Quote from ThePropTrader:
But the good thing about these firms is that you don't put up your money and you get to trade, even if you are a bad trader, but they don't know that, and do get hired, you get some trading experience before they "let you go".
Quote from ThePropTrader:
Here is a great idea you can flock to
Go form a group of traders, find the most cheapest prop accounts, and split the entire monthly profits among the group.
So let say you formed a group of 5 traders including yourself.
Let say at end of the month the entire group is up $10k. You split that by 5 and each trader gets $2k.Even though one of the traders is down $2k he still gets $2k. And everyone is a winner.
Quote from ThePropTrader:
The people that teach traders how to trade are rich and are making well over $100k/year. Most of them are the owners of a prop office. You have to enjoy trading and do it because you like it and not because you want to get rich. With consistency money is just the by product. If you are consistent then the money will come no matter what. But if you get greedy then you become emotional and when your emotional you will make mistakes.
Prop trading dosnt work the way you think it does. A prop firm needs as much traders as they can get their hands on, especially good traders.
A trainer can make good money on his own, but he could also lose money like everyone else. Thats why prop firms / trainers hire and train traders in order to have a bigger advantage over the entire market. If a prop firm has 15 traders then the odds are in their favor that the firm will make a good profit. Even though a few traders will lose money, the losses will be offset by other traders winnings.
Here is a great idea you can flock to
Go form a group of traders, find the most cheapest prop accounts, and split the entire monthly profits among the group.
So let say you formed a group of 5 traders including yourself.
Let say at end of the month the entire group is up $10k. You split that by 5 and each trader gets $2k.
Much bigger advantage then trading alone isn't it? But for prop firms there is even a bigger advantage because they always keep half or more of "each" traders profits. Depending on what type of prop firm you are with.
Title Trading
Most Title offices payouts start at 50%
and there are few that start payouts at 40% and you work your way up.
Swift Trade
Swift payouts start at 35% and go up to 65% if you make $400k for them since you started you become a Master trader.
In my opinion, every new trader should start with 35% so they understand and get a feel how not easy it is to make money so they force them self to work harder and try to earn more profit so they can get that 50% payout.
But the good thing about these firms is that you don't put up your money and you get to trade, even if you are a bad trader, but they don't know that, and do get hired, you get some trading experience before they "let you go".
Once you get let go by a prop firm, and apply to another firm, just don't say you worked at a firm before but got fired because they will not hire you. Don't even put it on your resume. But if you quit because you just didn't like the atmosphere then there is nothing wrong with that.
Better stop here, getting way off the topic.
ThePropTrader
