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Paying to become a Proprietary Trader


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Paying to become a Proprietary Trader

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  #1 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
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Dear fellow traders,

I thaught of putting a list together with Proprietary Trading Groups where you receive education and have therefore to pay for it. The thread was initiated from two threads I read about paid services to get a prop here on futures.io (formerly BMT):

1. Your Trading Room review :

In this discussion there were already named all necessary information. For completeness the basic data:
20000 $ for education materials, YTR strategies and buying power in account
2. Apiary Fund | the Apiary Investment Fund :

The thread wasnīt that active recently . But I think Apiary is worth looking.
Costs: 695$ for a 3 month "Trader Development Program" and technology fee of 97$/month
I signed up for their introducion webinar but got a schedule for a event in the past which seemed not very well organiced. Iīll report back as soon as I attended the webinar.
3. Real-Time Trading | Learn to Trade Futures | TopStep Trader
After the combine at Topsteptrader (costs of 120$ or 140$) where you trade a simulated account you get an introduction to a prop firm called Pataktradingpartners (when successful). Hint: if you apply at Pataktradingpartners you have to do the Combine at TST but get back the costs for the Combine if they donīt take you signed up for their prop firm. For this your trading account must be in positive P/L.
3. SMB Trader Development & Training | SMB Capital
SMB Capital is a stock trading firm. The SMB Foundation costs 5400$ (remote) and 7900$ (in-house). But I think they do not hire you after successful participation. Then there is their next course "Trader Development" for 6000$. So I think they have a trading business and an education business where they might recruit only the high performers. A few years back they started their education for free to recruit people. Then they saw how they can earn an extra buck and I think thats it for them....
4. Trader Training Course from Global Trading Community, Trading Internships, Trainee Traders,
Donīt know anything but their costs are Ģ2,500 for 1 month or Ģ5000 for 3 months course.
If you do know other institutions that want you to pay for becomeing a prop trader it would be nice you add it.


Cheers
Jones

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  #3 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
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I've been at it for a few months so not sure about the going live process , but for the money I think it's a pretty good deal, with it you get the use of CTS T4 with live quotes and sim on pretty much every future , you also get a live (trading dj?)show and pit audio from S&P and dow Pits close by , they also have pit traders stop in and do interviews and able to ask 'em questions through chat room -

when I started out the minimum to "go live" was $2000 a week for a month (profit in sim) with max 5 contracts and rules but that has dropped some

One of the Dow pit traders, real nice guy, gave me his e-mail and I asked him a few questions now he sends me all kinds of stuff almost daily

I have found it educational and useful, if anyone does end up going for it and you want to , let me know I think you can refer me and if you go live they give a check maybe we can split it

but not recommending for that, I see value in it , honestly, but haven't seen too many traders go live in the time, some though

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  #4 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received

Hi GridKing,

thatīs exactly what I mean. I think the 120 bucks are worth a lot if you try it. I think I will go through a application directly at Patak. So I expect they send me to the Combine... .
But thank you very much for your offer!
I wish you good luck in your tradings and hope you get your seat!


Cheers
Jones

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  #5 (permalink)
 GridKing 
San Diego, CA USA
 
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no worries lol

I just went straight to the combine , I think they are starting to round up other investors as well , Good Luck!

if you do go through the combine spend some time in the live squawk and chat room , see you there

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  #6 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received

what do I have to expect in the combine?
- sim trading (only?) starting balance 50K ?!?
- squawk bow & chat with others
- do they give you also teaching materials
- I saw they also do refund your deposit if your account is greater than 56K (do they mean the 120 bucks for the combine with deposit?)

thank you in advance
Jones

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  #7 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
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There are coaches and people to ask questions available also because the skill range is wide , they also have participation prizes in the form of points , they are trying to work with vendors and set up a way to use the points to discount or free stuff and you can actually win some sim cash added to your account though I don't know if they would honestly count that to go live...

But the biggest help is he calls pit traders in crude and euro and sees what they are doing, sometimes you will get a heads up on some stealth trades from the big boys, I have paid $75.00 a month before for a pit feed so that alone is worth some, they'll go over support and resistance levels pre market , but basically want you to find your own way

you'll see he keeps it lively and there are many good people in there , you don't get riff raff cause everyone wants a job....

I think it's quite doable, i just didn't have a good strategy , it's certainly not easy for someone who hasn't traded for a living before but it's attainable in my opinion, I would just say stick with it and learn from it and don't focus on the profit goals, focus on trading JMO

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  #8 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received

what insturment/s do you trade in the combine?
do you in the moment take the combine a second time?

cheers
jones

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  #9 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
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It seems like the people who go live quickly trade crude or things that are a bit more volitile, you can trade two so i guess depends on if you want something that you can hedge with or focus on one but once you start with those two you can't switch up ...

I have been in a few combines but just made a lot of mistakes and wasn't trading at the right times due to work also , but I just started one and am taking it slow , I have been working on coming up with a strategy that works for me which I really didn't have, you may get lucky a few times but to be consistent takes some doing and is what they are looking for, at this point I'm not worried about how long it takes , though hopefully not much longer, I just want everything to click so I am confident in trading

also : don't overtrade , they account for commissions in the sim now so those can eat you up even if profitable

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  #10 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
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If you haven't used the CTS platform before it takes a little getting used to at first, sign up for the free 2 weeks through the CTS website to get used to it first is my suggestion ...

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  #11 (permalink)
 protjor 
Bruges
 
Experience: Beginner
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Jones,

Did you already sign up for the trading? Very interesting post, i was in search for several compagnies too.
I'm located near you, in Belgium. I know a firm in Germany where you can go if you have a good and consistent tradereport.

Grtz

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  #12 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received


protjor View Post
Jones,

Did you already sign up for the trading? Very interesting post, i was in search for several compagnies too.
I'm located near you, in Belgium. I know a firm in Germany where you can go if you have a good and consistent tradereport.

Grtz

Hi Protjor,

no I didnīt sign up directly. At the moment I do some ordinary work to get my account filled for trading. I got ill several year back and since then Iīm no longer trading live. Thatīs also a problem when applying at a prop firm. The last years I studied a lot the different methologies. But I have to admit Iīm getting rid of all my indicators at the moment... (this should fill another thread).
What I will do the next few month is to look for a opportunity where I can trade. My sim trades are working out great at the moment and I think of adding the FESX and 6E to my markets (mainly ES).
I recently signed up with Day Trading, Stock Market Trading, Online Trading, Swing Trading for their intorduction. I want to apply with them. Seems they only trade equities but that does not matters. The only difference will be that I have to do a scan of the market. They are doing a online webinar once a week to get in touch with traders. They cancelled the schedule for this week but I hope I can attend next week.
The other thing I wanted to do is attend the webinar with apiaryfunds but they send me a schedule for the past. Not very well organized... . Perhaps they do have a lot of applications, donīt know.
YTR I personally do find too expensive. With 20K you can trade on your own without anyone getting involved
Would be interested in the prop firm you do know. You can pm me or mention it here in the thread.

Thanks
Jones

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  #13 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
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Trading: ES
 
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protjor View Post
...where you can go if you have a good and consistent tradereport.

Prop Firm Directory
itīs not a complete but a comprehensive listing

cheers
jones

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  #14 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received

Hi,

yesterday I attended the StarAllianceCapital Webinar which took about 30 min to set us up. They invited us to come to NYC to trade there. You have to make an initial investment of 5K and your account gets 20 times buying power (dynamic BP). They adviced us to take a test of their platform: Learn Stock Market,Free Demo Day Trading Option Software,Free Charts which is free of charge, even if you trade with them. They do not charge you anything and you get the software, market data, BP and a little education.

Not that bad at all...
Jones

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  #15 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
Thanks: 584 given, 881 received


Jones View Post
Hi,

yesterday I attended the StarAllianceCapital Webinar which took about 30 min to set us up. They invited us to come to NYC to trade there. You have to make an initial investment of 5K and your account gets 20 times buying power (dynamic BP). They adviced us to take a test of their platform: Learn Stock Market,Free Demo Day Trading Option Software,Free Charts which is free of charge, even if you trade with them. They do not charge you anything and you get the software, market data, BP and a little education.

Not that bad at all...
Jones

Don't know anything about it, but just a quick glance , it looks to be about day trading stocks and options *not* futures, there is a pattern daytrading rule of minimum $25,000 so not sure how they get around this regulation?

Did a little research with some suspision, I can't confirm or deny , just don't know but I personally would be careful..... check Clearing firm and how this magical 20:1 leverage comes about JMO


Some on the internet state that they are affiliated with a telemarketer scammer

http://www.elitetrader.com/vb/showthread.php?threadid=183282&perpage=6&pagenumber=9 Page 9

http://www.ozripoff.com/report-view/1808-next-level-trading-tradingonthenextlevel-total

Add: not saying it is a scam , hope it works out , just seems a little out of ordinary to me , also check if your money is locked for a year even if you decide to leave - not sure if that is SEC rule

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  #16 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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hi gridking,

they do come around the pattern day trader rule how they described, am also not sure how...

thank you
jones

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 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
Thanks: 584 given, 881 received

Thanks, sorry bit of a skeptic when it comes to these things, don't know much about 'em , keep us posted

Good Luck!

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  #18 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
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GridKing View Post
Thanks, sorry bit of a skeptic when it comes to these things, don't know much about 'em , keep us posted

Good Luck!

GridKing,

donīt know if Iīll go with them. They have very low comissions, 80 cents for 100 shares but IB does the same for me for 20 cents surplus... . So not sure what to do. BTW GridKing did you enroll me at TST?

jones

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  #19 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
Thanks: 584 given, 881 received


Jones View Post
GridKing,

donīt know if Iīll go with them. They have very low comissions, 80 cents for 100 shares but IB does the same for me for 20 cents surplus... . So not sure what to do. BTW GridKing did you enroll me at TST?

jones

funny to watch a Greek default Rally .... doesn't get much more Bizarre


Need your e-mail , pm me if you don't mind and I'll send the invite, I have a form to fill out and then it will send automatically I think you get a free trial or some fee waived if I send it , can't remember off hand - Thanks

Starting a new combine next week or two weeks depending on if I can work out money management strategy by Sunday

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  #20 (permalink)
 GridKing 
San Diego, CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
 
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Posts: 3,650 since May 2011
Thanks: 584 given, 881 received

thanks Jones sent referral

if anyone happens to be interested if you enter referral code when signing up GridkingII , I believe the fee is waved for 4 week training setup (I think training platform is delayed quotes but at least able to try out CTS T4 platform) and access to chatroom and pit feed - so pretty good , hope it helps

Edit: Yep, just select 4 week training and use Prospect Code https://www.topsteptrader.com:443/SoftwareSignUp/PT fee get's waved with code

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 protjor 
Bruges
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: CL, 6E, Dax
 
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Posts: 36 since Jan 2010
Thanks: 13 given, 9 received


Jones View Post
Hi,

yesterday I attended the StarAllianceCapital Webinar which took about 30 min to set us up. They invited us to come to NYC to trade there. You have to make an initial investment of 5K and your account gets 20 times buying power (dynamic BP). They adviced us to take a test of their platform: Learn Stock Market,Free Demo Day Trading Option Software,Free Charts which is free of charge, even if you trade with them. They do not charge you anything and you get the software, market data, BP and a little education.

Not that bad at all...
Jones



What will you do with StarAlliance? They invite you to come to NY, but you have to take care of your own, what consist cost and living?


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  #22 (permalink)
 protjor 
Bruges
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: CL, 6E, Dax
 
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Posts: 36 since Jan 2010
Thanks: 13 given, 9 received

Any updates so far Jones?

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  #23 (permalink)
 Jones 
Stuttgart, Germany
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB TWS / Kinetick
Trading: ES
 
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Posts: 32 since May 2011
Thanks: 17 given, 13 received

- Apiaryfunds held a webinar theses days but was unable to attend
- GridKing enrolled me at TsT where I want to do the combine but have to wait till I get a few things done and no longer have to go to work... (2 Month maybe)

Have you done any futher steps?

Jones

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 protjor 
Bruges
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: CL, 6E, Dax
 
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Posts: 36 since Jan 2010
Thanks: 13 given, 9 received


Jones View Post
- Apiaryfunds held a webinar theses days but was unable to attend
- GridKing enrolled me at TsT where I want to do the combine but have to wait till I get a few things done and no longer have to go to work... (2 Month maybe)

Have you done any futher steps?

Jones


Quite silent on my side. Looking to have a solid trackrecord and then contact some firms. I don't have alot of time since i work fulltime.
Keep me informed, i'm interested.

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