There are a lot of online prop trading firms popping up from everywhere nowadays with “too good to be true” plans. But the harsh reality is that many are taking tremendous risk by having unreasonable offers which at some point they will not be able to pay their clients.
However, it is not that difficult to become a prop trader. All you need to is find a prop trading house and apply.
You could go old school which requires you to locate a prop trading house. However, many of these old school places will require you to pay a desk fee, which goes up depending on your requirements such as additional screens and access to a Bloomberg Terminal, which could be tough on your prop trading psychology if you do not break even.
From my experience and what I have seen in the market, you need an income in order to support your expenses to trade profitably because it gives you the peace of mind and stops you from the need of making money right now.
Also, these traditional prop trading will not consider funding you until you can prove you can be consistently profitable with your own capital, which can take you years before you are able to get funded with larger capital.
The general notion is if you have a track record of at least a year, is the minimum requirement for any investor to give you their money to trade for them and this is without considering that you need a licence to trade for other people.
If your track record involves you being consistently profitable, ideally with an account size of at least $10,000, then these providers generally know you can handle large account size.