Kicked out by Schneider Trading Associates, my feed back

Hi tommog,
is it ok if the prop firm who took you in and as you said you are still connected for nearly 6 years are still accepting applicants/trainees nowadays? am considering to explore if they still do accept trainees btw is it also ok if you share the prop firm name? tnx.

Hi gabbytrades,
sorry for delayed response. No im afraid the company I started working for evolved in to something else and now is no longer a prop firm. I dont trade in the UK anymore. There are good companies out there you just have to do your homework and make sure youre getting a good deal. Happy to give my opinion on any company if you want to PM me. Obviously not really fair to do it publicly.

tommoq was u at refco or marex?

Nope, although very nearly did join Refco as a trainee, about a month before it went tits up.

Hi guys,

I have some questions

Where would I be studying the professional trader programme? What is the days and hours for the 4 week professional trader programme? What would I be studying?

In the email I got from them, they wrote that I would have to fund 6-9 months after the 4 week professional trader programme. What are the hours for working for 6-9 months? I understand that I won't earn a salary for 6-9 months after the programme? What happens after 6-9 months? Do you work for Schneider and earn a salary, or do you apply for jobs elsewhere?

I don't think the trader programme is attractive, I believe you would earn no salary for 6-9 months and 4 weeks. You have to pay for travel, I assume I would spend 6-9 months working in Moorgate?

Thanks for any replies

- Study in Moorgate.
- Hours: They're about 9-5 for first 2 weeks then it goes to 8-5 (they might have changed this since I was there) but they prefer you to get in before the time it starts to do some market research.
- Studying basics, how to read a ladder, some risk/reward, basics of calendar spread and some lingo. If you get past the first 2 weeks then they'll teach you more such as flys and about picking direction etc. But it depends on your class and how fast they learn.
- You have to fund your living expenses; you work with no wage. So if you need money in a few months then be prepared to not make it there.
- I guess hours depend on the market you trade but they expect you to be in every day without fail, in at first thing and out at the end of day.
- Progression depends on your success, if you can't cover desk fees and aren't making money they'll kick you out. If you're breaking even with desk fees they'll probably let you stay but you'll get fed up not making money. If you're profitable every month you're free to stay as long as you like.

Thanks for your reply, very much appreciated

Do you eventually earn a salary after 6-9 months of working for no salary?

For my group the hours for the second two weeks were 6.30am to 4pm and the working hours are those times as well as I trade european fixed income.

The four weeks is mainly learn how execute a spread trade and learn the TT/CQG platform. Some other stuff like psychology to trading and how to profit from news were good.

Most new traders don't make any money for the first 6-9 months so why the need to have savings. And from what I heard I would say 6-9 months might be considered generous..

Trying to make it as a prop trader is risky and most don't make it. But if you do the rewards are considered attractive so why people try.

You'll not get a salary 'cos Prop trading is self employed. Consider it like running your own business. Basically, Schneider provide you with the money to trade and you have to make money for yourself. Whatever you earn minus cost you get to keep 70%. There is no salary and you earn what you make.