Propex Derivatives Reviews

Incompetent management Poor company culture No future Let me explain first the selection process to you, before you are accepted as a trainee, you will have to go through several interviews and an online simulator. After you are selected, you will spend about 2 months in training. Before you make your first real trade, you will have already spent over 4 months of your time. If you, like the many others here are willing to sacrifice your time in hopes to learn valuable trading skills in Propex, you will be sorely disappointed. Firstly, you will be trained by a trainer who himself has no trading abilities. You will not learn anything from his incompetence or anyone in the management as a matter of fact who are all too selfish to be bothered with you. Be expected to learn how to make money on your own and if you are a new trader be expected to struggle initially for months. Working at Propex, you will be forced to churn volume for the company which main revenue likely come from commission rebates than the money you make through speculating the markets. Your PnL will be secondary to the volume you can generate. Be prepared to work more than 10 hours a day given the trading style this company employ, there are people who used to sleep in this office during weekdays. The management loves to see traders sitting at their desk for long hours. This company is managed by a poor leader. You will not be given any basic respect and be expected to be insulted regularly. He is one of the biggest reasons why the turnover rate is the highest in any company i have ever seen. Be expected to be reminded that you are replaceable and beneath him in every way regularly. That brings me back to my first paragraph. If you choose to join this company, it is a matter of time you come to realize what many reviewers have written here, but by then you will have wasted at least 6 months of your life. My best advice to anyone reading this, if you are in you're early 20s and would like to experience first hand how the trading industry is, that's fine, but if you are someone who is older and/or bearing significant responsibilities, then i urge you not to waste your time here, this is not a place to build a long term career and the lost opportunity costs may be great.

- A very long entry/training process. A junior trader can expect to be just trading on a simulator for 2-3 months. - The head trainers' ability to teach trading is questionable, however successful traders do not rely on the trainer alone. The firm is full of profitable traders and talking to anyone of them will give you insights on how a professional thinks. - Initial up-sizing of limits can be fast for promising junior traders but once you've hit a certain tier it becomes increasingly hard to ask for limits unless you put up profit retention. - The high starting system costs (desk fees) can make or break a junior trader's career. Most trainees fail to even break even and leave with a giant hole in their accounts. - The company doesn't have much new strategy development and most trainees are used as guinea pigs to "look for profitable trades" - Those who survive and are profitable are left on their own to develop new strategies. - The company is quite unwilling to spend R&D costs to hire quants or getting software to develop new profitable strategies. (They want to push these costs onto the traders) - Many of their most profitable traders have left because of tons of restrictions in terms of trading (unable of get certain limits, unable to hold overnight positions, etc) - Much of the tools and markets they trade are available to retail traders as well (albeit at a different rate). Add to the lack of growth for the senior traders, it is relatively easy for them to set up their own trading accounts and employ the skills that they've picked up at Propex