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Hi, I am a beginner to futures trading. I have been trading in sim for a few months and watching webinars and researching to develop a strategy before going real time with money.
My question: I find trading interesting and am passionate about pursuing a full time career to be among the few that succeed in this market. Is it worthwhile for me to work in a proprietary firm to to develop my trading? it'll be great if i can get the perspective of someone who has worked here before...hoping to understand:
-what I am up against
-the realities of prop shops
-how i best get selected for during the application process
-any other insights is greatly appreciated
If your dream is to be a prop trader in Australia I would highly recommend that you learn to trade spreads and interest rate futures, which is what they mostly trade.
You are in the right forum to get help!
Trading needs a strong endurance in time and money. The learning curve is not steady as good strikes and bad strikes influence your trading style.
In order to not give a clear answer from my side I recommend you to read the posts about failure(s) by traders and their honest stories: futures io > Trading Community > Psychology and Money Management
When you have read the most commented threads you will get the bigger picture for yourself.
Search also for posts with keyword "overtrading".
Good stuff for a long weekend!
I would also like to mention this is very personal journey, others can only point in direction but all the decisions needs to come from your end only. Also, others can never know truth about your situation, only you can know that so what others say as "good" may also not actually apply to you.
My only suggestion would be to make sure you have some kind of other income, even if its not much it should be the one to support you while you are learning. There are many financial market related jobs, not just prop-desks, and there are many good official certified ways to open those doors. If you are still very young and serious about career, its possible that you may have many options to get into than you are realizing right now. For example many people here do things like CFA or/and FRM and get in as research analysts in any active market participating or service providing companies, it gives you time, practical knowledge and stable income till you make it on your own
Hard to say based on what you provided. Presuming you want a firm to take you on as an intern, provide training and mentoring as you progress. They look for
- young
- not much trading
- some sort of background in competitive endeavors
- clever
- level headed in terms of expectations and work required on your part
No reason not to apply. But bottom line - what's in it for them?
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
