what kind of training do you get at a prop?

The guy that I sat next to at my first gig (he visits ET from time to time but I'll keep him anonymous) taught me a really good lesson.

He had a 10:30am "check in" every day. If he was down $2,500 or more then he cut himself off and was done for the day - no matter what. How he cut himself off was the best part. He'd walk over to the liquor store across the street and buy a bottle of booze... stating that it was cheaper to drink away $20-$30 than lose another $2,500 being foolish.

Thank god for his sake he had very few losing days like that :)

The reason why I don't manually trade is that I don't cut myself off like that. It's a very important thing to know when to walk away...
 
Quote from WinstonTJ:

The guy that I sat next to at my first gig (he visits ET from time to time but I'll keep him anonymous) taught me a really good lesson.

He had a 10:30am "check in" every day. If he was down $2,500 or more then he cut himself off and was done for the day - no matter what. How he cut himself off was the best part. He'd walk over to the liquor store across the street and buy a bottle of booze... stating that it was cheaper to drink away $20-$30 than lose another $2,500 being foolish.

Thank god for his sake he had very few losing days like that :)

The reason why I don't manually trade is that I don't cut myself off like that. It's a very important thing to know when to walk away...
More...


+1

this post gives one of the best advice ever posted on ET. it is guaranteed to be ignored by the hoi polloi.
 
well, the prop firm isn't going to back you unless you do things their way. They need a lot of shares to trade hands to make a living.
 
Quote from WinstonTJ:

The guy that I sat next to at my first gig (he visits ET from time to time but I'll keep him anonymous) taught me a really good lesson.

He had a 10:30am "check in" every day. If he was down $2,500 or more then he cut himself off and was done for the day - no matter what. How he cut himself off was the best part. He'd walk over to the liquor store across the street and buy a bottle of booze... stating that it was cheaper to drink away $20-$30 than lose another $2,500 being foolish.

Thank god for his sake he had very few losing days like that :)

The reason why I don't manually trade is that I don't cut myself off like that. It's a very important thing to know when to walk away...
More...


Interesting strategy. I don't look at my PnL when I trade so I have no clue if I am up big or down. I think I am an idiot. What do you think?

I learned this at the Kenny Roger's school of trading.

"You never count your money while you're sitting at the table. There will be time enough for counting, when the dealing is done."
 
Quote from dv4632:

Is it any better than the usual retail trader education out there?

For example I think of someone being schooled in any profession. At first you do book learning mostly on your own, maybe study and trade ideas with classmates, ask the prof some questions at times. This is usually done in a classroom but can also be done remotely. That is akin to my retail trader education to this point.

But after that you go on to the next stage where there is individualized teaching and training. Let's say you are going to be a surgeon. You'll be in the OR with an experienced doctor, watching him perform surgery and being able to ask questions throughout. Then eventually you start to do some things on your own under his/her supervision. There is a similar process in most other professions.

Is there a next stage of education for traders?
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why don't u ask yourself this:


if u are an average successful trader making $50K per month, would u want to teach rookies? Rookies are like babies, they will irritate u by asking so many questions and cry like a baby. Rookies are the most annoyed people in the world. All they do is ask lazy questions and cry cry cry.



Not even worth it teaching a rookie. Let them cry and burn their accounts




P.S they will cry and cry louder until they get what they want.
 
Quote from WinstonTJ:

The guy that I sat next to at my first gig (he visits ET from time to time but I'll keep him anonymous) taught me a really good lesson.

He had a 10:30am "check in" every day. If he was down $2,500 or more then he cut himself off and was done for the day - no matter what. How he cut himself off was the best part. He'd walk over to the liquor store across the street and buy a bottle of booze... stating that it was cheaper to drink away $20-$30 than lose another $2,500 being foolish.

Thank god for his sake he had very few losing days like that :)

The reason why I don't manually trade is that I don't cut myself off like that. It's a very important thing to know when to walk away...
More...
My cut off was the T-BAR, I had to stop, off days became big down days :eek:
 
Quote from 1765hillwood:

My cut off was the T-BAR, I had to stop, off days became big down days :eek:
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yeah, It makes you feel like a man when you look that pretty bartender in the eye and tell her, "Let's settle up, I've had enough." (but I always left a big tip)
 
Quote from emg:

why don't u ask yourself this:

if u are an average successful trader making $50K per month, would u want to teach rookies? Rookies are like babies, they will irritate u by asking so many questions and cry like a baby. Rookies are the most annoyed people in the world. All they do is ask lazy questions and cry cry cry.
More...

this is exactly the point. Nobody successful is going to want to spread their around their strategy. That's the equivalent to Coca Cola selling their recipe. As far as trading goes, a firm probably can help guide you through the learning process and accelerate the learning curve because most people there can help you fix mistakes before they happen because they have personal experience with it.

It depends on what you're spending. I don't think it's worth paying 10k for one training course. That would be the equivalent of paying $10k for a college course. If the price is low enough, you should look at is like a college course. Around NYC, a typical private college class runs about $4000 or $5000. You won't become an expert in the field by taking a single class, but it's the sum of all the different classes you take together + your experience that will help you become successful.

You have to take it seriously if you want to succeed. If you don't have the drive and passion and just expect to hand over 10k to T3 or SMB Capital and be profitable 3 months alter, you might as well flush your money down the toilet
 
Quote from WinstonTJ:

The guy that I sat next to at my first gig (he visits ET from time to time but I'll keep him anonymous) taught me a really good lesson.

He had a 10:30am "check in" every day. If he was down $2,500 or more then he cut himself off and was done for the day - no matter what. How he cut himself off was the best part. He'd walk over to the liquor store across the street and buy a bottle of booze... stating that it was cheaper to drink away $20-$30 than lose another $2,500 being foolish.

Thank god for his sake he had very few losing days like that :)

The reason why I don't manually trade is that I don't cut myself off like that. It's a very important thing to know when to walk away...
More...

+1
 
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