Hi bootsyjam
Personally l would take the other side of that trade
l have been looking at this idea for a while, and taken advice from traders from T2W who have experience from working in prop firms (who are successful-they have been working in prop firms for years), however as you have quoted "rjmahan" and his experience, it shows that a one size fits all is not the case with prop firms, l believe that you need to look at the style of trading that suits your personality, if that style is swing and position trade like "rjmahan" then the opportunity of prop firm offers is not really going to work out for either party.
Although if your able to "day trade" and you have a consistently profitable strategy, then what prop firms offer is very impressive.
Naturally there are challenges... the desk fees, the pressure in the beginning to deliver as you mentioned, but then if you cannot except the risk of trading surely your in the game?
l see this as a business and as such there are operating costs as with any and usually with any new start up the first year is a result if you can break even. Therefore this opportunity is a 'no brainer' ,The firm take all the down side and yes if your profitable you share the profits, but once you have shown consistency the prop traders l have spoken to tell me the firm increase your clip size to significant size, which would take years to build to if you were trading from home. Unless of course your uncle is a hedge fund manager and can give you limitless cash to trade from home!
The other benefit is the commission costs l am told per trade are generally cheaper and your execution fills will be quicker (not relevant though if your swing trading)
Sonic-that's all great if you can get them to sponsor you so you don't risk any of your own money. What you will find is that it is very hard to quantify just how many people get sponsored by Futex after the training.
As for good fills, as I said, IB and Sierra are very good indeed-this isn't MT4.
There are commissions, but if you're a good trader, and don't trade for £1 a point then they shouldn't be a problem.
So to summarise-if you get your training paid for, and then get money to back you, then of course it's worth it.
But if you don't? Then it definitely isn't worth it. And you'll see many posts, on many threads, for many prop firms/training companies that ask the same question:how many people go on to trade with backing?
You'll find that no clear answer exists. And to me, that speaks volumes...
I should also add something to your comment;"Naturally there are challenges... the desk fees, the pressure in the beginning to deliver as you mentioned, but then if you cannot except the risk of trading surely your in the game? "
Trading is hard enough as it is. Why would you want to encumber yourself with a 2-3k loss straight away? How will that affect your trading do you think?
If i started every month with a 2-3k loss then it would certainly affect my trading. If that's too small an amount to bother with then clearly the individual is a kick **** trader already so not bothered. Unfortunately, these forums exist to help people who aren't there yet.
