Using trading record to trade for a firm

[chesterp]

Hello,

I have been trading my own account for over six months (part time whilst at work) and genuinely believe I am good enough to trade for a firm but unfortunately seem to come unstuck amid the plethora of tests (maths, McQuaig, psychology etc) that most firms put infront of you these days.

However, I do have a trading record (live money) but before I embarrass myself (and waste anyone's time) applying with this and this alone, I would like to ask two questions:


1. If you can trade and make money consistently week in, week out and you can prove this with a record of a live account BUT your style is that you position trade - so you may perhaps make one or two trades per week, are you likely to get a job with a firm? From what I have read I have been led to believe they want scalpers that trade frequently for volume / risk reasons.

2. What is considered a good record? If I could demonstrate an account increase from just £100 to just over £10,000 (over several hundred trades in a six month period) is this good enough? I read in another post on here that it's not the amount they are looking for but the consistency of the wins but then again, if you won frequently (and average win was far bigger than average loser) but you had only turned £1,000 into say £5,000 I wouldn't think that would be good enough....

Well thats's about it - any help would be greatly appreciated!

P.S Does anyone know of any firms that might appreciate my style?

Thanks,

Chester

 

[SCFX]

Hello,

I have been trading my own account for over six months (part time whilst at work) and genuinely believe I am good enough to trade for a firm but unfortunately seem to come unstuck amid the plethora of tests (maths, McQuaig, psychology etc) that most firms put infront of you these days.

However, I do have a trading record (live money) but before I embarrass myself (and waste anyone's time) applying with this and this alone, I would like to ask two questions:


1. If you can trade and make money consistently week in, week out and you can prove this with a record of a live account BUT your style is that you position trade - so you may perhaps make one or two trades per week, are you likely to get a job with a firm? From what I have read I have been led to believe they want scalpers that trade frequently for volume / risk reasons.

2. What is considered a good record? If I could demonstrate an account increase from just £100 to just over £10,000 (over several hundred trades in a six month period) is this good enough? I read in another post on here that it's not the amount they are looking for but the consistency of the wins but then again, if you won frequently (and average win was far bigger than average loser) but you had only turned £1,000 into say £5,000 I wouldn't think that would be good enough....

Well thats's about it - any help would be greatly appreciated!

P.S Does anyone know of any firms that might appreciate my style?

Thanks,

Chester

Hi Chester

the only thing i could say is that if u have been position trading for 6 months this is not much of a track record for a long term trader. For a person who is taking 10 positions in a day this adds up to much more of a statistical record for a firm. Also position trading by taking long only trades in a long equity market? Most people can make this.. look at the bull markets of 2000 but when the makret changed direction many of these 'profitable' traders gave it all back. Perhaps u are trading both sides of the FX or futures markets, i just say this to illustrate a point.

Your prob right they do like people who turn more volume. When i went to see James at Pelican West (now Heron trading) i could see he was concerned that i wasn't a high volume trader and in turn he was going to charge me a stupid amount for a seat!!

Just my 2C i am also looking to walk the same path as yourself. All the best.

Cheers Charlie

 

[Vaco]

There's debate as to the value of joining a firm nowadays, the benefits are faster execution and lower comms but as a position trader that will not have a great impact on you. On the other hand the 2k a month desk fees and the profit split will. Considering that you willl most likely be limited to 1 lot for the first month or longer financially you are better off staying at home.


May I ask why you wish to join a firm?