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Steps for underqualified traders to find a prop firm
- Thread starter 1badpug1
- Start date
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 !
Thanks for your input. If I was in your shoes I think I would tell me the same thing. However the idea of wasting 3-4 years of my life doing something that doesn't technically benefit my career terrifies me. I think my time and money might be better spent developing a track record in those 4 years even if there's a reasonable chance of failure.
It sounds like I'll end up paying higher fees no matter what. As long as I'm working under good traders who want to teach me then I'm okay with that. That's the cost of my accelerated education as opposed to trading alone.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".
I think what I'm going to do is put my name out there with a few firms and in the mean time trade demo like you mentioned. Thanks
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?
There are 3 types of prop firms 1) employee 2) independent contractor 3) member. Prop firms in group 2 & 3 will accept you, may require a deposit and training fees. Of group 1 slim possibility but if you have been successful at poker you may have a shot.
However I agree with the previous advice you were given, go to college.
Quote from ofthomas:
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)...
The reason I care about who I work for at the moment is because I want to accelerate my understanding of the markets. It's not to say I'm a prop guy.
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 !
Thanks for your input. If I was in your shoes I think I would tell me the same thing. However the idea of wasting 3-4 years of my life doing something that doesn't technically benefit my career terrifies me. I think my time and money might be better spent developing a track record in those 4 years even if there's a reasonable chance of failure.
It sounds like I'll end up paying higher fees no matter what. As long as I'm working under good traders who want to teach me then I'm okay with that. That's the cost of an education.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".
In the mean time I'll definitely set up a ninja trader demo account. thanks
Quote from 1badpug1:
It sounds like I'll end up paying higher fees no matter what. As long as I'm working under good traders who want to teach me then I'm okay with that. That's the cost of an education.
In the mean time I'll definitely set up a ninja trader demo account. thanks
you can always go to school online... lower cost and you can take a class every 6 weeks...
anyhow, I wouldnt do NT...
why not take $500 and open an oanda account and trade fx micro's for a little while... dont worry about only winning/losing 50c or $1.... treat it as if it was $500K... in the end, the $$$ will have to not matter if you ever want to scale...