. The BP allows for engaging in strategies that work, lower risk, higher reward, but more capital intensive....like opening only orders, pairs, mergers, market making etc. vs. "stock picking" or "guessing market direction".

Don
 
Quote from ChrisMMM:

That is what I originally thought that prop firms were for MONEY / LEVERAGE. If you didn't have money why not just trade futures, or forex... you'll get more than enough leverage there.

They only reason I would see in terms of moneywise of joining a prop firm is getting leverage on equities, but I could be wrong

I already know about the money thing.

What I am interested in is knowing other advantages of the prop firms. Do people sit down in groups and come up with ideas on how to beat the market? Or is everyone at their computer trading doing their own thing?
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We have groups, both "live" and online, mentoring, etc. the comaraderie is vital to success IMO. The "lone wolf" tends to miss opportunities, but when you have many sets of eyes looking at the market, it simply helps you.

Being around long term, successful traders is what everyone has been asking for, and we have responded with several plans. Feel free to call me to discuss any of this. 702.739.1393.

Don

Don
 
Quote from pumpkinhead:

Everybody is on their own computer doing their own thing. They don't trade in groups. You are in a group for 2 weeks when you are in training, but after that, you are on your own. No help from anybody. Everybody is worried about their own money, so they don't have the time to worry about yours. You're on your own.
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Not realy, unless of course you want to be a lone wolf, your choice - see above post...

(I probably should have read all the posts before answering, sorry).

Don
 
Quote from ksonsinc:

hey don
Are there any classes where you,ll can do training for a week ( intense training pair trading opening order,s etc
and is ther any disount if a person plans to open an account with you,ll with 10 K :D Remote
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You need $15K to trade remotely, and yes, there are intense training classes all throughout the year.

In fact, we're setting a whole new, additional group in NY to facilitate this effort. (stay tuned as they say).

Don
 
Quote from THE-BEAKER:

imo prop shop training is not worth anything at all.
they might tell you the general principles of trading and product information but they will generally pull a few selected charts of various outright charts or spread charts and say something along the lines of ' well if you had bought the spread there and been patient you would have made a couple of ticks' or the level here held obviously and you would have made a tick.

i find that the people doing the training are generally floor traders aged 35 to 45 or market experienced traders who cannot profitably trade electronic markets.

therefore their experience is useless.

fact (1) these markets are hard for experienced guys to make money. there fore even harder for new guys to make money.

fact (2) lack of resources and capital means most prop shops cannot even remotely compete with proper trading outfits.

fact (3) speed issues will only get worse for prop shops/arcades due to small resources and lack of any real it budget.

and in this game speed is paramount.

summary: i am nearly 40 years old and have traded these markets at floor level and electronically profitably.

my advice to anyone trying to get into prop shops is do not bother. spend more time and receive less wages from a proper outfit with a longer career strategy.
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We have successful traders teach our classes, both young and older. Continued mentoring is achieving excellent results.

Speed is not a big part of trading, IMO, since maybe the "video game" scalping days of the 1990's - (although we strongly suggest to our remote traders to have high speed broadband, of course)......doing "day" trading vs. better strategies that require programs and large data bases...our Vancouver groups are an excellent example, as will our NY group coming into the fold.

We are probably the last true generation that can bridge the gap between successful floor trading of most markets on several exchanges with some of the latest strategies and technology. My brother and I still trade daily, and our newer, younger guys are "tearing it up"...makes us proud what these young guys are doing.

All the best, gotta get set up for our morning chat session...we do this before the opening every day. We have our analysts in NY, Vancouver, Remote specialist, and me share the day aheads info.

And, thanks for the emails and PM's, keep them coming.

Don

Don
 
Argh!


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I have to disagree with those that say prop firms don't train. There are many firms out there that will sit traders next to guys that consistently bring home checks. You can't put a price tag on that. If you try to do this business by yourself I think the failure rate goes from 80% to 85% to probably 99%. I'm sorry, that is a cold hard fact. Find a good firm, and find a good group within that firm. It does not guarantee success but it does give you the best odds. what more can you ask for?
 
Quote from Maverick74:

I have to disagree with those that say prop firms don't train. There are many firms out there that will sit traders next to guys that consistently bring home checks. You can't put a price tag on that. If you try to do this business by yourself I think the failure rate goes from 80% to 85% to probably 99%. I'm sorry, that is a cold hard fact. Find a good firm, and find a good group within that firm. It does not guarantee success but it does give you the best odds. what more can you ask for?
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(You and I have spoken about this before).

It's kinda funny, that so many newer people, and even "experienced" traders, always ask the same question: "Can I just sit next to a really good trader and watch and learn?" And, then we make something like that available (whether it's you with your guys, or our mentoring, whatever the case)....always some who question the validity of what we do.

Brings to mind something like not being able to be all things to all people....but, since we are successful at what we do, and the traders can learn a lot, I suppose we'll keep at it, eh?

Anyway, how about that Goldman Sachs? Having dinner tonight with our "big boss" at GS, who flew out today for a visit...I guess they can afford to pay the check, LOL.

Don
 
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