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How to become a prop trader

  • #1
  • First Post: Nov 26, 2009 1:44pm Nov 26, 2009 1:44pm
If i've a proven track record of being sucessful in the forex market, but dont have enough capital, what can i do?

I've contacted some forex brokers, who are interested in seeing my track record.

But is it possible to be recruited by hedge fonds, banks?

How do you become a prop trader in uk? I know you have to take a licence, and you can only get this license through a company. So how do you get this licence if you arn't working at this company? Trying to persuade them that you can pay the full fee?
  • #2
  • Nov 26, 2009 1:49pm Nov 26, 2009 1:49pm
Quoting woo
If i've a proven track record of being sucessful in the forex market, but dont have enough capital, what can i do?

I've contacted some forex brokers, who are interested in seeing my track record.

But is it possible to be recruited by hedge fonds, banks?

How do you become a prop trader in uk? I know you have to take a licence, and you can only get this license through a company. So how do you get this licence if you arn't working at this company? Trying to persuade them that you can pay the full fee?
Do you have a degree in economics ?
  • #3
  • Nov 26, 2009 1:54pm Nov 26, 2009 1:54pm
Quoting woo
If i've a proven track record of being sucessful in the forex market, but dont have enough capital, what can i do?

I've contacted some forex brokers, who are interested in seeing my track record.

But is it possible to be recruited by hedge fonds, banks?

How do you become a prop trader in uk? I know you have to take a licence, and you can only get this license through a company. So how do you get this licence if you arn't working at this company? Trying to persuade them that you can pay the full fee?
Google:

Futex
Savi Trading
Schneider associates
Saxon Financial

no econ. degree necessary - they will most likely want you to trade their simulators for some time before handing a funded account over to you.

main point is that if you have track record, you won't need to pay for any of their educational programs.

they all operate slightly different, but the main point is that you won't need to bring any funding.

regards
daytrading
Enter Signature
  • #4
  • Nov 26, 2009 1:56pm Nov 26, 2009 1:56pm
Quoting scooby-doo
Do you have a degree in economics ?
No, but a degree in bachelor of business.
  • #5
  • Nov 26, 2009 1:57pm Nov 26, 2009 1:57pm
Go to the bank's recruitment/networking evenings, or contact the head of trading at the banks, they'll tell you more...I was actually at one last night for Credit Suisse, was interesting, I think I'll apply there once I've left uni.
  • #6
  • Nov 26, 2009 1:59pm Nov 26, 2009 1:59pm
Quoting daytrading
Google:

Futex
Savi Trading
Schneider associates
Saxon Financial

no econ. degree necessary - they will most likely want you to trade their simulators for some time before handing a funded account over to you.

main point is that if you have track record, you won't need to pay for any of their educational programs.

they all operate slightly different, but the main point is that you won't need to bring any funding.

regards
daytrading
Thanks, i will look these up. But if i've understood you right, you can apply for a trader position without a proven trac record,but then, you have to undertake this educational program?
  • #7
  • Nov 26, 2009 2:02pm Nov 26, 2009 2:02pm
Quoting emios
Go to the bank's recruitment/networking evenings, or contact the head of trading at the banks, they'll tell you more...I was actually at one last night for Credit Suisse, was interesting, I think I'll apply there once I've left uni.
So an investment bank would consider me as a candidate for a trader job, if I've a proven trac record and a degree in business from a very mediocre university internationally(ranked 300), and no other relevant experiences,except working for a forex brokerage firm as a seller, randomly calling people and trying to persuade them to invest in managed accounts.....
  • #8
  • Nov 26, 2009 2:06pm Nov 26, 2009 2:06pm
Quoting woo
Thanks, i will look these up. But if i've understood you right, you can apply for a trader position without a proven trac record,but then, you have to undertake this educational program?
Hi,

TCA Futures is another one.

Some of them will require you to do their training because they want you to trade their proprietary methods - unless you bring your own funds of course.

Simple really: if you bring cash, they provide you with the infrastructure - some of them even on a remote basis.

If you do the educational, some might ask for a fee, others incorporate it and defer it until such time you are either profitable or you get shown the door.

regards
daytrading

PS: forget TCA...apparently not quite legitimate operations.
Enter Signature
  • #9
  • Nov 26, 2009 2:08pm Nov 26, 2009 2:08pm
Quoting woo
So an investment bank would consider me as a candidate for a trader job, if I've a proven trac record and a degree in business from a very mediocre university internationally(ranked 300), and no other relevant experiences,except working for a forex brokerage firm as a seller, randomly calling people and trying to persuade them to invest in managed accounts.....
No Bank's trading floor is going to hire you based on that. I know as I work for one and have for many around the world. They pick very few (inexperienced traders) to go through their mentoring programs.
  • #10
  • Nov 26, 2009 8:19pm Nov 26, 2009 8:19pm
Quoting woo
So an investment bank would consider me as a candidate for a trader job, if I've a proven trac record and a degree in business from a very mediocre university internationally(ranked 300), and no other relevant experiences,except working for a forex brokerage firm as a seller, randomly calling people and trying to persuade them to invest in managed accounts.....
I work in the industry. I support what scooby-doo said.
On what you have said about yourself, unless you have a strong contact to help get you into the IB, the only position you will get is what you already were doing (a seller, randomly calling people and trying to persuade them to invest in managed accounts).
Like every business, it is not what you know, it is who you know.
  • #11
  • Nov 27, 2009 2:27am Nov 27, 2009 2:27am
Quoting zarraman
I work in the industry. I support what scooby-doo said.
On what you have said about yourself, unless you have a strong contact to help get you into the IB, the only position you will get is what you already were doing (a seller, randomly calling people and trying to persuade them to invest in managed accounts).
Like every business, it is not what you know, it is who you know.
Ok, so the only job i will get at banks, are jobs where i sell. But i can get other more qualified jobs at other companies who are not banks, or IB?

Daytrader: thanks for the insightful information. It sounds really good.
  • #12
  • Nov 27, 2009 2:37am Nov 27, 2009 2:37am
Quoting woo
Ok, so the only job i will get at banks, are jobs where i sell. But i can get other more qualified jobs at other companies who are not banks, or IB?

Daytrader: thanks for the insightful information. It sounds really good.
If you have a proven track record in forex and dont have the capitol to invest in it then simply do a business plan and goto investors.

If its good enough then they will invest on a 50/50 profit split.
  • #13
  • Nov 27, 2009 3:42am Nov 27, 2009 3:42am
Quoting scooby-doo
If you have a proven track record in forex and dont have the capitol to invest in it then simply do a business plan and goto investors.

If its good enough then they will invest on a 50/50 profit split.
Sounds nice. But is it possible to get a job as a prop trader,or trade for a forex brokerage firm? Guess i've to take a license,which can only be sponsored by a company?
  • #14
  • Nov 27, 2009 3:52am Nov 27, 2009 3:52am
Quoting woo
Sounds nice. But is it possible to get a job as a prop trader,or trade for a forex brokerage firm? Guess i've to take a license,which can only be sponsored by a company?
Brokerage firms have a high trader turnover as most dont make it but you can always try.

Banks get rid of very few currency traders, its usually down to burn out etc. They only take on the best.

Where I work they take on three per annum to put through their mentoring program, only one or less will succeed on average.

So, try brokerage firms or bucket shops.
  • #15
  • Nov 27, 2009 4:07am Nov 27, 2009 4:07am
Quoting scooby-doo
Brokerage firms have a high trader turnover as most dont make it but you can always try.

Banks get rid of very few currency traders, its usually down to burn out etc. They only take on the best.

Where I work they take on three per annum to put through their mentoring program, only one or less will succeed on average.

So, try brokerage firms or bucket shops.

But i do have a successfull proven trac record, i guess it would be no different if i started working for a brokerage firm? The high trader turnover should be because they cant trade profitably....But im more worried about this licence i need to take...which sounds problematic...Because i guess i need this licence...
  • #16
  • Nov 27, 2009 4:09am Nov 27, 2009 4:09am
Quoting woo
But i do have a successfull proven trac record, i guess it would be no different if i started working for a brokerage firm? The high trader turnover should be because they cant trade profitably....But im more worried about this licence i need to take...which sounds problematic...Because i guess i need this licence...
That depends on your track record. If it starts with $100 or $1k I think no one will take care. Sounds stupid I know.

Another way would be to participate in every contest you see out there. That way I got in (FxStreet live trading contest).
  • #17
  • Nov 27, 2009 4:20am Nov 27, 2009 4:20am
It sounds confusing, because i just got recommended to visit futex, who will take you on ,and let you trade on simulated platforms, and assess your performance.

It started out with 25k.
  • #18
  • Nov 27, 2009 4:23am Nov 27, 2009 4:23am
Quoting woo
But i do have a successfull proven trac record, i guess it would be no different if i started working for a brokerage firm? The high trader turnover should be because they cant trade profitably....But im more worried about this licence i need to take...which sounds problematic...Because i guess i need this licence...
successfull proven trac record

It maybe to you but may not to others. Why dont you just try sending your record to brokerage firms, banks etc ?

If they are interested then they will contact you.
  • #19
  • Nov 27, 2009 4:27am Nov 27, 2009 4:27am
So you have a proven track record and started with $25k? And that's not enough? Hmm... You might not make a living from it but in a few years this can become a very nice bunch of money.

How long have you been trading that account? What period of time does the track record include?
  • #20
  • Nov 27, 2009 4:57am Nov 27, 2009 4:57am
Quoting woo
It sounds confusing, because i just got recommended to visit futex, who will take you on ,and let you trade on simulated platforms, and assess your performance.

It started out with 25k.

Woo,

I used to work with Futex -

They are solid. Once you come off the simulator, you get daily loss limits. Based on those, you can trade reasonable size. If you are profitable, they progressively give you more to work with.

You'll have to prove yourself - like everywhere else in the industry.

Since you have a track record (as you mentioned), it should not be a problem.

I can't vouch for any of the other firms (and only know of them). They [Futex] have been posting actively (for recruitment purposes, I assume) on the T2W (trade to win) forum.

Have a look if you can get some extra information.

regards
daytrading
Enter Signature
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