Prop Shop in Sydney?

markies21 said:
How much can traders at Propex make?

What is a realistic expectation? And what is possible after a few years?
Click to expand...

as with all prop trading.....

you could make nothing and quit within 6 months (propex maybe pay a basic? some do, some dont)

you could easily make 7 or possibly even 8 figures a year within say 2 years of buliding up if you are good and disciplined
 
What types of things do they teach in the training program?

Understanding from this thread they deal alot with futures, and I have no experience trading the Asian futures (only equity indicies on Eurex and CME)... How do traders in Oz find the exchange fees / slippage on these instruments? Do traders at Propex work nights to catch the Euro / US markets?
 
markies21 said:
What types of things do they teach in the training program?

Understanding from this thread they deal alot with futures, and I have no experience trading the Asian futures (only equity indicies on Eurex and CME)... How do traders in Oz find the exchange fees / slippage on these instruments? Do traders at Propex work nights to catch the Euro / US markets?
Click to expand...

i'd be amazed if there werent folk trading the european markets in evening. especially with the amount of ex pat brits in sydney

i too am interested in exchange fees and response times to the markets
 
Does anyone know when Propex are next hiring?

Are there any other firms apart from Propex, in Australia, that engage in discretionary trading?
 
Most guys at the moment aren't really into the European mkts currently. The speed for the DAX was a little slow and the amount of prop shops in london trying to scalp and prop it really diminishes any edge.

Round turn costs range pretty widely depending on which mkt u trade. On the SFE it is around $3, for CME around 3USD, for SGX around 3USD.

You can work whatever hours you want basically, so there are some guys in at nights (but not a majority). As for the training program, there is a course work component (just making sure those who didn't study a finance/economics related course at uni understand all the terms and so forth) and then you trade on the sim. The trading on the sim is the most important. If you get stopped out then you discuss with the trainers your trades and go through possible mistakes you made. However, at the end of the day it is an individual thing and the training can only help so much in whether or not you will succeed.

I have no idea of when the next intake will be. I presume (stressing presume) that there will be another by the end of the year. The best bet is just to keep looking on seek and on this or other forums (the earliest the application process would start in my opinion would be sept/oct)
 
working at propex

Thanks for the info Grant3103,

I take it you work with propex? It sounds like a good group to be working with, I am wanting to apply for a position just curious for an insiders opinion of a few things. Whats the work culture like, ie managers, other traders, friendly office atmosphere or do people keep to themselves? What would be the average age there, is it a young vibe? Also are there any girls, last office job I was in had a floor or about 30 guys with 3 girls (I guess its this industry)... the upside is it keeps you focused on your trading 😛 Lastly any big numbers being pulled out, obviously would be a bit confidential but are there guys making good $$$ reason I ask is because half the advantage of working for one of these firms for me would not be the money (could do it myself at home) but basically the mentoring and advice available from better traders. Any info would be appreciated,

Cheers,
amb005
 
Hi Grant, great post thanks for that also 😎

I'd too be interested in hearing about how much $$$ we are talking about... And, for that $$$, what percentage of people that come through the doors end up making that $$$. Are we talking about a one or two successful guys and a cemetery of losers, or is the success/failure rate more of a normal distribution - like 50:50?
 
Propex has a very low attrition rate compared to other prop shops. You will be given quite alot of time to develop your skills as a new trader and management understands the hardships a new trader goes through. Most guys and i mean most, have stayed with the firm for a long period of time (well as long as we possibly can since Propex is quite a young company).

There are big numbers here and there but it all depends on the market condition, choice of market and abilities. It is probably wiser to not concern yourself with an arbitrary number someone else made in a different time and market as you would be trading in.

By the way there are no girls in the office except for the Boss' PA.
 
I've received an email back after submitting my CV to Propex inviting me to participate in 'the next stage of the recruitment process'. Anyone have any detail on what this is? Or perhaps some detail on what the entire recruitment process is?
I am VERY interested in joining Propex and would love to be able to prepare properly for each stage.

Thanks in advance
 
I'll be applying for this round aswell...

im not gonna get my hopes up though, there is a large amount of people that apply with propex.
 
After making it into the interviews last time at propex, I decided not to re-apply. The process is kind of tedious, although successful it seems alot of the people actually put through the testing clearly wouldn't have ''it'' and it seems that its more a scare tactic (fine, competition is very good for the industry).
But in the 6 months since the last round I found it far easier to succeed on my own ability than working for a prop shop. And I get charged less tax working under an ABN and dont have to pay the seat fees (i use free software at the moment -cnbc etc on foxtel).

Although propex is a great company, and the opportunity is good for someone with no trading ability or capital. I'd suggest if you are already a trader, that soloing it would be a better bet.

This is of course just my opinion, and success is what I wish for all. J
Just I believe there should be alot of weeding out of the process in order for it to not run for months.

Also the specifics of what the company are actually looking for should be involved pre-sign up. Because they do not specify anything, but do have high standards as per most firms. But it would probably save them and other people alot of time if it was more specific on what they are looking for. Rather than just "talented individuals". Because I believe everyone believes they have a talent in something.

Either way, best of luck to you all.
 
Yes, people coming inter-state for testing, then for an interview, then for a second interview (3 times in total) and potentially be told they haven't got the job, would be a a waste of time and money. For these people there should be a seperate testing/interviewing stage all at once.

But I guess the company holds the cards and they know it. Such is the trouble of monopoly power.
 
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