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

[PPC NO 1]

Hi hedgedhog
I have 2 questions for you.
1. Is it still possible for us to have a night shift job (e.g. a cleaner or night shift data entry) while we are still learning to become a prop trader?
2. What is the working condition like after the first year? I searched this info on the internet and I found different answers. There were people that said it was a stressful working environment and they were expected to work very long hours. On the other end, there were people that said the working hours were flexible. They were basically their own boss. What mattered was whether they made profit.
Thank you, hedgedhog.

 

[Mr J]

Not hedgehog but qualified to answer:

1. If you're putting in the effort, you probably won't have the energy to do another job during the week. I remember a TH quote years back, that they're looking for people that are willing to devote their life to trading for at least a couple years - it's 100% true because that is what is required. Those that survived have put in huge screen time, and not because they were forced to. Anyone that complains about the hours would be best off doing something else.

2. I'd say the lifestyle is more flexible. The hours may or may not be. You might go through a good run where you'd working less hours because everything is going smoothly. Then you'll hit a bump and have to work your butt off to get back on top of things. You can't expect the hours to lessen. What you can expect - if you do well - is being able to take time off, go on a holiday etc whenever you want.

 

[hedgedhog]

Hi hedgedhog
I have 2 questions for you.
1. Is it still possible for us to have a night shift job (e.g. a cleaner or night shift data entry) while we are still learning to become a prop trader?
2. What is the working condition like after the first year? I searched this info on the internet and I found different answers. There were people that said it was a stressful working environment and they were expected to work very long hours. On the other end, there were people that said the working hours were flexible. They were basically their own boss. What mattered was whether they made profit.
Thank you, hedgedhog.

1. No, Mr J put it well. Prop trading requires full dedication which is why at the interview you will always be asked if you can make it through the first year without pay.

2. Working hours are flexible but fixed at the same time. It's very difficult for you to maintain an edge in the market if you miss trades that your strategy should be taking. A strategy's profit is not infinite, edge is constantly disappearing and reappearing and your equity curve could look drastically different if you decide to take the wrong day/week off. So picking and choosing days to take off is not beneficial to yourself but in saying that it is possible to pick and choose certain days that you know will not be very active for your strategies or the market in general. You don't have to be in front of the screens from 9-5, you can be there 11-5 some days and know it won't affect your long-term return too much, but too much of that and again, you will lose your edge in reading the market etc.

 

[OmegaTrader]

Proprietary Traders - New and Experienced
Cygnet Proprietary Trading, Western Australia's first and only proprietary trading firm, is looking to recruit new and experienced traders for its newly opened office in Perth.




Something that has just popped up recently in my searches. Anyone have any info to add?


On one side it is new -alot of the sites look too simple and my spidey sense were tingling but they seem to tingle at anything ...


Digging further the name storm trading as well as AG trading and south africa. Then a tingle from deep in my brain went SMB capital visits south africa and professional athletes employed at props.


I wish my brain would actually focus on important things instead of tingling all the time...



http://www.smbtraining.com/blog/an-excerpt-from-theplaybook-south-africa

https://www.linkedin.com/in/shaun-rudman-23286345/

https://www.seek.com.au/job/3334120...b80a6ed27e5e7adc7dee12103105-4211058&ref=beta


https://www.cygnettrading.com.au/
https://twitter.com/cygnettrading
https://www.facebook.com/CygnetProprietaryTrading
http://au.mycompanydetails.com/company/cygnet-proprietary-trading-pty-ltd/617654958
https://axiafutures.com/


??

https://en.wikipedia.org/wiki/Shaun_Rudman

 

[The Bear]

Proprietary Traders - New and Experienced
Cygnet Proprietary Trading, Western Australia's first and only proprietary trading firm, is looking to recruit new and experienced traders for its newly opened office in Perth.




Something that has just popped up recently in my searches. Anyone have any info to add?


On one side it is new -alot of the sites look too simple and my spidey sense were tingling but they seem to tingle at anything ...


Digging further the name storm trading as well as AG trading and south africa. Then a tingle from deep in my brain went SMB capital visits south africa and professional athletes employed at props.


I wish my brain would actually focus on important things instead of tingling all the time...



http://www.smbtraining.com/blog/an-excerpt-from-theplaybook-south-africa

https://www.linkedin.com/in/shaun-rudman-23286345/

https://www.seek.com.au/job/3334120...b80a6ed27e5e7adc7dee12103105-4211058&ref=beta


https://www.cygnettrading.com.au/
https://twitter.com/cygnettrading
https://www.facebook.com/CygnetProprietaryTrading
http://au.mycompanydetails.com/company/cygnet-proprietary-trading-pty-ltd/617654958
https://axiafutures.com/


??

https://en.wikipedia.org/wiki/Shaun_Rudman

Never heard of Cygnet but from the website looks like it is part of Axia Futures.

Axia Futures was started by Alex Haywood from Futex in the UK....They employ alot of South African's as Alex is from there too. Brannigan Barrett is another one.

They trade the same way as Futex did....Prominently European Futures like the Bund etc and is based around Market/Volume Profile and the Price Ladder. But a few guys their do trade major economic events, the ES, Crude and swing trade some spot FX.

Will be interesting to see how it pans out.

 

[Trembling Hand]

I know the guy who has set it up and he is looking to fill a gap that the other guys are struggling to do...

Ex propex and aliom. Lots of experience in futs and training.

Looks to be well backed and smart enough to make it work. Certainly nothing else like it over there.

 

[skc]

I know the guy who has set it up and he is looking to fill a gap that the other guys are struggling to do...

Ex propex and aliom. Lots of experience in futs and training.

Looks to be well backed and smart enough to make it work. Certainly nothing else like it over there.

I don't know why they they didn't include the founder's name/profile on the website?

A quick glance at the website tells me nothing... could do with more information given they are recruiting.

 

[Trembling Hand]

Give them time. I have a small idea how much work it would take to setup and its not insignificant. I guess ya cannot get everything perfect from the third day.

 

[OmegaTrader]

I was thinking of applying I will prob fail anyway so nothing lost. At least I will be off the procrastinating armchair for a while.

 

[Trembling Hand]

I was thinking of applying I will prob fail anyway so nothing lost. At least I will be off the procrastinating armchair for a while.

Are you in Perth?

 

[OmegaTrader]

Are you in Perth?

Yes in Wa.

 

[OmegaTrader]

Are you in Perth?

What is your advice ?

lol just give up and die...

 

[Trembling Hand]

Yes in Wa.

Ok cool. Probably better to approach it with an attitude of positivity rather than filling in time.

 

[skc]

Give them time. I have a small idea how much work it would take to setup and its not insignificant. I guess ya cannot get everything perfect from the third day.

3 days, really?! Good on them. A leadership team profile would help recruiting and should offer decent return/effort ratio so hopefully they get it sorted soon.

Now I wonder if anyone would start a prop shop in Brisbane...

 

[OmegaTrader]

3 days, really?! Good on them. A leadership team profile would help recruiting and should offer decent return/effort ratio so hopefully they get it sorted soon.

Now I wonder if anyone would start a prop shop in Brisbane...

I will!

 

[OmegaTrader]

Lol there email inbox got spammed big time. Caveat emptor I suppose putting it on seek every man and his dog applies for anything






Hi

Thank you very much for your application to Cygnet Proprietary Trading.

We HATE when you send out a job application and just hear nothing back! We are trying to do better for you so our aim is to personally contact everyone who applies. Either via phone or for an in-person interview. Please be patient with us. We have received a LOT of interest for the position. But we will be in touch.

In the meantime, here is some reading you can do to help yourself understand the role better.

"One Good Trade" by Mike Bellafiore
Anything by Brett Steenbarger - http://traderfeed.blogspot.com.au/

Please make sure you follow us on all forms of social media (see below), and sign up to our distribution list on our website, www.cygnettrading.com.au .

We look forward to helping you on your trading journey

The team @ Cygnet Trading

https://twitter.com/cygnettrading
https://www.facebook.com/CygnetProprietaryTrading/

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[Trembling Hand]

3 days, really?! Good on them.

Arrr no! I just meant its very early days. Lots to do and figure out so not surprising that there's more to do.

 

[The Bear]

I was thinking of applying I will prob fail anyway so nothing lost. At least I will be off the procrastinating armchair for a while.

@OmegaTrader here's one of the guys from Cygnet on CWT
https://chatwithtraders.com/ep-123-darren-reed/

 

[OmegaTrader]

@OmegaTrader here's one of the guys from Cygnet on CWT
https://chatwithtraders.com/ep-123-darren-reed/

Yep

I have yet to listen but I will.

I am 100 times more cynical that most people and I am not affiliated in any way.

But they seem genuine. Alot lot lot of people applied and only 3-4 people will get a place.

Amazing that they are actually making an effort to reach out to people then giving the standard BS that alot companies give you.

Still setting up etc


Only time can tell that though if it all works out and continues on the same track.

 

[Trembling Hand]

Gezz Omega. You have a prop setting up right on your doorstep which being in WA is a massive bit of luck and you seem about as keen as someone who is about to get root canal work!! From my reading as far as standing out and getting the 1 in 500 position you're lacking any sort of enthusiasm. Weighed up against the rest how do you think that will slide?