Australian (ASX) Stock Market Forum

Prop Shops in Australia

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TH, does the Propex employ these traders for long only? OR can they short?

CanOz
 
Trembling Hand said:
Both ways is my guess, but I actually have no idea. Will find out and get back later.
Click to expand...

Thanks, just curious as i wouldn't have thought there to be too many ASX equity traders in a market where you can only trade in one direction:rolleyes:

CanOz
 
Thanks for posting TH. I would love to land a role like that, but lack the 2+ years day trading. I have 4+ in longer trading (2-12 week holing) but i imagine thats not the experience they're after.

Oh well, will keep day trading overseas markets to get the experience.

Good luck to anyone applying and if you do get in you need to report back on what TH looks like in real life ;P
 
LOL! I see things have taken a turn for the worse since the snowboarding photos!!:D

Bloody Prop shops!:D:D

CanOz
 
Did anyone take up that last offer from Propex?

CanOz
 
CanOz said:
Really, how did you go?

CanOz
Click to expand...

I was accepted into their 4 week online trial in October. If that goes well then I get invited to trade at their Sydney office for a few months on a simulator. If I go well there I get offered a position.

Right now they're sending me lots of material about futures trading and markets which I have to go throug before the trial starts.
 
I did the online trainee course with propex in July.

I didn't make the cut to trade inhouse in Sydney, but was definitely worth the experience. Nothing groundbreaking in the training but just helps to show you the real nuts and bolts of what real traders do and dispel alot of the myths.

My trading has come a long way since (largely due to the course) and have just started trading full time from home.

Anyone thinking seriously about a trading career i definitely recommend the prop trading route.

Also want to note that anyone who thinks they can work a fulltime job and do the course at the same time is going to be in for an extremely tiring and stressful month.
 
havaiana said:
I did the online trainee course with propex in July.

I didn't make the cut to trade inhouse in Sydney, but was definitely worth the experience. Nothing groundbreaking in the training but just helps to show you the real nuts and bolts of what real traders do and dispel alot of the myths.

My trading has come a long way since (largely due to the course) and have just started trading full time from home.

Anyone thinking seriously about a trading career i definitely recommend the prop trading route.

Also want to note that anyone who thinks they can work a fulltime job and do the course at the same time is going to be in for an extremely tiring and stressful month.
Click to expand...

So what were some of your key learning outcomes?
 
CanOz said:
So what were some of your key learning outcomes?
Click to expand...

My guess is that there isn't much to learn but you do have to practise what you know.

That was pretty much my conclusion from spending a few weeks there back in the dark ages (2006 I think).
 
Trembling Hand said:
My guess is that there isn't much to learn but you do have to practise what you know.

That was pretty much my conclusion from spending a few weeks there back in the dark ages (2006 I think).
Click to expand...

Exactly. I learned more by what wasn't in the course than by what was in it. It was more a confidence builder which led me to stop wasting time on a endless mission to find the "secret" and just use what i have already learned over the last few years.

The course was actually very short and basic, just some basic reading (nothing anyone who has been into markets for a couple of years wont already know) and a week of drills.

The rest of the month sim trading. Alot of prop shops seem to use similar drill methods. I wont give away propex's but there is a basic rundown of what one does here:

http://www.jigsawtrading.com/lessons/lesson11.html

Edit: just start from this bit :

"So how is this actually done? At the prop shops, they have a mentor that will set you exercises. Examples of the exercises are:
Stay in the market all day. You cannot close trades, only reverse them. The idea of course is that you get in tune with the flow of the market."
 
Agree about the stress of two jobs. I'm mentally exhausted every time my head hits the pillow.

That being said, agree with T/H it's more about practicing what you know. You'd get killed if you hadn't done any trading before.
 
KurwaJegoMac said:
Agree about the stress of two jobs. I'm mentally exhausted every time my head hits the pillow.

That being said, agree with T/H it's more about practicing what you know. You'd get killed if you hadn't done any trading before.
Click to expand...

Not true for me. Before Sept i'd never touched futures before. I have traded spot FX for 4 years and have used my knowledge and learned as much as possible to try and trade futures. It's worked well and will be doing the in house training soon.
 
aussiefx said:
Not true for me. Before Sept i'd never touched futures before. I have traded spot FX for 4 years and have used my knowledge and learned as much as possible to try and trade futures. It's worked well and will be doing the in house training soon.
Click to expand...

I never said anything about having to have experience in futures trading specifically ;) I meant that if you've never traded before you'd be in trouble - can be any instrument. Trading concepts are generally the same across all markets you just need to adjust your approach, understand what moves your market, understand your markets behaviour, etc.

We've got fools in the session who have not traded once - not even practicing on a simulator before the monthly session starts. Then they ask questions like "ive closed all my trades yet my P&L is still fluctuating, why?" Or, "how do i tell how many contracts i have open?" mind you this is a few days into the trial.

So trading is your passion huh? :banghead:
 
I have an interview next week after passing the first phase, is it bad etitiquette to ask how much an average trader trades with?
 

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