Prop Shop in Sydney?

grant_3103 said:
RE: Tobi99, you make some very valid comments and people do take that path (i.e. work for a MM oe IB and then move to a prop shop or go out and trade their own $$$). Just remember that the MM's especially look for people of a certain skill set and if you don't match it very closely you are not likely to get in and that those skills they are looking for are not necessarily required to be a great trader (I know people personally who have been very successful and wouldn't even get looked at sideways from a MM).

The big differences between a place like Propex and a MM are;

1. At a MM you get a salary and therefore do not have to produce every month/quarter to pay yourself.

2. At a MM you probably get a little more structured support

3. The trading styles you are encouraged to employ are vastly different. In places like Propex you are encouraged to trade over a short-term horizon and not to take many directional trades until you build up your account.

4. MM's cannot provide the freedom that somewhere like Propex can provide. In a MM it is likely that you will be restricted to trading either Aussie equities or maybe Asian equities. Whereas at Propex you would be able to trade many different products (they mainly focus only on futures, so it has to be a future) and many different exchanges.

At the end of the day each has it pro's and con's and it really depends on you as an individual on which path is the best for you.

As for Jasper, there is no training fee and yes it is only based in Sydney
Click to expand...
i really really really like Propex's styles&business model,but some ques,
"many diff exchanges"means currency exchange or forex, rite? i just check its website's exchanges details,just a lot of exchange place,not sure whether they have forex trading or not besides futures,if yes then also u mention sometimes traders need to work nights,so work in the office at nite or from home, yah forex is 24hours trading a day,so it sometimes just needs to trade late at nite or early in the morning,i really really really want to be a remote trader on forex,ie i want to stay in north america to trade for the firm, but its website looks like they just want traders locating or relocating there,so is it possible for the firm to change to hire a remote experienced, great and talent trader? (they will be convinced to think i am.:cool:) or any other firm can provide this probability,thanks a lot!
 
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To be honest I am not sure how things with remote traders work. You are right, that it seems to be their preference to have guys physically in the office. It would be best for you to get in contact with them yourself and obviously send your record/statements and to take it from there.

Many diff exchanges refers to SFE, SGX, CME, LIFFE, EUREX and others. As far as I know there is no spot/physical forex trading.
 
oh what a pity no spot forex trading, i only focus on this, hope to find any other firm or other guy to cooperate on this trading, anyways thanks a lot!
 
hi there,


how do they determine whether you a fit to trade with their capital after 5 months ?
how many years you trade with them after training course until u can trade from another arcade abroad ?
what is the training like ?
what are ranges people can make after one year ?

any information would be much appreciated.
 
yes, anyone have experience with propex? i too would like to know more about what career progression there is available
 
if i get a role at propex.. and trade for a couple of years.. and decide i would rather get into market making or some other trading field (eg. algorithmic trading) .. would propex be a good opportunity as a starting point to gain experience and open doors into these other areas?
 
Propex is a place for directional short-term discretionary trading (or atleast non-automated).

If you want to be this type of trader, you go to a prop firm like Propex. There's no career progression, rather, there is profitability progression - it all depends on the individual.

If you're someone who has a passion for the markets, has maybe self-educated with books etc, follwed the markets etc - Propex is probably decent, assuming the type of trading they do fits your personality (read: 'Enhancing Trader Performance - Steenbarger' for more info on this).

If you're a kid just out of a Commerce degree, who just wants to 'make lots of cash' - you're probably better off pursuing a career path through an investment bank, funds management company, accounting firm etc. Your odds will be better and you won't have the potential black spot on your resume (some people may interpret a failed career at a prop firm as a negative).

Prop trading success is more often reserved for the people who couldn't really imagine doing anything else, the people who's main hobby would be the markets if they had a regular 9-5.
 
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gotmessner, i get what u are saying, but u didnt really answer my question ...

prop trading is something i really want to try.
but i dont want it to be at the expense of ruining further career opportunities

the job market is damn thin at the moment, and every 2nd kid out there has a commerce degree these days.. and i cant exactly just walk in as a recent grad to an investment banking or funds management role..

as i see it, taking this role at propex, would be an opportunity too good to pass up .. i do their training, which i assume will be very valuable.. and then start trading with their funds. 50/50 split
after a year.. if i'm good enough and loving it i'll be making good money.. but if i dont enjoy it or am not the wizard i thought i was... then i want to know that it is good experience when trying to get into market making or another trading field/front office basedd role

any thoughts --->
 
I think the investment banks will most likely look down on you if you have a failed prop experience on your resume.

What I tried to say in my post was perhaps: 'If you have any doubt in your mind about wanting to be an independent trader, you're probably better off heading down a more stable path'.
 
Putting it a different way ==== prop trading probably doesn't lead towards the investment banks anyway. Its the wrong kind of trading and wrong kind of thinking. Bank rhymes with w*** and they will be looking for something other than simple solid trading experience.

So, even success won't take you to the banks. Not that I'd work for those masturbatory bureaucrats personally - they are just entering another cycle of being boring conservative banks after their high flying period proves that they aren't the hot **** business men that they wish. Look at ANZ.
 
gotmessner said:
Propex is a place for directional short-term discretionary trading (or atleast non-automated).

If you want to be this type of trader, you go to a prop firm like Propex. There's no career progression, rather, there is profitability progression - it all depends on the individual.

If you're someone who has a passion for the markets, has maybe self-educated with books etc, follwed the markets etc - Propex is probably decent, assuming the type of trading they do fits your personality (read: 'Enhancing Trader Performance - Steenbarger' for more info on this).

If you're a kid just out of a Commerce degree, who just wants to 'make lots of cash' - you're probably better off pursuing a career path through an investment bank, funds management company, accounting firm etc. Your odds will be better and you won't have the potential black spot on your resume (some people may interpret a failed career at a prop firm as a negative).

Prop trading success is more often reserved for the people who couldn't really imagine doing anything else, the people who's main hobby would be the markets if they had a regular 9-5.
Click to expand...

I wonder if you could use Market Maker strategies in Propex? I like the idea of being neutral. Making money with minimal risks. But the MM in Sydney all seem very competitive. Tibra claims to have 12000 applications in the last year. I'm a bit worried about their math barrier tests - my calculator has been doing most of my math in the last 10 years.

How long is the training program in Propex until you get to start trading? What's the starting investment capital like? If they aren't paying a salary, I'd have to make sure I have enough savings to last the training period and until I can make sufficient profits from the starting capital.

Out of interest I've been doing some reading up on technical analysis such as candlesticks, support/resistance levels, bollinger bands; and in university I studied some fundamentals like CAPM (although we were taught that it doesnt work), discounted cash flows, free cash flows, PE and other ratios, economics etc. Would that allow me to progress faster through their training program?

Does Propex get the same concessions on trades like the market makers?

Hope someone can offer some insights.

Thanks.
 
hello.. can someone update us more info from propex? im looking forward to get in the company, did sent them an email but no reply yet.
 
Hi, is it true for most of the prop trading/marker makers first round interview is you are interviewed by only one HR without any traders, and only the HR can decide if you can move on to next stage after the first round interview????? The Tibra Capital first round interview is the interview with only one HR, applicants would work with traders in a team if successful, so how come an HR would see if he or she would be the type of person the traders in the company would like to work with ???????? strange....
 
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