Trainee Prop

B

bm0899

Hi,

I have been doing free training at a prop trading house in Australia. The training is for 1 month on spread trading the Bonds. I am thinking if its worthwhile of finishing the remaining three weeks? I am seriously thinking of dropping out of the course. They use CQG spreading. They will take 2/3 people from the class of 13. I have traded unsuccessfully before for 3 years.

Any insights or advice would be worthwhile.
 
bm0899 said:
I have traded unsuccessfully before for 3 years.
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It looks like you need either their help, someone else or a new career. I would spend the balance of the course to learn. Whatever you were doing, was not working.
 
bm0899 said:
Hi,

I have been doing free training at a prop trading house in Australia. The training is for 1 month on spread trading the Bonds. I am thinking if its worthwhile of finishing the remaining three weeks? I am seriously thinking of dropping out of the course. They use CQG spreading. They will take 2/3 people from the class of 13. I have traded unsuccessfully before for 3 years.

Any insights or advice would be worthwhile.
More...
Why were you unsuccessful? Did you figure that out? I do not know them so I can not say if they will help you or not. Perhaps a mentor could help.
 
OP,

Thats a pretty typical setup to be honest. Its a high risk high reward opportunity. I use the term "opportunity" because it isn't a "career". Its basically your own business. I've been prop trading about 10 years. Some years are very lean, other years you pull in big money. Its constantly changing.

The majority of prop traders these days (in my experience) are spreading. You really do need the structure of a prop firm to get started as autospreaders are very expensive for a small account and you will also need a prop firms lower commission fees so if you want to be a day trader youre probably in the best place (assuming they actually teach you something useful).

I know from experience its incredibly hard to hire trainees these days. Exchanges used to have "new blood" incentives that gave new traders free round turns for a while. But exchanges have scrapped that and are now charging data fees to even view the exchanges. A failed trainee will cost you about $30,000 so to take on 4-5 a year is realistic.
 
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