Question: I would like to apply for a trainee position at a prop firm but have never traded. What should I do?
That’s a very common question. Before you apply for a job as a trader you want to make sure that this is what you want to do for a living. A little education and experience will help answer that.
So with that in mind, here is a list of things that you should cover before applying with with anyone.
Some preliminary reading. The first one has nothing to do with the markets, in the literal sense at least, but it’s a great metaphor for dedicating yourself to any pursuit.
The Secret Power Within – by Chuck Norris
The next one is an absolute classic. It’s now more than 20yrs old (man time flies, I remember when it came out!). The book is a group of interviews of successful traders. You’ll read about their wins, losses, how they got into trading and how they stayed there. A fantastic read:
Market Wizards – by Jack Schwager
Next up, read some theory on futures. Do this short course online:
Then, for more, Jack Schwager (the Market Wizards guy) also wrote a great book on futures.
Next up, technical analysis. Bottom line is you need to know about charts, basic chart patterns, candlesticks, levels and support/resistance. Don’t get too carried away and try to learn everything here. Keep it simple. Get something like this:
The first half of this book is more than enough.
During all of this, you may want to get your hands dirty with a demo trading system. As you do this, make sure you get a futures system, not FX or shares. The system should also have what they call DOM (aka the ladder or market depth).
The Chicago Merc has a downloadable trial of CQG Trader, and entry level futures trading platform. Here it is:
Then you need to know what you are looking at. You can learn all about DOM from the TradingCourses site. Sign up for a free membership and you’ll get the basics. A paid membership get you the mother ship.
That’s it! It’s a couple of weeks work at best. In this list we have:
- A book on the proper mindset.
- A book of interviews with traders.
- Some futures theory.
- Technical analysis.
- Trading with depth (DOM)
Hopefully all of that includes the ‘what, why and how’ – or at least enough to get you started.
Want more? Sign up to a paid subscription at www.tradingcourses.com. The site is designed to give you more than what you need to get trading with a prop firm.