Trainee prop trading options, prep, credibility in Australia - Outsider Research

OmegaTrader said:

I am starting this thread to put my outsider research on the prop firms in Australia.My main focus is on trainee options and credibility.

I found that when looking at this path that information is fragmented in all different places, there is different opinions, self interest and sometimes just bs hyperbole online.

Any insiders or past experiences would be good.

I will hopefully have some of my own experiences to reflect on in the future.

I will attach information soon and let it speak for its self. I will strive to be impartial and also post some links/access to preparation materials that others have suggested online.


watch this space

cheers

Omega

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mjim said:

Hi
I am also interested in same subject
I only heard of Genesis and Propex
and sure there are very high end one/ Bank owned where you need to be top in maths / be young etc and other
other scale some outfits pretending as prop but the real business model is 100 pays $300-500 TEST fee and hope 99 fail
Is there a middle ground? where mature people can have a chance with some capital of own
In US for pairs trading I heard about Bright Trading ( but they want series 7 exam + being Non US 100 K deposit as compared to 50 K for local)

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jmg86 said:

Your better off viewing the Prop shop programs as a trial with the promise of funding than training. Beyond some basic market fundamentals and lessons on how to use cqg and TT your not going to be taught anything earth shattering.

The real benefit comes from the consistent screen time your forced to go through and thus hopefully develop some view of how markets trade. If you show some promise, you will go beyond whats available for your average retail trader very quickly. If not, you at least have 200+ hours of considered screen time to frame your own trading around so you can try again down the track.

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OmegaTrader said:

mjim thankyou for your interest.

jmg thank you for your opinion

Do you have any experience or information in prop trading that you could share in terms of options credible operators and preparation?

Have you applied for prop programs? etc

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mjim said:

In AUS have heard of Genesis and Propex
Other "so called" prop firms ( the dodgy model) market themselves sin AUS but probably will be shut down by ASIC

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mjim said:

In AUS have heard of Genesis and Propex
Other "so called" prop firms ( the dodgy model) market themselves sin AUS but probably will be shut down by ASIC

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cynic said:

You are most certainly correct about dodgy offerings pretending to be prop shops, but I wouldn't be holding my breath waiting for ASIC to do anything about it.

I had a lengthy email exchange with one such provider.

I was offered an opportunity to do their proprietary trading course provided, I pay a hefty (5 figure) tuition fee.

I politely asked if they would allow me to do their course and then reimburse themselves from the commissions I earn after commencing proprietary trading with their funds. My, oh my! The ensuing excuses were lamer than a legless millipede!

I then raised my concerns about having witnessed a misrepresentation, by one of their agents, of the risks associated with the trading of leveraged financial instruments. What ensued was an almost week long exchange of email correspondence ending with a reluctant acknowledgment of error accompanied with yet another lame (and also misleading) excuse offered as justification.

The disturbing thing about this firm, is that, years later, they're still operational and making a fortune selling educational material that is misleading to the point of being financially dangerous.

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OmegaTrader said:

Thanks Cynic for your honest opinion and experience.

This is why I started this thread, to give realistic advice and information in one thread. So whoever reads this thread will save googling on all different sites.

Can you please detail the company name and details for other members, otherwise if you are reluctant for fear of repercussions

I will research it online if you give me the company name.....

thanks

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cynic said:

My preference is not to explicitly disclose the name they currently operate under(they changed it in recent years) for fear of attracting another lawsuit to this forum. I have, of course, retained all of my email correspondence as a precautionary measure.

Suffice to say that they originated in the UK and their "educational" services are predominantly focussed on the forex market.

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OmegaTrader said:

Website of Propex

https://propex.com.au/

or pdf for offline a bit heavy on the download- sorry



View attachment 67970
View attachment 67971
View attachment 67972


Interesting readiness quiz - multi choice questions.

Nice novelty

I purposely tried to fail it the answer was

You got 0 of 14 possible points.
Not bad. Why not try some exercise to stimulate that brain and try again?

hahaah

will try to download answer pool later

tried for real got 10/14

not that good ... better than nothing

You got 10 of 14 possible points.
Congratulations! You may have the brainpower needed to be a Propex trader. Why not apply now for our comprehensive traininng program in Sydney, Gold Coast or Singapore?

tomorrow will post some information about the background of head honchos and company info etc

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RowanC said:

In terms of the training both of these firms provide they are based around the work of Guy Bower.

Guy was the head of training at Propex for a number of years and now I believe works with what is now Genesis on their training program.

He's very legit a good guy, and has his own website/training program also.

I haven't used his trading courses site as such but in terms of content it would be very similar to what you would get at a prop for obvious reasons.

http://guybower.com

But just to add to this, I think the value of being at a prop shop is the pure screen time that you get and also the ability to casually chat to other traders. It's about being in a successful environment.

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CanOz said:

Propex helped create one of Asia's most successful bond traders. This guy recently picked up a whopping 7 figures in one day trading the Aussies. He's pretty famous in real trader circles and quite often responsible for moving the market in the bonds.....that could be you one day Omega!

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RowanC said:

In terms of the training both of these firms provide they are based around the work of Guy Bower.

Guy was the head of training at Propex for a number of years and now I believe works with what is now Genesis on their training program.

He's very legit a good guy, and has his own website/training program also.

I haven't used his trading courses site as such but in terms of content it would be very similar to what you would get at a prop for obvious reasons.

http://guybower.com

But just to add to this, I think the value of being at a prop shop is the pure screen time that you get and also the ability to casually chat to other traders. It's about being in a successful environment.

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CanOz said:

I agree totally about Guy. He's a solid dude and he's been good to me, he helped me get an interview with Genesis. I did a few of his courses as well, the site is good value I reckon.

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