Prop Firm Commonly asked interview questions
I’ve been through a number of interviews at different proprietary trading firms.
And here are some commonly asked questions:
- Why do you want to be a trader?
- Can you survive without a fixed pay?
- How long are you willing to give yourself?
- What trading books have you read?
- What is your trading approach to the markets?
- How much money do you want to make?
- Where did you learn how to trade?
- Solve the Monty Hall problem
- What is 32 * 32?
I’ll share with you a powerful tip on how to land a job in proprietary trading.
Tell a story
At every interview, I convince them of my passion, grit and minimal liabilities.
I share my story with the interviewer when I’m a child till present.
And the story is as follows.
My Early Days
In my early school days, I had no interest in studies and only cared for playing counter-strike.
No surprise I only passed 2 subjects in secondary 3, and my parents had to beg my principal to allow me to proceed onto secondary 4.
During secondary 4 it was my O levels and miraculously I scored 20 points which allowed me to study at a local polytechnic.
I went to Temasek Polytechnic to study info-communications, which was one of the few choices available to me, given my mediocre results.
At this point, I was still playing computer games and simply did the bare minimum that’s required.
After 3 years, I graduated with a diploma in info-communications.
I was required to serve the army after graduation.
I was enlisted into the 1st Commando Battalion, and it was possibly the best thing that happens to me when I was 19 years old.
From being mediocre all my life to being placed in an elite fighting unit, I was in for a culture shock.
Birds of a feather flock together. It’s true while you’re in the army, especially in 1st Commando Battalion.
Core values like courage disciplined and fighting spirit are drilled into each and every one of us.
Slowly but surely.
It changed my outlook on life and to strive for nothing but the best.
An incident I will never forget was the ’72km Road March’.
We were expected to complete it within 24 hours. It was painful, to say the least, after the 30km mark, every step forward is like stepping on shattered glass.
We were marching in the middle of the night, yet I wasn’t even sleepy. Because every step I walked sent a sharp jolt of pain towards my nervous system.
Giving up wasn’t an option, and the only way forward is to make every step count.
After what seemed like forever.
I made it to the finishing point and was definitely an experience I will never forget.
This incident then taught me one thing, there is no such thing as impossible, only not done yet.
During this period, I started reading books on trading and investments. This sparked my interest in the financial markets and helped me decide which course to enroll for my degree.
After serving in the army, I took up a degree in banking & finance with the University of London.
Since being a Commando taught me to strive for nothing but the best, I was determined to attain a 1st Class Honors, no matter what it takes.
In my 1st year of studies, a Forex broker came to my school and organized a trading competition. Me being curious, I took part in it and not surprisingly busted my trading account within 2 days.
This was the official start towards my trading endeavor and made me certain I wanted a career in proprietary trading.
My biggest take was this:
1. If I did poorly for my exams, I would ask myself what went wrong?
2. If I did well in my exams, I would ask myself how can I improve further?
With these 2 powerful questions, I attained my First Class Honors and was set on being a proprietary trader no matter what it took.
This tells the interviewer I am determined to succeed, being a nobody in school to attaining my 1st Class Honors. Also, it shows my passion for trading since I am trading my own account.
I love to share a story because it engages the interviewers and give them an idea of my character. If you want to learn more, you can read this post here.
Now, as years go by…
The retail and proprietary trading industries changed on top of a global pandemic.
It changed so that more and more regular people started getting into trading, and proprietary trading became more and more accessible to them.
Good news, right?
You don’t need to pay for desk fees, and you don’t need to commute to a physical office because everything’s done online.
But is it still the same as sending a job application, going into interviews, and having a trading desk in a physical office?
Of course not.
You either have to:
- Pay upfront to be trained by traders before you become a proprietary trader
- Trade your account first and prove to other prop firms that you’re a profitable trader already and that you’re fit to be a proprietary trader
It still sounds fair, right?
So the question now is…
“How do I get into proprietary trading without leaving the comfort of my own home?”
There are a TON of options.
But one that stands out is…
Psyquation is similar to other free trade journaling tools like Myfxbook and Fxblue.
The difference is that you can be qualified to manage the company’s funds through their “Axi Select” program
The criteria are simple:
- Trade for at least two months
- Have a live account of at least 1,000 AUD
- Have a “psyquation score” of at least 65 on their platform
It means that your track record is your ticket to be a proprietary trader.
No training fees, desk fees, or anything.
Pretty cool, right?
Of course, the downside is that you have to trade their preferred broker, limiting the markets you trade.
If you think 2 months is too long for you or don’t have 1,000 AUD, then the next proprietary trading firm could be for you.