Marex Spectron Pro Trader Development Program

This is a discussion on Marex Spectron Pro Trader Development Program within the First Steps forums, part of the Reception category; Don't join this program. You will be responsible for 100% of the losses and only receive 50% of the profit. ...

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Old Aug 12, 2013, 11:10pm   #1
Joined Mar 2013
Marex Spectron Pro Trader Development Program

Don't join this program. You will be responsible for 100% of the losses and only receive 50% of the profit.

I was on the program and was lied to about when I would go live and how much desk fees I would pay.

I resigned recently after four months of working there. I am now taking legal action against the company.

I am happy to answer any questions on the company, just post them below.
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Old Aug 12, 2013, 11:20pm   #2
 
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Re: Marex Spectron Pro Trader Development Program

What were the initial terms and contract they offered you?

What did they do to teach you?

How many others joined like you?
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Old Aug 12, 2013, 11:54pm   #3
Joined Mar 2013
Re: Marex Spectron Pro Trader Development Program

treadwellism started this thread Initial terms: 50:50 split, no liability for losses, no desk fees for six months. I was offered 100% liability for losses and no guarantee that desk would be subsidised at all.

I had six weeks of excellent tuition when I first joined. Macroeconomics, trading psychology, price action, technical analysis followed by intensive sim training. After that time period it was more like amuse yourself while we draft the contract. That lasted 10 weeks.

Sixteen others are in my position.
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Old Aug 13, 2013, 4:15pm   #4
Joined Mar 2013
Re: Marex Spectron Pro Trader Development Program

treadwellism started this thread This comment is made as an opinion based on primary experience and accurate fact:

Just received a letter from Marex's lawyers that essentially allows me to sue for harassment as well as my other complaints. Bare in mind that I haven't signed any contract:

"Our client considers your decision to cease trading under its graduate scheme to be an anticipatory breach of your contract with MFL, in relation to which it reserves all rights against you."

Not sure that's how contracts work Marex...
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Thanks! The following members like this post: rsh01
Old Aug 13, 2013, 4:57pm   #5
 
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Re: Marex Spectron Pro Trader Development Program

I would love to see you winning with your harassment b/s (sarcasm).
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Old Aug 13, 2013, 6:51pm   #6
Joined Oct 2006
Re: Marex Spectron Pro Trader Development Program

Quote:
Originally Posted by treadwellism View Post
This comment is made as an opinion based on primary experience and accurate fact:

Just received a letter from Marex's lawyers that essentially allows me to sue for harassment as well as my other complaints. Bare in mind that I haven't signed any contract:

"Our client considers your decision to cease trading under its graduate scheme to be an anticipatory breach of your contract with MFL, in relation to which it reserves all rights against you."

Not sure that's how contracts work Marex...
Marex's lawyers told you that you could sue Marex for harassment? Don't get me wrong, I think every one of these schemes is a rip off but what you just said makes no sense.
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Old Aug 13, 2013, 7:06pm   #7
Joined Mar 2013
Re: Marex Spectron Pro Trader Development Program

treadwellism started this thread
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Originally Posted by pboyles View Post
Marex's lawyers told you that you could sue Marex for harassment? Don't get me wrong, I think every one of these schemes is a rip off but what you just said makes no sense.
The nature of the letter in itself is a harassment.
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Old Aug 13, 2013, 7:39pm   #8
Joined Oct 2006
Re: Marex Spectron Pro Trader Development Program

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Originally Posted by treadwellism View Post
The nature of the letter in itself is a harassment.
OK I see what you mean, though I doubt you'll get too far with it. An expensive lesson no doubt, the entire industry exists to rip you off, at least you have an appreciation of that now so maybe you'll keep your money safe in future.
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Old Aug 13, 2013, 7:41pm   #9
Joined Oct 2006
Re: Marex Spectron Pro Trader Development Program

Quote:
Originally Posted by treadwellism View Post
Don't join this program. You will be responsible for 100% of the losses and only receive 50% of the profit.

I was on the program and was lied to about when I would go live and how much desk fees I would pay.

I resigned recently after four months of working there. I am now taking legal action against the company.

I am happy to answer any questions on the company, just post them below.
Here's a genuine question for you. How many of the 16 were making enough money to live on? Also how much did you pay to get on this course?
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Old Aug 13, 2013, 10:55pm   #10
Joined Jan 2013
Re: Marex Spectron Pro Trader Development Program

Quote:
Originally Posted by treadwellism View Post
This comment is made as an opinion based on primary experience and accurate fact:

Just received a letter from Marex's lawyers that essentially allows me to sue for harassment as well as my other complaints. Bare in mind that I haven't signed any contract:

"Our client considers your decision to cease trading under its graduate scheme to be an anticipatory breach of your contract with MFL, in relation to which it reserves all rights against you."

Not sure that's how contracts work Marex...
Take it on the chin and walk away wiser. By its very nature trading is about taking other peoples money, this happens on and off exchange.
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Old Aug 14, 2013, 12:39am   #11
Joined Mar 2013
Re: Marex Spectron Pro Trader Development Program

treadwellism started this thread
Quote:
Originally Posted by pboyles View Post
Here's a genuine question for you. How many of the 16 were making enough money to live on? Also how much did you pay to get on this course?
We didn't pay for the course and its hard to say whether we would have made enough to make a living as we were only making profit on the trading simulator. Going by the statistics of course graduates I would say we probably wouldn't have made money.

Please see the original job description:
The PTDP begins with a 2 month, full time, intensive course establishing the essential foundations required to become a self-employed trader, with Marex Spectron providing the seed capital and intraday leverage necessary to operate as a professional trader, with successful candidates contracted to trade solely through Marex. There is no monetary commitment required by trainees for the training.

Taken from jobandtalent.com

Four months later we were told that we would be 100% liable for losses due to an unseen, necessary change to our contracts. We were also told that we would pay desk fees at their discretion not free for the first six months as promised. This is the issue.

A new set of graduates were taken on a month ago and were also told the same set of lies despite the fact that by this point Marex were aware of issues with the contract.

I received a letter from Marex today which among other empty threats stated that they would bring legal action against me if I made defamatory comments against them in a forum. A childish bullying tactic from a ponzi scheme of a company which doesn't have enough liquidity to throw £70k at its grads to trade with.

These comments are my opinion based on fact that can be cited upon request.
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Old Aug 14, 2013, 7:58am   #12
 
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Re: Marex Spectron Pro Trader Development Program

Quote:
Originally Posted by treadwellism View Post
We didn't pay for the course and its hard to say whether we would have made enough to make a living as we were only making profit on the trading simulator. Going by the statistics of course graduates I would say we probably wouldn't have made money.

Please see the original job description:
The PTDP begins with a 2 month, full time, intensive course establishing the essential foundations required to become a self-employed trader, with Marex Spectron providing the seed capital and intraday leverage necessary to operate as a professional trader, with successful candidates contracted to trade solely through Marex. There is no monetary commitment required by trainees for the training.

Taken from jobandtalent.com

Four months later we were told that we would be 100% liable for losses due to an unseen, necessary change to our contracts. We were also told that we would pay desk fees at their discretion not free for the first six months as promised. This is the issue.

A new set of graduates were taken on a month ago and were also told the same set of lies despite the fact that by this point Marex were aware of issues with the contract.

I received a letter from Marex today which among other empty threats stated that they would bring legal action against me if I made defamatory comments against them in a forum. A childish bullying tactic from a ponzi scheme of a company which doesn't have enough liquidity to throw £70k at its grads to trade with.

These comments are my opinion based on fact that can be cited upon request.
Do you know (or suspect) if there are any grads from your set who's initial contract has been honored?
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Old Aug 14, 2013, 8:39am   #13
Joined Mar 2013
Re: Marex Spectron Pro Trader Development Program

treadwellism started this thread
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Originally Posted by Benj1981 View Post
Do you know (or suspect) if there are any grads from your set who's initial contract has been honored?
I know that the initial agreement hasn't been honoured for any of the grads.
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Old Aug 14, 2013, 9:05am   #14
Joined Nov 2009
Re: Marex Spectron Pro Trader Development Program

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Originally Posted by treadwellism View Post
I know that the initial agreement hasn't been honoured for any of the grads.
Did you ever put any money in ? - I dont really understand what the problem is here if you havnt actually lost any money ? - Did you ever trade live and lose money ? - If you lost any money was it outside of your risk limit ? - sometimes a company will hold you personally liable if you break trading limits - I must admit I am normally very anti any of these grad schemes but Marex is a good company with a decent balance sheet and a good name generally - something went wrong here between you and them - personally I would just walk away from this as you would have a very long expensive legal battle and a risk that you would lose - more importantly than that these legal battles take a toll on your emotional health and can drag on for years.. I've had a few of these battles myself when I was younger and even though I won in the end the time and emotional cost wasnt worth it
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Old Aug 14, 2013, 9:10am   #15
 
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Re: Marex Spectron Pro Trader Development Program

Quote:
Originally Posted by treadwellism View Post
I know that the initial agreement hasn't been honoured for any of the grads.
I see, well if all grads are treated the same, like you say, then it's just a way to get your hard earned cash. However, if there are one or two exceptions, then it may be a way to make the grads, who they don't think will cut it, to walk of their own will. Either way, it lacks principles.

GTTY.
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