Prop Firms: Getting into the Financial industry

[joshwelsh]

Hi Everyone

long time viewer first time poster

i have a question for some which i have tried hard to find on the internet to no avail.

I'm currently studying my diploma in share trading and my ultimate forex starts next week which i'm thoroughly enjoying.

I've always been interested in financial markets ever since i was kid and always wanted to be "that guy from wall st" lol (gordan gekko)

i realize now that's a bad idea, but nonetheless undergoing my study now i realize there's only so far demo & studying the techniques and market can get you, i believe you have to actually trade consistently to completely wrap your head around trading. Which leads me to my next question how do i get into the financial industry without a degree do i have to go uni and get a degree (which in my opinion is crap) i think trading is a completely different ball game and the psychological side of things far outweigh everything else which is one of my great attributes i have a great mental drive and can deal well under pressure and can overcome adversity as i have done all my life.

But do i need a degree to get into the financial industry i was reading perhaps a economic degree, other said if you have experience in trading your own money with a proven track record that can also open up doors to get into trading floors etc. I start real live trading February which i am excited for but if i have a decent track record at the end of the year will that be enough to get me into a trading floor or a hedge fund whatever it may be?

FYI i am only 20 years old so if i must go back to UNI then so be it, ill do whatever it takes to be a trader

look forward to any comments

 

[Trembling Hand]

Re: Prop Firms getting into the Financial industry

Start sim trading then move to live, real small amounts, then make yourself know to a few prop firms after you have been at it for a year or so. If you have some sort of record that is reasonably active and well above water they will look at you.

No hope of getting to a Hedge fund.

 

[joshwelsh]

Re: Prop Firms getting into the Financial industry

Start sim trading then move to live, real small amounts, then make yourself know to a few prop firms after you have been at it for a year or so. If you have some sort of record that is reasonably active and well above water they will look at you.

No hope of getting to a Hedge fund.

didnt think i had a hope of getting into a hedge fund, thats okay ILL MAKE MY OWN haha

i was always going to start with a demo account so that i can master the techniques before opening a live account.

 

[kid hustlr]

Re: Prop Firms getting into the Financial industry

I'd consider moving overseas as well depending on how big your drive is. You can probably count the serious prop firms in Sydney (Australia even?) with 1 finger and the number of 'prop shops' in Australia with 2 hands.

For what it's worth I completely agree with TH in getting some trading experience so you are step above 'the rest of the class' when you go apply for a prop shop. Do your research, learn the industry and have a think about what you want to do and how badly you want to do it!

 

[joshwelsh]

Re: Prop Firms getting into the Financial industry

I'd consider moving overseas as well depending on how big your drive is. You can probably count the serious prop firms in Sydney (Australia even?) with 1 finger and the number of 'prop shops' in Australia with 2 hands.

For what it's worth I completely agree with TH in getting some trading experience so you are step above 'the rest of the class' when you go apply for a prop shop. Do your research, learn the industry and have a think about what you want to do and how badly you want to do it!

Thanks mate was actually thinking that before couldn't find hardly any prop firms in Australia

Possibly London or of course America but I think getting trading experience is the first step.

 

[SuperGlue]

Here you go Josh....Prop Traders positions wanting you.

http://www.seek.com.au/job/25787764

 

[joshwelsh]

Here you go Josh....Prop Traders positions wanting you.

http://www.seek.com.au/job/25787764

thanks mate !!!!

wish me luck, however I don't have a year trading under me so I don't think ill have any luck.

however got to be in it to win it

 

[SuperGlue]

thanks mate !!!!

wish me luck, however I don't have a year trading under me so I don't think ill have any luck.

however got to be in it to win it

You have to make you own luck, time is on your side.

http://www.propex.net.au/training/getting-started

 

[joshwelsh]

You have to make you own luck, time is on your side.

http://www.propex.net.au/training/getting-started

your 100% right mate, people always have excuses for why not I just believe if you want something go get it, period.

Thanks for your help much appreciated.

 

[Trembling Hand]

your 100% right mate, people always have excuses for why not I just believe if you want something go get it, period.

Thanks for your help much appreciated.

Your success is far more likely if you approach these places with a track record rather than words of how keen you are.

 

[joshwelsh]

Your success is far more likely if you approach these places with a track record rather than words of how keen you are.

hi mate i understand that, i will still continue my studies and my plan is to use the techniques i learn in February on a demo account then switching to real money once i am confident, i will obviously trade whether i get this job or not so i even if i don't get it now a year down the track with trading experience i will go back to them.

But its worthwhile getting my name in now, if i apply for the same place after having a year of trading experience it will show the employer that i am dead serious about becoming a trader thus improving my chance to get a job there

 

[RADO]

joshwelsh from reading your first post it sounds like you have some very high hopes just like every one else that wants to make it in the finance industry. Even if you make it into a prop shop initially you will just be trading a sim account for a few months as a trainee and will probably only have a 1-2% chance that you will get a long term seat there. The prop style of trading is completely different to how most people on this site are trading, they don't use technical analysis or swing trade like most they are in and out.

They place their orders via the order book/DOM (depth of market) and some can even trade with out looking at charts at all. And they are mostly scalpers (short term traders). Sometimes people wonder why they are such short term traders, for starters there's no overnight risk because they close out their positions before the market closes. And there's a lot more trading opportunities during the day to catch 7-10 ticks than there is to catch say 30 ticks.

I think if you have experience using platforms like TT X-trader (which is industry standard for prop shops) and jigsaw trader it will make your CV stand out in the bunch of other applicants.

Some good resources for scalping would be 'Guy Bowers' youtube channel and the 'No BS DayTrading' youtube channel, these two people are legit. But I have to let you know that this style of trading is probally the hardest to learn.



Guy Bower is one of the trainers for Propex, which is one of Australias biggest prop shops.