London Capital Group

javster · Aug 29, 2004

Hi Guyz,

has any one had any expereince with LCG (london capital group)...most important is it a good place to start of if your a graduate...

If anyone has any advice I would really appreciate it..

cheers, j

alpha_monkey · Aug 29, 2004

javster said:
Hi Guyz,

has any one had any expereince with LCG (london capital group)...most important is it a good place to start of if your a graduate...

If anyone has any advice I would really appreciate it..

cheers, j

be careful. a friend of mine was made redundant from an ib, went to trade at lcg and found them to go back on promises made within 2 months of his joining.
he left.

there are plenty of firms out there. do your research. and remember that any trading house contract that prevents you from trading at another firm for 2 or 3 years after your leaving is bull****, bosman style.

Tubbs · Aug 29, 2004

I know I have written some stuff about LCG before on the site. Do a search. I'm afraid it's not good though. I really wouldn't want to go down that road. Basically you will pay them £18000 a year before profit from no trading experience. Good luck

javster · Aug 30, 2004

so how long to these lot lock you into a contract???

Tubbs · Aug 30, 2004

as alpha monkey says it's usually three years before you can get a job in the area. All the prop firms are around the same streets - they know each other- you would have to change your name. Then again, the new firm would just take your money. I think they say it because they want you to think that the training the provide is sooo good that you will be at an unfair advantage if you leave.

javster · Aug 30, 2004

is Liffe a good place to start, i have applied to many prop firms....

lightning bolt · Aug 30, 2004

can i ask why you want to *work* as a trader? and not from home etc?

soosta · Aug 30, 2004

Why would you ever want to start full time trading at home (especially just after graduating and assuming you're quite young!)!? It would surely start to get boring eventually and prove to be a fairly socially isolated way to work!?

lightning bolt · Aug 30, 2004

i don't know, i'm a student as well, and i would consider it a way to enable me to free up more of my time.

TWI · Aug 31, 2004

18k/year is your desk fee. This is not unreasonable, it is not your primary cost when you start trading for yourself. If you want to set up from home with the same stuff provided in the arcades it will cost you same if not more than this(Screens, PC's, Trading System, Charting System,News, Telcos). Important thing to get right is the contract, proper training and the transaction fees. Believe me, transaction fees will come to far more than the 18k/year. Check out Liffe website for a list of the arcades
http://www.liffe.com/access/how/access/bureaux/
All these have different deals. It is not easy to reach financial independence and nobody will give it to you for free. If you want it be prepared for a struggle and be aware that a good proportion of people who start will not make it.

javster · Aug 31, 2004

cheers Twalker,

I am in 2 minds whether to take a non paid position. I think im good enough for the industry, but the market can make a fool of the biggest!

I havnt even contemplated working from home, it would drive me up the wall!

What about hedge funds??? are they a good place to start if you want to retire in 5 years time.....

TWI · Aug 31, 2004

Hedge Funds can be an excellent place to start if you can get into the right one. Right now they are generally having a miserable year. Problem with hedge funds is that they are very volatile and investors are fickle so you can be pick of the bunch one year and on the street the next. As an employee most compensation will come from the funds performance. Certainly worthwhile if you get the opportunity, particularly as a grad, but do not count on retiring in 5 years, I have yet to hear of anybody who did that.
As for non-paid position, if you are going to take it, make sure you have more than 6months living expenses available otherwise you will not survive even if the market is good.

javster · Aug 31, 2004

it was a figure of speech, of course I wount retire in 5 years, id want more if I got to that stage...

cheers for the info, I am thinking carefully now of what i must do..its a hard decision...

Tubbs · Aug 31, 2004

'Ere javster what are your qualifications? Because I reckon the industry is impossible unless your Oxford, Cambridge or Imperial & that's just the first hurdle.

javster · Aug 31, 2004

Tubbs said:
'Ere javster what are your qualifications? Because I reckon the industry is impossible unless your Oxford, Cambridge or Imperial & that's just the first hurdle.

UMIST and Edinbugrh UNI, latter Msc FinMath....

chose not to go to Cam, wanted a social life at uni (thinking at the time)....got all the right UCAS, degree class etc....

had a few offers, but am pretty nervous to press the button n sign a contract if you know what I mean...

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