Getting Hired At A Prop Firm

Fundlord,

You haven't seen enough market cycles. Your trading a very limited product. Most professionals are becoming multi-Asset traders now. There just aren't enough opportunities in the market and the industry.

Even professionals in the old Chicago trading pits would frequently wash out and become programmers/clearing staff.

Could you turn your Grubstake into a few million in a few years. Yes! Larry Williams did it. But, I wouldn't recommend it.

After a good run, younger folks think about going full-time/pro. The older cats think about mtm tax accounting. Both a distraction.
 
ExperiencedJoe said:
Tell me, why is it you are able to grow the account to 6 figures from this point forward but were unable to do it before now ?
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I never said I was unable to reach 6 figures or even 7 figures, but if I'm leveraging 10x its hard to be profitable without changing my short term strategy to a long term one.

If I have a 2,500,000 position with a profit of 10 pips and I think the move is over I'll close my trade immediately clear $2500 before commission.

If I have a $250,000,000 position with the same circumstances on paper ill be up $250,000 but when I close my trade I could be slipped several pips or the move could go against me while I'm trying to get out and I end up with a huge net loss.
 
Betting huge amounts for a 10 point move is not trading. It's gambling. I don't see any funds letting you gamble this way. So your only option is to gamble your 8k away, or use the money to partly fund your study of a qualification.

Your concern for not being able to get out of a large trade is unnecessary. You will not be in that position if you continue to gamble like that.
 
ExperiencedJoe said:
Betting huge amounts for a 10 point move is not trading. It's gambling. I don't see any funds letting you gamble this way. So your only option is to gamble your 8k away.
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You misunderstood what i said, i said if i think the move is over and if I'm wrong but i have a 10 point profit Ill take it instead of letting it going against me.

I have taken profits on trades varying from 7-350 pips

The most I risk on a trade is 1-2% so I don't see the issue.
 
Fundlord, is right, you can make huge %%%'s with small accounts but as the lot size, multiple positions goes up and the effect of watching say $1000 come and go on a 1 pt move would likely be far to scarey.

Same game, turning nothing into something, while learning at the same time, 20K would give me enough to make say 10K per month and withdraw back to 20K each month, $50 per pt on Dax will be enough to live off I'm sure :) maybe after I've banked a few months profit I'll let the account run to 50K area and trade full $100 per pt if I get greedy!

Don't bother with a Prop firm, you'll get there just take longer, better than wasting time on a dream with low odds on being hired let alone getting to the top of the traders to get the big bonus's.
 
p.s. ignore Experienced Joe just a troll, who likes to be negative likely blown account a few times and he's taking it out on everyone else.

If you don't try, you'll never know and it's fun so try hard and if need be fail hard, don't waste too much time on it :)
 
Turveyd said:
Fundlord, is right, you can make huge %%%'s with small accounts but as the lot size, multiple positions goes up and the effect of watching say $1000 come and go on a 1 pt move would likely be far to scarey.

Same game, tur
ning nothing into something, while learning at the same time, 20K would give me enough to make say 10K per month and withdraw back to 20K each month, $50 per pt on Dax will be enough to live off I'm sure :) maybe after I've banked a few months profit I'll let the account run to 50K area and trade full $100 per pt if I get greedy!

Don't bother with a Prop firm, you'll get there just take longer, better than wasting time on a dream with low odds on being hired let alone getting to the top of the traders to get the big bonus's.
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Thanks for your response but I think you also misunderstood what I meant.

Fear has nothing to do with it, watching $1000 a point on a $10,000,000 account is the same as 1$ on $1000 account in my eyes.

Im talking about liquidity affecting your profits at certain level.

If I'm unsure about $1m position I can't get out in a flash, $100m position is a different story so my growth will be slower at that level.

As for your theory of withdrawing 50% per month I disagree I would much rather compound it plus the odds shift against you if your withdrawing every month.
 
Fundlord said:
You misunderstood what i said, i said if i think the move is over and if I'm wrong but i have a 10 point profit Ill take it instead of letting it going against me.

I have taken profits on trades varying from 7-350 pips

The most I risk on a trade is 1-2% so I don't see the issue.
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Ok you make 7 - 350 pips, but you worry about making 10 pip loss. Perhaps taking a math qualification will allow you to accept the loss because then you will be able to calculate 7 to 350 pips minus 10 pips is -3 to 340 pips profit.
 
Turveyd said:
multiple positions goes up and the effect of watching say $1000 come and go on a 1 pt move would likely be far to scarey.
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Yes, quite scary for people who don't have much experience in dealing with that kind of money. I am a bit surprised you find it scary. I assumed you played with big winners, or at least you sounded like it.
 
ExperiencedJoe said:
Yes, quite scary for people who don't have much experience in dealing with that kind of money. I am a bit surprised you find it scary. I assumed you played with big winners, or at least you sounded like it.
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You'll excuse me, if I follow rule #1 and don't feed the troll's!!
 
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