High Frequency Prop Firm in London looking for 4-8 traders

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Old Jan 23, 2014, 8:01pm   #1
 
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High Frequency Prop Firm in London looking for 4-8 traders

Hi,

Don't know if this is the right forum for this, but here we go.

We have set up a new office in the City for our prop trading activities, with most of the infrastructure in place (direct connectivity to bank liquidity, dedicated lines, fail over connection, desks, etc)

We are planning to on-board 4-8 existing traders who have enough risk capital in order to be able to work full-time as traders and sustain a living (realistic expectations based on your living standard). Minimum 20,000 USD is required to open up an account for this type of trading.

We'll provide free training on usage of our software suites and the trading model, high frequency research data, real-time data from government servers, squawk box and 2 suites of research software for one of our high-frequency trading models (no coding required - we have done all necessary coding - it's a semi-automatic model) - these strategies will then run on a variety of FX ECN's across a variety of currency pairs.

Although it's a semi-automatic model, there will be a lot of number-crunching, research and excel-based work on the traders side ( so we are only looking for sharp guys).

We will extend credit via our existing lines with our Prime Brokers to the traders and progressively increase the intra-day credit to the traders who generate alpha - we'll also do a healthy split with the traders from the outset (70/30 to the traders benefit).

There will be a cost to run all software suits required and real-time economic data as well as one of our execution tools + desk space in the City (which comes down to around 800 GBP per month/per trader.)

Just so there are no misconceptions:

* We are not offering a salaried job.
* We will not initially seed anyone. Risk capital is required by each trader.
* We are not going to charge for our training.
* You will not be getting "trading signals" or have a fully automated box doing the work for you - actual work (research and execution) is required.
* It's not a simple strategy that gets taught - it's a model - your inter-market and intra-market research must spot new opportunities for you and us to execute on.
* There are no guarantees for anything.
* We are not looking for part-time people to come in and go as they wish. Every trader will be in the markets 1 - 8 times a month - but we still need a lot of research done during the weeks while at the office.
* This is not a market making program - we are on the buy-side.
* We are not looking for people with unrealistic expectations - there will be losses made, there will be months when you don't generate an income, you could potentially fail in generating profits while other traders might succeed.
* Understanding of financial markets, economics, FX, maths is very beneficial.
* You should be comfortable working with spreadsheets.

Best candidate is a successful trader who wants to add a HFT model to his/her existing strategies.

Any questions at all or to meet up for a meeting, just PM me (only serious enquiries please - all requirements are provided already).

Thanks.

/Alex
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Old Jan 24, 2014, 11:52am   #2
 
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can i use my finspreads platform for this?
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Old Jan 24, 2014, 11:53am   #3
 
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can up size to £2 per pip if signals are gud, but i mean realy gud!
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Old Jan 24, 2014, 12:38pm   #4
 
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london_hft started this thread Hi Benj,

I believe that's a retail platform. You can't really execute high-frequency trades on that type of technology. Latency, trading costs (pricing, commissions, execution methodology), counter-party balance sheet, etc with similar brokers is just not made for HFT.

PM me if you have any other questions.
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Old Jan 24, 2014, 12:47pm   #5
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Actually at first glance this looks pretty interesting.

Unfortunately I couldn't program my way out of a paper bag if my life depended on that.

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Old Jan 24, 2014, 1:41pm   #6
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Quote:
Originally Posted by london_hft View Post
. . . Every trader will be in the markets 1 - 8 times a month . . .
. . . Best candidate is a successful trader who wants to add a HFT model to his/her existing strategies . . .
Hi Alex,
I'm confused by the two parts of your post that I've quoted, as being in the markets 1-8 times a month doesn't sit well with my understanding of high frequency trading. This isn't my area, so apologies in advance if this comment is another misconception or, worse still, plain daft!
Cheers,
Tim.
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Old Jan 24, 2014, 4:36pm   #7
 
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london_hft started this thread
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Originally Posted by BSD View Post
Actually at first glance this looks pretty interesting.

Unfortunately I couldn't program my way out of a paper bag if my life depended on that.

Noted..

Keep in mind that coding is done. No coding skills required. You will have to be able to do "big data research" - which you'll be taught. A little bit of spreadsheet skills and simple maths is sufficient.
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Old Jan 24, 2014, 4:59pm   #8
 
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london_hft started this thread
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Originally Posted by timsk View Post
Hi Alex,
I'm confused by the two parts of your post that I've quoted, as being in the markets 1-8 times a month doesn't sit well with my understanding of high frequency trading. This isn't my area, so apologies in advance if this comment is another misconception or, worse still, plain daft!
Cheers,
Tim.
Hi Tim,

No worries.

HFT (high frequency trading) is a quite broad category.

In that category you have two main participants:

1. Price Makers (liquidity providers, banks, prop firms providing liquidity to ECNs/exchanges) - their main business is to catch arb opportunities (buy something cheaper at one place and hedge it elsewhere - either inter-market or intra-market). That's not our category and the days of doing that manually or semi-automatically is long gone.

2. Price Takers (speculators) mainly trading on events (event-based trading) this could involve trading on news, economic data or similar. This is our category and it's mainly about getting information faster than most other market participants, interpret it correctly as often as possible and execute faster than most other market participants.

You need extensive infrastructure to be able to that. Considering your competition is spending millions of dollars a year in order to beat you. That's why there is extensive infrastructure behind it:

A). Getting data/stats as soon as it's released by being co-located in the same datacentres as the body releasing it (government bodies or news agencies).

B). Acting upon that data by having models in place that execute as fast as possible at multiple liquidity venues. In order to be as fast as possible here, we also keep our trading engines at the same datacentres as major ECNs/exchanges in order to lower latency as much as possible. This enables us to execute as fast as possible before the majority of our competition has time to react.

This is also high frequency as the execution of the trades happen extremely fast (keeping in mind that the length of a human blinking is probably around 200 milliseconds and execution by our models can be as fast as 2 microseconds for each deal - meaning in theory we can execute 100,000 deals in the blink of an eye). Obviously due to the inherent infrastructure of the market, we are unable to execute that many deals - but you understand the point.

High frequency doesn't necessary mean that you are in the market all the time, it just means that "you are executing very fast". How often you are in and out depends on your models, strategies and risk tolerance (sharpest models pick very high probability deals - which are not around that often).

Hope this clarifies a bit more.
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