Has anyone tried hiring traders overseas and training them with a TRO method?

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adrian2012
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Has anyone tried hiring traders overseas and training them with a TRO method?

Postby adrian2012 » Fri Apr 17, 2015 11:27 pm

I searched the site but couldn't find a relevant thread so sorry if I'm repeating any info. I was considering hiring someone overseas from this site:

http://www.onlinejobs.ph/

It looks like the pool of candidates tend to be younger college grads, some with technical backgrounds like science and math. Anyhow, the average asking salary is around $450-$800 depending on the persons background. I know there are pros and cons to letting someone else handle your money BUT, I wanted to ask if anyone has had any experience doing this and:

A) Did it work out?
B) Any pitfalls to avoid if I decide to try it?

I'm looking for real world experience from any member.

I would consider hiring someone and training them to focus on 1-2 pairs using just one of TROs scalping methods. I don't have the time to be behind the screen but they do. I think I would train them and see their performance, if it looks somewhat consistent after 3 months, perhaps start them off with a small live account and go from there and give them a small chunk of capital, give them a trading rules sheet, have them take screenshots of all the trades and explain clearly why they went in later, etc. I think it would be wonderful to have a small team of dedicated traders focusing on just a few pairs and methods that each member was responsible for.

I've hired someone from that site before for other non-trading tasks that needed doing and it worked out for the time I had hired that person, just my two cents, I have no affiliation with that site.

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby dchappy » Sat Apr 18, 2015 1:16 pm

Sounds like you are attempting to start your own prop firm .Do some research on the number of firs that have have failed in the last 20 yrs . Trading is much more than having a method and following a set oof rules .Sorry to be negative ,but my opinion is that you will end up losing time and $,s . If you don't have the time to scalp/day trade , try holding positions from weekly or monthly extremes.....Good Luck..

adrian2012
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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby adrian2012 » Mon Apr 20, 2015 10:58 am

Thanks DC, I dug around for stats on the failure rate of prop firms but I couldn't find anything solid, even for traders as individuals, I know the failure rate is high. Below was the most insightful article I could find, the author has a hardcover book published on Amazon telling more about what it's like trading at a prop firm.

Thinking about it some more, I think a hard part would be finding suitable and willing talent in the field and getting that individual to stick it out with you (me) for months and years on end and dealing with the ups and downs of the process. If it were only so easy to find passionate, disciplined and committed newbie traders to train and work for one...

~Adrian

"There is a learning curve in our arena, no one is beyond it, and trading is the ultimate challenge. We recruit many Division I athletes for our desk. And I share as a former athlete, “Even considering your past, you have no idea what it is like to be competitive until you trade professionally.”

Numbers abound about what the failure rate is. Some say 95 percent. Others claim 80. We had a college student fly across the country to visit us who was writing his college thesis on this very subject. He came in at 90 percent. At a big bank the whisper number is 55 percent. I had dinner last night with a close friend that relayed the head trader at a Tier I investment house was bemoaning the worst part of his job: letting failed traders go."

MORE

"My manuscript is done and in the hands of Wiley Publishing for One Good Trade: Inside the Highly Competitive World of Proprietary Trading and interestingly enough two chapters were devoted to why traders fail. The failure rate is too high in our industry. There, I said it! And I wrote extensively about this in my book. It is so for a variety of reasons including:

1) some are not qualified
2) most are poorly trained
3) many do not have a passion for trading and cannot sustain the energy to improve daily
4) the learning curve is too difficult
5) they are not good enough

I agree with Charles Kirk from the awesome The Kirk Report that you can become a solid trader if you are willing to put in the time. But many believe their passion is trading, then sit on a trading desk, see the work required to succeed, and are not willing to do the work.

The market requires that you become an elite performer. Most people can “punch the clock” at their jobs, do average work, and be appreciated by their employers. Heck, you might even get promoted. Try this as a trader and the market will swallow you like a shark does squid. The best trader on our desk grinds it out daily like a steam pipe fitter."

http://www.smbtraining.com/blog/the-fai ... ary-trader

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby PINKPANTHER5 » Wed Apr 27, 2016 2:01 am

I love tro's methods. I normally trade during sleeping hours so I don't need to hire anyone overseas. I am borderline insomnic. ;)

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby TheRumpledOne » Wed Apr 27, 2016 3:13 pm

You can automate the methods and let a computer do the trading.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby TheRumpledOne » Wed Apr 27, 2016 6:26 pm

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby adrian2012 » Thu Apr 28, 2016 12:47 pm

Kirill has a nice video course on programming in MT4 for $20 for those interesting in DIYg it, I found his content to be well structured and presented.
https://www.udemy.com/metatrader4/

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby adrian2012 » Thu Apr 28, 2016 1:11 pm

While I'm at it, I've taken these course and found them to be highly insightful and informative with regards to properly setting up your EA in the cloud. The infrastructure Amazon has built out is incredible and you would do well to place your live EA in a machine close to your brokers servers. FWIW, if you don't like the courses or find them to contain information you already knew, you can request a refund and Udemy will give you your $$$ back within 30 days.

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby TheCrumpledOne » Thu Apr 28, 2016 7:03 pm

TheRumpledOne wrote:You can automate the methods and let a computer do the trading.


TRO, you've created EA for your method? able to share it?

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Re: Has anyone tried hiring traders overseas and training them with a TRO method?

Postby TheRumpledOne » Sat Apr 30, 2016 5:21 pm

I never share automated systems... too dangerous.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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