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Paying to become a Proprietary Trader
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Paying to become a Proprietary Trader

  #1 (permalink)
Elite Member
Stuttgart, Germany
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB TWS / Kinetick
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Jones's Avatar
 
Posts: 32 since May 2011
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Paying to become a Proprietary Trader

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 :
https://futures.io/vendors-product-reviews/11663-ytr-yourtradingroom-com-review.html
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 :
https://futures.io/vendors-product-reviews/11633-apiary-investment-fund.html
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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  #2 (permalink)
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  #3 (permalink)
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I have been trying out Topstep


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)
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my thaughts

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)
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Good Luck !

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)
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thx

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)
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there is some help but they want you to find your own way

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)
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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)
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I trade ES

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)
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Thanks: 588 given, 876 received

one last note


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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