What do you guys think of companies like Futex?

DavidCarpentier

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I have recently applied to a few companies offewring training schemes in Trading. A few are shown below:

Futex http://www.futex.co.uk/
Schneider http://schneidertrading.com/aboutus/


A typical job vacany Ad looks something like this:


***************************************************************************************************


Professional Trader Program

Company: Schneider
Location: UK-London
Remuneration: Non-salaried
Position Type: Self-Employed
Employment type: Full time


--------------------------------------------------------------------------------

Schneider Trading Associates (“STA”) are pleased to announce the Professional Trader Programme - an outstanding opportunity to become a Professional Futures Trader in the City of London.

--------------------------------------------------------------------------------

STA is a professional proprietary trading company based in the heart of the City of London. We have in excess of 400 professional traders located both here, in our state of the art facilities, as well as a variety of overseas locations.
We are committed to helping trainees develop the professional insights, personal strategies and winning routines used by successful traders today.

Our programme combines practical applications and techniques used every day by individual proprietary traders using interactive workshops, simulator training and LIVE MARKET access.

On completion of training, those who have reached our standards and can demonstrate the entrepreneurial flair, maturity and determination we require will be offered a place on our Professional Trading Team.

Competition for the limited places on offer will be intense and only the very best candidates will be invited to interview.

The minimum requirement for applicants will be a degree to a 2.2 standard or better. Applicants with programming skills in excel, VBA, C++ or other will be viewed favourably.

All CV’s must be kept to a minimum of one page. Initial interviews will take place at our City offices.

The next Professional Trader Programme will commence on May 14th 2007.


***************************************************************************************************




Does anyone know if these schemes are any good?
Also, do you have to pay a fee for them/ is it like a course that you take?
Do they just offer the tools for you to trade and then expect you to trade with your own money??

Any replies appreciated. Cheers,

Dave
 
You should ask searching questions to those offering training.

Ask Schneider what their percentage success rate is per candidate?

Ask Futex to speak to a succesful graduate.

DO NOT PAY for training. IT IS A SIGN OF EXTREME WEEKNESS IN THE TRAINING

PROGRAM if it has to be paid for.

Always ask to see the trading environment.

Ask to meet the trainer.

If any of these reasonable requests are evaded then you should be suspicious.

That said, many succesful traders began at firms like Futex and STA.

Other firms seem to have a lot less evidence of success
 
Hi,

I've got a first round interview (got past the assessment) at Futex and was wondering what to expect at this stage. Would it be very technical at this stage (given that it is a penultimate stage interview) or would it be more personal - discussing your CV, experience, goals etc, or a mixture of both?

This is my first interview at a trading firm and don't really know what to expect so any help would be greatly appreciated.

Thanks
 
How did the interview go?
Will depend on who conducts the interview, but i reckon they'll try some 'quick thinking' exercises. I'm in the same position as the guy of the original post, but in my opinion STA and Futex just sound like bad news, dunno if i'm wrong but i'd rather not pay.
 
Didn't get it in the end, but have been offered a place at TCA-Futures, they are in the City too which i'd prefer than trekking in to Woking every day!

I have asked them for feedback three times now and they still haven't got back to me, if they run the show like that, I'm pretty glad I got this other offer!

Good luck in all your applications!
 
It is often a deliberate company policy for firms not to explain why candidates not been accepted i.e; if they have to start justifying why you were not offerred a position they may trip themselves up in these litigious times.
 
I'm not sure about Schneiders but at Futex they totally dont charge for you to go on the training courses, they even give you some cash to help out with your expenses whille you are on the course and then once you have done all the training an you are trading live they give a really good cut of your trading profits.
 
hi guys I am new to this and I was meant to be given a telephone interview by TCA futures today but they never called.
They are asking me to pay alot of maoney for the training. From what I have read on here I should not pay for traing. The good thing is tat you can work from home.

Not really sure what to do about the position. Does anyone have any suggestions
 
hi guys I am new to this and I was meant to be given a telephone interview by TCA futures today but they never called.
They are asking me to pay alot of maoney for the training. From what I have read on here I should not pay for traing. The good thing is tat you can work from home.

Not really sure what to do about the position. Does anyone have any suggestions

TCA should be avoided at all costs - they get such bad press on here that some threads had to be taken off due to threat of legal action !! And do not pay them to be trained - you would be a fool
 
hi guyz.I have a question for these who know about Futex.

My flatmate is on the product control 6 months now of BarCap.

He was invited for the assessment day in Futex. He succeeded 90% on the math tests, but failed on the market test(questions like, what s the price of barrel, the NYSE and the FTSE index)

They just come back to him and ask him if he wants to join the 3 months graduate training programme for 6000pounds.

He has a permanent position within Barcap but his dream is to become a futures trader.

Do you think he has to stay in Barcap or to loose his job and move to Surrey and have the training of Futex? It is very risky. What s your advice..???

I advice him to stay in Barcap for 6 months more and on the meanwhile to make a good search on the market of which companies offer trainee trading programmes.

He believes that this is one time chance to make his dream come true. :S

Thanks in advance

Cos
 
Maybe ask him a some of questions which he doesn't have to tell you:
1. How desperate is he to get away from BarCap, and are the likely to renew his contract? Is product control really as boring as it sounds?

2. How well connected is he at BarCap with HR and anyone who works on the front desk of any product? What are the odds that he can pick up bits of experience or even get on their grad scheme?


How much did you say the salary was? If things go pear shaped, and Futex decide they can't get enough money out of him, the 6000 won't keep him afloat for too long. The second question also addresses the worst case scenario: if they sack him will he be able to crawl back to BarCap through contacts?

I bet he will be thinking irrationally, skewing the risk-reward, maybe this is a test designed by Futex haha.
 
Donaldduke: He has to pay 6000pounds

RPEX: He is fed up with product control, actually he is on the trade support, and his dream is to go in the trading floor and get the big money. I m afraid if he leave from Barcap he will not be able to go back again.
 
Hahaha, to me this is a no brainer, don't go.

I think this is why i was bad mouthing Futex in the first place, there are plenty of other arcades which will take on a grad on a trial basis without demanding to be paid for the privilage. Has he tried Met Markets or TCA? I'm not sure how the credit malarkey is playing out at some of these arcades, i guess they're making a bundle off of the volatility in equity index derivatives and the trends in FX, but dunno how their funding issues are doing: all of these should factor into their decision at the end of 3 months as to whether they want another grad scalper to join in. So on that basis i'd say reject the offer.

1. It will cost him a load to move down there and pay their fees, with no certain return to the City.
2. The odds of them keeping him on are low, unless he's really good and the company has a very confident outlook, both are conditions.
3. He is much better off making friends at BarCap. I a transition from the back office through to the trading desks is probably a much rarer event compared to the 'olden days' but i'm sure it's still possible. And it is definately possible to scan efinancial careers for postitions in Middle Office management which demand a certain amount of experience in trade support etc.

There are too many reasons not to go.
 
I guess Futex were not prepared to back your friend (or YOU!!!!) because he did not fit their criteria. I know a gold trader at futex who similarly paid for training and has been doing very well for past 3 years following training.
Do not take it personally, just because Futex are not prepared to pay for your training. If you have the self belief it could be the best thing you ever did. Remember Futex have beeen extremely successful at training people, where other firms have struggled and they are fast becoming the No1 financial futures Prop House. Invest in Yourself, whatever that means.
 
hi guyz.I have a question for these who know about Futex.

My flatmate is on the product control 6 months now of BarCap.

He was invited for the assessment day in Futex. He succeeded 90% on the math tests, but failed on the market test(questions like, what s the price of barrel, the NYSE and the FTSE index)

They just come back to him and ask him if he wants to join the 3 months graduate training programme for 6000pounds.

He has a permanent position within Barcap but his dream is to become a futures trader.

Do you think he has to stay in Barcap or to loose his job and move to Surrey and have the training of Futex? It is very risky. What s your advice..???

I advice him to stay in Barcap for 6 months more and on the meanwhile to make a good search on the market of which companies offer trainee trading programmes.

He believes that this is one time chance to make his dream come true. :S

Thanks in advance

Cos

Many people will probably recommend that one does NOT pay a prop firm for training.

I view the situation like this: If your friend has it in him to become a good trader (with an emphasis on the psychology which is harder to be taught) then Futex will get it out of him, I firmly believe that, and £6,00 will look like peanuts after time.
 
Given that some people pay 2,000 for a two day seminar.. 6K for 3 months training doesnt sound too bad.
 
I would check what £6000 gets you for three months...I looked into trading out of futex and they will offer a seat for around £1500 a month, meaning you just want somewhere to trade and don't need training or cash backing. This means you get a desk, and information sources like Bloomberg and live data, plus tv feeds. Given Bloomberg costs around £1000 without any live data (exchange fees over and above that), £6000 for 3 months might not leave them any profit...they are effectively passing through the costs to you but not charging much extra. But it's worth bearing in mind if you want to replicate a seat in a trading room, like BarCap, then these positions have substantial costs associated. Good luck!
 
Is Schneider & TCA the same people as the office addresses are the same, anyone done there courses ?

Regards
 
Is Schneider & TCA the same people as the office addresses are the same, anyone done there courses ?

Regards

TCA do this thing where they interview you over the phone, they will open up an account for you and then they start debiting the account saying "dont worry you can pay them back from the profits you make". They give you a book and charge you £5,000 for a computer with some software on it. I know a trader who has racked up a loss with TCA of £15,000 in fees before he has even started trading and he is now trying to figure out how to pay them the money they are demanding.

The so called Traders Clearing Alliance do not have a licence to lend money - They are not FSA registered - Fortis kicked them out for sharp practice - and I believe the FSA are investigating them for opening accounts to non-professionals without due authorisation. BUCKET SHOP and frankly tainting our industing !
 
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