Let's set the record straight!

T

T-Bone Trader

The number one reason for "no edge" traders for joining a prop firm shold be to receive solid training and coaching.

Their objective in the beginner/intermediate level of trading should be not losing money. It should be to understand what a good strategy is. Both TA and Psych.

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As for very experienced trader who have already developed the experience to exploit their trading edge, the number one reason for joining a prop firm "will" be to get that leverage buying power.

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Speaking for myself, I'm starting to get a groove for technical analysis trading. My understanding is that once you start to have a trading record, the risk manager will increase BP exponentially so long as my profits significantly outweigh my losses. This way, they can trust that they will not be putting themsleves at risk.

I can't stress how important it is to find a solid prop firm with good mentoring.

At my other prop firms, I used to see so many wide-eyed beginner traders sit a desk away from me for a weeks - only to see them blow their accounts. I now realize it was because of bad quality training.

It's kind of ridiculous now when I think of the training I got back then. You know who you a$$hole wannabe coaches are and I am now HAPPY to say that I make more money than you guys.

Some of these prop firm traders should be taken out and shot! They cost me so much money and aggravation. When I think of all the beginner traders they scam with their "empty" talk on coaching, it makes me feel sorry for those guys.

Trading can be profitable! Just be sure to join a good prop firm with a good mentor by your side. It has made all the difference in the world for me.

I won't single out the bad seed prop firms but most of the posters on ET know who they are. For experienced traders, it doesn't matter whether you get coaching but for the majority of new traders, it makes all the difference in the world.

I'm proud to say that trading is now fun and lucrative.

Best of luck all!
 
Quote from cubical:

you sound pretty insecure about your trading and ability to make money in the markets imo.
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Definitely not insecure about trading skills - I'm starting to get a real feel for my charts.

As far as making money in these markets, I've been making a decent profit everyday - nothing big, a few hundred. But that's not the important thing. The important thing is that I am for once in my trading career - able to say that I am CONSISTENT.

I respect your opinion (not so much the logic underlying your statement which IMO has no foundation). Rather I respect your right to have an opinion.

This thread was meant to help beginner traders understand that training and coaching are the single most important things when starting to learn how to trade - especially at a prop firm.

I wish you good luck Cube. Since """I""" don't need it! Maybe you can use some.
 
Thanks for the useful post. I'm very interested in day trading and was wondering if you could point me in the right direction.

Looks like you are doing okay lately. You also mention that you are getting good coaching in some other posts. Do you mind sharing the name of the firm you trade with? I want to avoid the mistakes that some of my friends have made.

PM if you prefer. Thx!

:p
 
you just really sound like you are trying to convince everyone ESPECIALLY yourself that you are now or will be a great trader soon. Unless you have been trading at least 18 months or have traded a million shares I would take this "positive rant" as nothing more than luck. I do hope you do well though, you just seem a bit premature and overexcited to truly be where you try to make yourself sound like you are. Maybe an "act like you've been there" attitude is something I would tend to put more faith in.
 
Quote from daytrader4cash:

Thanks for the useful post. I'm very interested in day trading and was wondering if you could point me in the right direction.

Looks like you are doing okay lately. You also mention that you are getting good coaching in some other posts. Do you mind sharing the name of the firm you trade with? I want to avoid the mistakes that some of my friends have made.

PM if you prefer. Thx!

:p
More...


Thanks DayTrader,

Like I mentioned the most vital thing is to find a good prop firm offering quality training. I've wasted a lot of money and good portion of my life trading at crappy prop firms in the past. Not anymore - and I want to let traders know that there are definitely options for you guys!

Don't pay attention to people who claim you need to have traded 1 million shares or have 18 months experience to have some "level of success." I been there and have done that! The difference NOW is that I get solid coaching.

Good training and coaching by itself does not make a good trader though. It is still up to me to keep up my studying and discipline steady so I'm still a WIP but hey, aren't we all? LOL

Check your inbox. Should be a real good start to your trading.
 
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