Steps for underqualified traders to find a prop firm

1

1badpug1

Apologies if this has been rehashed before. Often when I see people posting about prop firms, they have a degree from a top tier university. What if I don't have a college degree at all?

The only thing of slight value I bring to the table is that I have played online poker professionally for 6 years and some of the skills for that would help me in trading. My question is if I have no track record for trading, what steps would I need to take in order to find a prop firm that would take me. Is there a legitimate firm out there that will put up capital for me to learn to trade? Is there one that will take a $10k deposit and not rip me off with fees? (Assume I'm willing to move anywhere in the US.)

The reason I made this post is because I don't want to waste time applying if no prop firm will take me on. I'm very interested in places like Echo, Bright, and Kershner, but realistically I can't see getting my foot in the door if it's competitive. I'm also weary of settling for a firm that will rip me off.

Cliffs: 27yo with no college degree or trading experience.. Is it a waste of time applying to prop firms? Should I trade alone for a few years?
 
The firms you mentioned will take your money, bright requires more. As far as not ripping you off on fees good luck. There are firms that will back you, but without a strategy and track record your best bet is to have a computer science degree from a top school.
 
I would lot worry about that!

As mentioned before all of the firms that you mentioned only care about a deposit and commissions. All you are really getting is a leveraged account like in future trading and the golden handcuffs that keep you from leaving for a year. Oh, and the fees that erode you deposit as quick as possible.

Echo and Bright have been around a long time so its not likely they are going belly up soon!

As for a 10K deposit.... EVERYTHING IS NEGOTIABLE!! It's like dealing with a car dealer. They try to scare you on how expensive it is then when you are ready to walk away they start cutting deals....

In the end, if I were you, then you should trade at least 3 months on a demo account. 10K will be lost real quick when the fees and living costs start kinking in. Ninja Trader has a free platform and for about $75 you can get a data feed.

Trade on demo and see how things go! Like someone else said here "The market is not going anywhere".
 
Quote from Satan's Helper:

I would lot worry about that!

As mentioned before all of the firms that you mentioned only care about a deposit and commissions. All you are really getting is a leveraged account like in future trading and the golden handcuffs that keep you from leaving for a year. Oh, and the fees that erode you deposit as quick as possible.

Echo and Bright have been around a long time so its not likely they are going belly up soon!

As for a 10K deposit.... EVERYTHING IS NEGOTIABLE!! It's like dealing with a car dealer. They try to scare you on how expensive it is then when you are ready to walk away they start cutting deals....

In the end, if I were you, then you should trade at least 3 months on a demo account. 10K will be lost real quick when the fees and living costs start kinking in. Ninja Trader has a free platform and for about $75 you can get a data feed.

Trade on demo and see how things go! Like someone else said here "The market is not going anywhere".
More...

"take as in steal or as a deposit?"
just joking.
 
Quote from 1badpug1:

Apologies if this has been rehashed before. Often when I see people posting about prop firms, they have a degree from a top tier university. What if I don't have a college degree at all?

The only thing of slight value I bring to the table is that I have played online poker professionally for 6 years and some of the skills for that would help me in trading. My question is if I have no track record for trading, what steps would I need to take in order to find a prop firm that would take me. Is there a legitimate firm out there that will put up capital for me to learn to trade? Is there one that will take a $10k deposit and not rip me off with fees? (Assume I'm willing to move anywhere in the US.)

The reason I made this post is because I don't want to waste time applying if no prop firm will take me on. I'm very interested in places like Echo, Bright, and Kershner, but realistically I can't see getting my foot in the door if it's competitive. I'm also weary of settling for a firm that will rip me off.

Cliffs: 27yo with no college degree or trading experience.. Is it a waste of time applying to prop firms? Should I trade alone for a few years?
More...

hmmmm.... in your case, if I was in your shoes... I would talk to Bright... I guess it all depends why you want to trade... if for your own account or if to tell people you are a prop guy.... I personally care about my account more than who I work for (meaning people knowing what I do - so not an ego thing)...
 
Quote from 1badpug1:

Apologies if this has been rehashed before. Often when I see people posting about prop firms, they have a degree from a top tier university. What if I don't have a college degree at all?

The only thing of slight value I bring to the table is that I have played online poker professionally for 6 years and some of the skills for that would help me in trading. My question is if I have no track record for trading, what steps would I need to take in order to find a prop firm that would take me. Is there a legitimate firm out there that will put up capital for me to learn to trade? Is there one that will take a $10k deposit and not rip me off with fees? (Assume I'm willing to move anywhere in the US.)

The reason I made this post is because I don't want to waste time applying if no prop firm will take me on. I'm very interested in places like Echo, Bright, and Kershner, but realistically I can't see getting my foot in the door if it's competitive. I'm also weary of settling for a firm that will rip me off.

Cliffs: 27yo with no college degree or trading experience.. Is it a waste of time applying to prop firms? Should I trade alone for a few years?
More...

I'm about to give you some really good advice and I hope you take it or at least consider it. Go to college man.
 
Quote from Maverick74:

I'm about to give you some really good advice and I hope you take it or at least consider it. Go to college man.
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I have to agree with that. By the time you get done hopefully the market risk atmosphere would have improved and at least you will have that credential. Right now, firms just do not want to take on any risk. The college degree is truly kinda the minimal filter - I would imagine that alot of firms shitcan resumes without a college degree. All of the firm's principals went to college, so to them it shouldn't be that difficult for a new hire. Think of it as the minimalist hurdle. Plus, alot of firm principals will equate college to the ability to absorb, understand, and retain information.

I'm not saying that this is correct, or even fair, or even what makes a good trader. Just stating to you what I have seen around the Chicago prop firm business climate.

Whichever path you choose, the very best of luck to you man.

Plus, if you're 27 yo and in decent shape you should really fit right in. In fact, chicks might dig you. There is some upside in this in terms of instant gratification !
 
Quote from bone:

I have to agree with that. By the time you get done hopefully the market risk atmosphere would have improved and at least you will have that credential. Right now, firms just do not want to take on any risk. The college degree is truly kinda the minimal filter - I would imagine that alot of firms shitcan resumes without a college degree. All of the firm's principals went to college, so to them it shouldn't be that difficult for a new hire. Think of it as the minimalist hurdle. Plus, alot of firm principals will equate college to the ability to absorb, understand, and retain information.

I'm not saying that this is correct, or even fair, or even what makes a good trader. Just stating to you what I have seen around the Chicago prop firm business climate.

Whichever path you choose, the very best of luck to you man.

Plus, if you're 27 yo and in decent shape you should really fit right in. In fact, chicks might dig you. There is some upside in this in terms of instant gratification !
More...
 
dude, you are 27 and no degree. EMG will love you!!

so you "trade" for 3 years, blow up.

now 30 with no degree and no skill set. this could end badly.

however, if you are that special trader....

take 25k, trade 25 contracts, make an easy 10,000 a day...

retire young.

I have trading friends running 5 mil of their own money. 45 years old average.

so.....do you take the blue or red pill?
 
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