You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Quote from pegasys1:
You can get the same, if not better training at a true prop shop, even with 0 experience if you are smart and willing to work hard and long for no money. A true prop shop is highly invested in your success. If you don't win they lose.
Though a true prop has to trade its traders, aka cut losers short (fire you quick if they don't think you have the ability or the drive to succeed), and let the winners run (provide mentoring, training, and whatever else you need to become a profitable trader for the firm).
They also want you to stick around once you are profitable, so a true prop will do everything they can to inspire loyalty among their traders. Really, you just want the people you trade for's interests to be in line with yours.
Best advice for young traders looking to join a prop.
Quote from newbie2010now:
"One must be crazy to pay $ 10000 for training! "
Crazy is a nice way of putting it. If a firm has confidence in their strategy then they should not charge a dime. To me it says a few things:
1) They have no confidence in the guys they are hiring or the strategy they are teaching. If so then why charge the trader ? If they are afraid to take the risk of a trader losing money using their strategy then they should not be in the trading business. It takes risk/draw-downs to trade.
2)Their primary motive is to make money with these ridiculous training fees....not trading their strategy. Instead of doing the work on their end(having an in depth interview with guys they are considering), they just charge anyone with money to take their "course". Just throwing shit against the wall and seeing what sticks.
Charging 10k is the most ridiculous things I have heard of. If SMB's training/strategy is that good, hire the right guys, train them right, and both the firm and the trader will reap the rewards. That's how real prop firms do it.
Quote from Maverick74:
I saw this ad from SMB.
SMB Capital is excited to offer a unique opportunity for new and developing traders to progress from entry level trader to portfolio manager (PM).
We are offering the most comprehensive training program for short-term equities traders on the Street. Recently, we have created an extended training program to create a clear career path for new traders from entry level trader to PM. New trainees will study under experienced trading mentors and some of the most recognized short-term traders in the prop trading industry.
SMB Capital created this career path to offer new traders a 5-year portfolio manager career track. New traders will spend two years training and trading where they will develop essential trading skills. Then the best traders after two years will have the opportunity to further their training and trade a bigger book with some of the highest earning intraday traders on the Street. During this next career phase, traders will trade with more size and further develop their technical analysis and risk management skills. The best traders eventually will be offered the opportunity to manage a larger portfolio with several different asset classes.
This is a very unique opportunity to receive training from and trade with some of the most accomplished traders on the Street. The partners in this world-class training program are widely sought out by financial and news media for their expertise. Participating partners and senior traders regularly appear on CNBC, Fox News, and StockTwitsTV, and are cited in TheStreet.com, SFO Magazine, IBD, WSJ and several other publications.
We are looking for individuals with the following characteristics:
-Passion for the Markets
-Demonstrable History of Success
-Entrepreneurial
-Focused
-Controls Emotions
-Great teammate
-Coachable
**All live trading by trainees will be done through T3 Trading Group, LLC an SEC registered broker dealer with the CBOE.
So basically the guys they hire (which seems like anyone who will fork over 10k to them), get to spend 5 yrs training/trading....then finally get to trade some real size. I think they need to be much more specific on the size of their book after 2 yrs....then after 5 yrs.
I highly doubt that some of the biggest traders on "the street" trade there. From what I remember seeing them on that ridiculous Wall Street Warriors show, they weren't trading any kind of real size there. The "most recognized traders in the industry" part is a hoot. Funny stuff.
I didn't realize that the top prop firms needed to charge their guys 10k. In most cases firms that charge a fee to learn their strategy are either under-capitalized or have a strategy that doesn't work.
Quote from Don Bright:
Probably start here:
https://www.cboe.org/Legal/
or here:
http://www.cboe.com/AboutCBOE/ContactCBOEADV.aspx
Don
Went to the link but basically they only record something if there is a disciplenary action against a firm (and it looks like they nail everyone). So basically, there is nothing like "FINRA Broker check" for CBOE/CBSX firms.
New training program from SMB Capital being offered on advanced technical analysis. From SMB's trading blog:<blockquote><i> I have been working on a new Advanced Technical Analysis program which expands our training program at SMB with tools that are applicable to all asset classes and all timeframes. Iâm excited about this project as it is the distillation of many years of my work. Also, it does make you thinkâwhat is âadvancedâ trading or âadvancedâ technical analysis? My argument is that advanced is actually a simplificationâdoing the same simple, basic building blocks over and over. I think weâre going to air a section on moving averages on this weekendâs SMB University on StockTwits TV, so check that out if you get a chance.</i></blockquote>
Moving averages? What will those SMB traders think of next? A seminar on Jack Hershey methods?
Moving averages? What will those SMB traders think of next? A seminar on Jack Hershey methods?
In his book he says they would like to use algo-trading in the future, so I guess it's possible now.
To all you guys claiming 10k for a training course is a scam. Seriously, 10k?? I'm no "big swinging dick" but still, 10k is not a huge amount in this business. They don't have to teach you very much to make you save this amount in the future.
To all you guys claiming 10k for a training course is a scam. Seriously, 10k?? I'm no "big swinging dick" but still, 10k is not a huge amount in this business. They don't have to teach you very much to make you save this amount in the future.
Quote from bpcnabe:
Went to the link but basically they only record something if there is a disciplenary action against a firm (and it looks like they nail everyone). So basically, there is nothing like "FINRA Broker check" for CBOE/CBSX firms.
What specific information are you looking for? Ya, you're right about the link, not much except the disciplinary actions. CBOE will tell you over the phone if a firm is a member. FINRA can check the firm's standing even if it's a CBOE/CBSX if you have the firm's Web CRD#. If you want the financials, then you can get that from either the firm or through the SEC.gov site.