Prop Shops in Australia

[Trembling Hand]

Do you reckon propex will have a midyear intake?
I've still got a semester left....

A job here would be a dream come true for me

Only one way to find out....... :

Nothing wrong with making yourself known. They are very approachable.

 

[jersey10]

A job here would be a dream come true for me

Me too, just don't think i have enough knowledge / experience just yet to give it a real go

 

[MRC & Co]

There is generally a mid-year intake also.

 

[jersey10]

There is generally a mid-year intake also.

MRC,

do you know what month that would start?

what sort of technical and fundamental knowledge should i be focussing on? just general stuff in books? on their website / job ad it says applicants with trading experience will be highly considered does this mean they are looking for people who have already developed their own intra day futures trading system and have got statements to prove they have been profitable for a while?

 

[Trembling Hand]

on their website / job ad it says applicants with trading experience will be highly considered does this mean they are looking for people who have already developed their own intra day futures trading system and have got statements to prove they have been profitable for a while?

I can answer that one. No. If you have a futs system you don't start as a trainee.

They want people who will be traders. They want people who are keen enough to already have themselves immersed in the markets.

 

[MRC & Co]

March and September are the start months for the two different intakes.

I got no idea on the rest Jersey, I think previous trading experience is more to do with showing you have passion. Scalping is a COMPLETELY different method to what I was using beforehand. So had to learn an entire different style. Your not expected to be a gun trader when you go into their training program, far from it.

Basically what TH said.

 

[Largesse]

I'm invested in the market, but can't afford to trade the markets yet, as much as i wish i could.... wonder if that counts for anything?

Student living.... poverty

 

[lesm]

Me too, just don't think i have enough knowledge / experience just yet to give it a real go

As TH replied to largesse, 'there is only one way to find out'.....go for it.

Even if you are not successful the first time, they will get to know you, you will have a better idea of what they are looking and how to better prepare yourself.

Nothing ventured, nothing gained.

 

[whitey1982]

propex pay u one thousand dollars a month for six mths to 'train'. this is a joke in my opinion. who are they looking for? who can afford to do this?
i didn't continue with my application because of this............

fortunately i received a better job offer anyway!

Dear xxxxxxxxx

Thank you for your recent application to our advertisement on Seek.

Upon reviewing your application we are pleased to invite you to take
part in the next stage of the recruitment process. As numbers are
extremely limited and the response has been overwhelming it is important
that you understand what being a Proprietary Futures Trader entails

You will initially be trained via a mixture of classroom and simulator
based trading. You will then be placed on a live market whilst being
monitored and guided by an experienced mentor. During this 6 month
training period you will be given $1,000 per month to help you cover
your personal expenses.

Upon successful completion of the training course you will be offered
your own account to trade. This account will be funded by Propex and
your income will be generated by the profits you make trading.

If you would like to proceed with your application, please respond to
this email with an answer to the following questions:

1. What qualities do you have that would make you a successful trader?

2. What have you done that demonstrates you can manage risk responsibly?

Please ensure that your answers are no more than 200 words each.

Regards,
xxxxxxxxxxxxxx
Propex Derivatives

 

[RobinHood]

The trading done at Prop shops such as Propex is very much independent with the edge coming predominantly from each individual separately. Therefore I don't think it would not be economically viable to subsidize losers. When I say losers, I mean economically, anyone beginning to trade.

An IB flow desk or market maker might have a seat generating $10mil annually irrelevant of the trader. The majority of the "edge" can also come from technology, commissions and capital backing. At these places it can make economic sense to subsidize people not generating actual income - but those who are supporting infrastructure and then some trader trainees.


There is only one directional prop shop I know that offers an initial salary ($60k USD) on their 24 month training program. It is in London & NY - called FNYS (First New York Securities). The salary is a draw against profits, and should they not be generated then you are out. There is an article somewhere about the 'second coming of daytraders' on one of their young traders pulling in 8 figures.

 

[Trembling Hand]

fortunately i received a better job offer anyway!

Funny!! For a trader there is no better job than the chance at swinging a big line. A couple a months hard labour is a very small price to pay.......... For some.



For most they will never make it because in part they want a job with all the crap that goes with it. You are lucky you found this out now. Good luck.

 

[whitey1982]

Yes, i understand. well, in terms, of a 'better' job, i was offered a market making position. u r right, perhaps the chance to have a big swing is worth it for some, but i feel i made the right decision.

 

[MRC & Co]

propex pay u one thousand dollars a month for six mths to 'train'. this is a joke in my opinion. who are they looking for? who can afford to do this?

What would you bring to the table over all the other applicants?

I would say, the thing that attracts people to a place like Propex, is the chance to trade discretionary. If your a MM, your bound by rules and won't keep much of your profits.

 

[jersey10]

whitey,

what exactly does a market maker position entail and why is it a better job than working at Propex?

 

[Largesse]

clearly he was after a solid base salary rather than profit share

understandable for those that need job security or have short term view

 

[MRC & Co]

clearly he was after a solid base salary rather than profit share

understandable for those that need job security or have short term view

Yeh, that is what I imagine he was after.

Not to mention, if you can't trade your way out of a paper bag, MM will offer you a mathematical edge, no? Discretionary trading will not offer you a thing, you have to take it yourself.

 

[whitey1982]

i do think it's more of a science than prop trading.

i prop trade myself, i just don't know how big an account they would offer you after 6 mths, and realistically how much you could earn off that account.

all good, but yes, job security did come into it...going prop is a much ballsier decision, and hats off to those that go out there and make a living out of it.

 

[Largesse]

so who'd you end up with?

Tibra, optiver or liquid?

 

[whitey1982]

yeh, one of those three. fingers crossed it all works out anyway. i'll let u know!

 

[whitey1982]

jersey, here u go:

http://www.optiontradingpedia.com/market_makers.htm

the position i got was options market making.