good luck Naked,
myself, these places do not appeal.
i wonder if there is much performance pressure?!;
that's not a bad thing though, some personailities, maybe yours?!, would thrive in such an environment.
I'm going to submit my resume to a couple of places today. Wish me luck!
Good luck Naked!
Which firms did you submit your resume too?
Maybe of interest to some of you,
http://seek.com.au/users/apply/index.ascx?Sequence=79&PageNumber=1&JobID=14737158&cid=jobmail
I would absolutely love a job like that, but unfortunately I only have 18 months worth of trading exp.
i find the advertisment silly anyway, if you have 5 years experience and a proven track record you wouldnt need to work for them lol
i find the advertisment silly anyway, if you have 5 years experience and a proven track record you wouldnt need to work for them lol
20%I think you will find prop works on a much higher split than that!
If you got a substantial amount of your profits given back to you it might be worthwhile. Imagine getting 20% of your profits back on a billion worth of capital you trade with
(note: im not saying that this particular job is exactly like this)
but what im trying to say is if you have a proven track record for 5 years your capital should be near to the amount that a prop shop would intially give you anyways...
but what im trying to say is if you have a proven track record for 5 years your capital should be near to the amount that a prop shop would intially give you anyways...
I play golf weekly and socialize with 3 o4 4 prop shop traders and have done for 10-years. Here is how it works if you want to get involved:
There are 3 ways to get involved:
1. Through their own training program, although only a few run these
2. Approach them with your own trading statements
3. Approach them with system test results
Let's assume you have designed a SPI system through Amibroker or some other program and approach one of the Prop shops to get some funding.
They will assess the system as best they can with the information you provide. They needn't know the intricacies or coding. They will just want a general over view of what you are trying to do.
They will allow you to start trading with a 1 lot with a maximum monthly drawdown - probably around the $3,000 mark.
After 3-months they will assess progress and may allow you to go to 2 contracts and a slightly larger monthly drawdown.
This process is ongoing.
In terms of remuneration you will usually only be provided with a split of the profits. At first, and probably for some time, that split will be about 40% to 50%. The more consistent you become and the lower the drawdown, the larger the split goes. I know a few guys who are now at 80% which is the highest rate that I'm aware of in Australia, but these guys are making $50k every single month without fail.
if you hit the monthly drawdown amount early in the piece you will be pulled aside and questioned, Depending on how that goes they will more than likely let you continue with a tight leash. If you consistently hit the drawdown amount chances are that they ask you to leave.
Bottom line is that they offer you a chance to prove yourself and the route taken from there depends on consistency, profitability and exposure.
wow. very interesting.
does this mean there are prop shops in Noosa? I thought they were all in Sydney??
You can trade remote that i know of with Propex and Fusion.
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