I'm new to this website and you've given me some great advice. I have been trading with a simulator to see how I would do and gain more experience. I promised myself to trade 6-10 months through the simulator and if I'm successful I was going to try to get in with a proprietary firm. I have a pretty good full-time job now, so I want to ask you experienced traders if prop firms accept traders who would start part-time and then move into full-time once they get to a point when they have grasped trading and will be successful. I want to be a trader, but I want to be realistic and not risk putting myself in a bad position and not only hurting my career but effecting my family as well. Thank you in advance, you guys provide a ton of great information!
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Trading through a Prop Firm
- Thread starter sfcowen
- Start date
If you are young and don't have a good career or a family that is one thing..... daytrading and a good family life just doesn't work (well 95% of the time). You have no idea what your future earnings will be. My advice to you is learn how to swing trade and do that while you build a good stable career. If you don't make money trading it is not the end of the world then....... out of the 30 or so people that I daytraded with in the early/mid 2000's I know of one that is still doing well. The odds are heavily stacked against you and having a wife and kids and trying to pull this off is way too much pressure imo. You don't have to daytrade to be a trader remember that. It is much easier to make money swing trading than daytrading. Even if you were making money now that doesn't mean you will be making money 1, 2, 3 yrs down the road. You are putting your marriage on the line too don't forget that for a minute. BTW you could have picked a better time to be a daytrader like 10 yrs ago!
Quote from sfcowen:
I'm new to this website and you've given me some great advice. I have been trading with a simulator to see how I would do and gain more experience. I promised myself to trade 6-10 months through the simulator and if I'm successful I was going to try to get in with a proprietary firm. I have a pretty good full-time job now, so I want to ask you experienced traders if prop firms accept traders who would start part-time and then move into full-time once they get to a point when they have grasped trading and will be successful. I want to be a trader, but I want to be realistic and not risk putting myself in a bad position and not only hurting my career but effecting my family as well. Thank you in advance, you guys provide a ton of great information!
Quote from ucf_student:
If you are young and don't have a good career or a family that is one thing..... daytrading and a good family life just doesn't work (well 95% of the time). You have no idea what your future earnings will be. My advice to you is learn how to swing trade and do that while you build a good stable career. If you don't make money trading it is not the end of the world then....... out of the 30 or so people that I daytraded with in the early/mid 2000's I know of one that is still doing well. The odds are heavily stacked against you and having a wife and kids and trying to pull this off is way too much pressure imo. You don't have to daytrade to be a trader remember that. It is much easier to make money swing trading than daytrading. Even if you were making money now that doesn't mean you will be making money 1, 2, 3 yrs down the road. You are putting your marriage on the line too don't forget that for a minute. BTW you could have picked a better time to be a daytrader like 10 yrs ago!
I would say yes...some firms have an expectation of profitabilty per month but often it's low for new traders. Also, keep in mind that some firms offer low commissions rates, little capital down a strong profit split, no monthly fees, free training and a strong profit split. It just takes some research. If you have a passion and the gumption, you could do v. well. GL.