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How to Become a Prop Trader at a Top Prop Trading Firm

Jacob Scott

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Reading Time: 3 mins

I’m sure you want to be a prop trader because you realise what a great opportunity it is and what a rewarding career it can offer… but you realised like many you do not know quite a few things.  

Like how to become a prop trader to begin with, how a prop trading firm fits to it, or what is prop trading to begin with?! 

Let’s go systematically, if you are researching how to become a prop trader, I am going to assume you are newer to prop trading compared to someone searching for a prop trading firm.  

First a prop trader trades other company’s money in the financial market, the other company’s money that retail traders trade tend to be a prop trading firm.  

Do I Need Qualifications?
What’s The Process?
Evaluation

 Do I Need Qualifications?

To address what you likely have in your head, the answer is: no, prop traders do not need any qualifications. Know how to trade and you are good. Define this as having a good trading strategy/system, good grasp of your trading psychology and emotions and you must have good risk management.  

Those are the aspects you under your control that you can develop.  However, the other side is the prop trading firm.  

Each prop trading firm has their own requirements and set of rules. Some will be easier than others, it comes down to compatibility and if your trading style, your plan, and psychology, works well with the prop firm’s trading rules in other words how they manage risk. 

What’s The Process?

How to become a prop trader and the best tips for selecting a prop firm, while related are different processes.  

But do not worry, becoming a prop trader is not difficult these days. It isn’t like the pre 2010s where you would have to live close to a financial hub, ideally a trading hub, or anywhere close to a group of wealthy investors. Prop trading firms are remote these days meaning you can avoid super high desk fees and save on travel! 

That is not to say there are no costs associated with prop trading firms. This article is about how to become a prop trader, now how to become a prop trader for free. While it has considerably evolved, there are fee structures with prop firms you should be aware of: 

Evaluation: prop traders pay a fee to cover their loss, then undergo an evaluation for a specific period. Under the condition they meet the passing criteria, they qualify for full funding. There is an evaluation time, some firms go as short as 3 months, some go slightly longer at 6 months, whereas some (like City Traders Imperium, CTI) prefer to go up to 1 year. The profit share is not equal in all firms either and ranges from 50%-70%; not every prop trading firm offers the same scaling plan.  

Direct Funding: this is an option available for prop traders that do not want to go through the evaluation period and want to dive right into the prop trading firm’s funding hence it is called “Direct Funding”. Considering the skipped evaluation, naturally the fees are higher for this option. The value some would find is the time that they would have used on the evaluation is better served going right to the funded account. If you are looking at this “how to become a prop trader” brief, do choose this option unless you are very confident in your trading strategy.  

Challenge: a prop trading firm expects traders to complete a challenge such as make 10% in 30 days. This quick money approach attracts many people, but statistically traders opting for this will lose big. To give you perspective, the best traders make 20% a year. And we are talking institutions too. Keep this in mind; they encourage bad habits.  

Monthly: a rip off in day’s world. Worse than the old prop trading firm desk fees. You need to keep paying them to access your accounts, and a 50-50 profit split is really against you when you consider the monthly fee.  

Evaluation

Ultimately the answer for how to become a prop trader is to keep in mind the advice in this article, and if you require assistance consider a prop trading firm willing to support your development.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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Money

Make Money from donating your Sperm

Jacob Scott

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Reading Time: 4 mins

Some see it as recreation but actually you can make a decent amount of money from donating your sperm.

Healthy sperm from donors that are considered to have good genes and an impressive education are in demand. It’s also not a difficult talk to donate.

Sperm Donation
How much can you make from sperm donation?
Things you should know about donating your sperm

Sperm Donation

Some people need to use donated sperm to start a family. This can be for a range of reasons.

It may be because of a man producing sperm that is of a low quality, or not enough sperm or that they carry a genetic condition that they do not want to pass on to their child.
Single women and women in same-sex couples also need donor sperm to start their own families.

You can also choose to donate your sperm to research surrounding infertility, genetic disease and fertility treatments.

how much can you make from sperm donation?

It is illegal to pay sperm donors more than their reasonable expenses in the UK.

But this doesn’t mean you won’t be compensated for your time and travel.

Sperm donors receive around £35 per clinic visit to cover their expenses.

There is sometimes more available if your expenses for travel, accommodation or childcare are higher than this.

Things you should know about donating your sperm

Here are some of the most commonly asked questions about sperm donation:

Can you donate sperm anonymously?

No – the law surrounding donation was changed in 2005.

This means that anyone conceived via the help of a donor can ask for the name of their biological father, his date of birth and his last known address when they turn 18.

Do I have any legal rights or responsibilities for children born through my donation?

No.

Providing you donate through a licensed UK fertility clinic; you won’t have any legal rights or responsibilities to children conceived via donation.

You won’t have a say in their upbringing and no legal requirement to help with their care.

However, if you donate outside of a clinic the situation could become more difficult as you may be considered the legal father of the child.

You can read more about the laws surrounding sperm donation here.

Am I eligible to donate?

Donors should be aged over 18 and under 46.

In some special cases, an older donor may be allowed if the clinic feels it is unlikely that there will be serious consequences from the donated sperm.

You will also need to have various health checks including checking for HIV and Hepatitis. These can take up to six months.

What is the Sperm Donation process?

Personal information:

The clinic you work with will ask you to provide them with some personal information.

Some non-identifying information will be given to prospective parents at the time of donation.

Any children born from your donation will be able to access non-identifying information at the age of 16. When they turn 18, they can apply for your identifying information.

You will also have the opportunity to write a personal description to help potential parents make their decision

Health Tests:

You’ll be tested for certain diseases, including serious genetic diseases before you can donate.

Clinics carefully consider the welfare of the unborn child to prevent them from developing serious medical conditions.

It is also important to tell your clinic about any problems in your or your family’s medical histories as failing to do so could lead to legal action if a child born from your donation inherits it.

Counselling:

The clinic you use is legally required to offer you counselling before you donate.

This is to allow you to talk through the implications of your donation and how it could affect you and your family in the future.

Consent:

Before you donate you must consent in writing. You can withdraw or change your consent at any time up to the point at which your sperm is used in treatment.

Donating:

You normally have to visit the clinic once a week for between 3 – 6 months to make your donation.

Once your donation has been collected it will be frozen for use in treatment, research or training.

Can I find out if my donation has been successful?

You can apply to find out if your donation has been successful. You may receive the number of children born, their gender and their year of birth.

You won’t receive any information that reveals the identity of the child.

Can I change my mind?

You can change your mind about your donation up until it is used in someone’s treatment.

This is true even if you have given consent.

What about the emotional impact of donating?

You will be offered counselling before donating to make sure you are comfortable with donating.

You should remember that at some point one or more children born from your donation may contact you and that you need to be prepared for that.

In the future, you may have a family of your own and you’ll need to think about how to broach the subject with them.

What are the next steps?

If you have decided to donate you should find a clinic that is taking on donors. You can find local clinic via this database.

MoneyMagpie are not an affiliated medical company and are in no way advertising fertility procedures. We are however highlighting that money can be made in this area and also highlighting psychological consideration.

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Article: moneymagpie.com

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Money

How To Make With Online Learning

Jacob Scott

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Reading Time: 3 mins

An online educator provides online courses, typically via the internet. They are in direct competition with traditional colleges and universities. The online educator may be able to provide a quality product at a lower price than that of the traditional brick-and-mortar institution. The online educator must understand their market well and what makes it tick to position themselves as experts in the field. This requires understanding current trends in education, technology, and politics. Here are ways to make money as an online educator.

Blog About Online Courses
Create And Host Podcast
Teach College Courses Online
Create Your Ebooks And Sell Them
Become A Tutor
Conclusion

Blog About Online Courses

You can make money by blogging about your online courses. You can do this on an existing blog or a new one. A blog is a website that you create to write articles. You can use your blog to write about online courses that you have made or helped create for other people. By writing about these courses, you will be able to build your reputation as an expert in online education.

Your blog will also help you attract potential students who may want to sign up for your online course in the future. Once your blog is set up and functioning, it is time to begin writing articles. It would be best if you start by writing a few articles that discuss topics related to the content of your course. You should also write some posts that discuss how others who have taken your course have perceived it or what they have learned from it. If you can, also include links to blog posts that other people have written about your course.

Create and Host a Podcast

You should consider creating and hosting a podcast on your blog if you want to start earning as an online educator. A podcast is a type of audio recording that usually lasts for a specific amount of time or is released one episode at a time. If you start a podcast, then this will allow potential students to hear what it is like to take your courses or talk with other people who have taken them. Many people listen to podcasts while driving, working out, or doing other activities on their mobile devices. This may be the perfect way for you to build your reputation as an expert in online education by helping others learn what it takes to earn money through this type of business.

Teach College Courses Online

If you are interested in earning money through online education, consider teaching college courses. Many people will pay for the opportunity to learn from experts. The rise of outsourcing in higher education means more opportunities for you to teach college courses online. If you have a college degree, this may be an excellent way to earn money in your spare time. You can either create your courses or share your knowledge by teaching others what you have learned in the classroom.

Create Your Ebooks and Sell Them

If you are interested in making money online, consider becoming an ebook author. The best way to do this is by writing about a topic that you know well. If you teach or coach others, consider creating an ebook that includes the lessons and techniques you have learned in the classroom. You can either write your ebooks or pay others to write them. You can also choose to create an ebook of checklists and other resources that can help people.

Become a Tutor

If you have a passion for teaching and helping others, consider becoming a tutor. You can either create your online tutoring business or work with an established one. If you have experience as a teacher, you may be able to start an online tutoring business by creating video lessons and tutoring students in these lessons. This is an excellent way to make money working from home.

Conclusion

Being an online educator requires a passion for what you are doing. If you are interested in earning money through this type of business, you should find a way to make it work for you. There are many ways to do this, so you must research each one to see which one works best for your situation.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

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Original Article: moneymagpie.com

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Money

You are being charged for electronics left on standby

Jacob Scott

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Reading Time: 2 mins

You are being charged for devices left on standby.

New research from provider British Gas has suggested households could save almost £150 per year by fully switching off electrical devices. Nicknamed ‘vampire devices’, these are electronic devices which continue to use power even when they are on standby.

As a result of this research, the Energy Saving Trust (EST) have suggested consumers should take time to consider which devices they can leave switched on, and which they should turn off completely in order to save money. EST have also said that costs related to individual appliances being left on standby depend on several factors, including the make and model of the item and individual use.

Brian Horn, Senior Insight and Analytics consultant at EST has suggested some practical steps consumers can take to save money. These steps include switching items off at the wall or unplugging them completely if there is no need for them to be on when not in use but switching off at the wall is fine if you need to ensure the plug remains accessible.

He suggests making your devices and electronics as easy as possible to switch off, so it doesn’t become a chore. If you have lots of electrical devices or appliances plugged into many different plugs, he says plugging them all into one extension lead is a good idea. You can then just switch off or unplug the extension lead, making it easier and quicker.

Why it matters

It may seem an obvious thing to do, but it is more important than ever to save money wherever possible. The 54% increase in the energy price cap has meant energy bills have risen to an average of £1,971 per year. With this set to soar even higher this autumn, starting to save energy now, and saving pennies where possible, could save you stress later on.

Similarly, getting into the routine of turning off items and the plug, and switching off devices wherever possible, will put you in good standing for this winter, which is set to be expensive. According to EST, 9%-16% of electricity consumed in homes is the result of appliances left on standby.

Yearly cost of appliances left on standby:

TV: £24.61
Games console: £12.17
Computers: £11.22
Microwave: £16.37
Shower: £9.80
Washing machine: £4.73
Printer: £3.81
Phone charger: £1.26

Recommendations from British Gas:

Try not to overcharge your mobile phone and laptop unnecessarily.
Add devices to an extension lead that can be switched off at night.
Use smart plugs which allow you to turn off devices from your mobile phone.
As soon as your device is charged, try and get into the habit of unplugging it.
A smart meter’s in-home display can help to identify how much energy is used at different times of the day. This is useful to see where energy is wasted.
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Source: moneymagpie.com

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