What is it like to be YESFX junior trader?

This is a discussion on What is it like to be YESFX junior trader? within the Trading Firms forums, part of the Trading Career category; Hello fellow traders, First of all let me introduce myself a bit. I`ve been involved with FX market and trading ...

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Old Jul 23, 2016, 7:33am   #1
 
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What is it like to be YESFX junior trader?

Hello fellow traders,

First of all let me introduce myself a bit. I`ve been involved with FX market and trading since 2006. From this point on I`ve learnt and used very different strategies/approaches for trading. I have done mainly medium-term as well as short-term trading. Trading has never been sole activity or main income for me and due to its lonely character I`ve always kept my eyes opened concerning partners to trade and develop together - individual as well as institutional partners. This time YESFX happened to be on my way. I was contacted through LinkedIn by Mr. Kyriakos Charilaou as representative of YESFX LTD who introduced me their services. I had no information about this company, Google also didn`t help me a lot and due to curiosity I decided to try out their services. I applied to junior trader position and I was accepted. After making initial deposit (1450€) the contract was sent for signing and I became trader of YESFX. Now after trading 4 months for them I can give you quick overview based on my own experience.

Junior traders use their preferred platform or software for analyses and pass their written orders through messenger to executing trader of YESFX to place trades for them. I was told on interview that usually trades are executed within some seconds after forwarding orders . This statement is a bit too optimistic but usually execution was not too bad either. Though, we are talking about intraday trading and even while writing or passing the order, your opportunity may have been already vanished, leaving out this fact... some trades are better than another concerning trade timing which gives lower risk and great potential gain, I noticed that when you really find one at last you are also likely to face decent delay in execution.

Trade volume is always 1LOT. Market is never the same therefore in my opinion and based on my experience trade size should also never be constant. Market may be flat extended period of time and only very small amount of pips are available no matter which pair to trade. These days are useless concerning making any profit or covering up previously obtained losses in case there is no chance to determine trade volume based on market conditions. Another time market may be extremely volatile and using constantly 1LOT trade size does not even give fair place to set stop loss while using maximum allowed risk (max 900€ per day) per one singe trade - overall, in my opinion this rule makes your profitable knowledge useless in a long run - also the "run" is not so long either because YESFX wants to see result straightaway or they try to get rid of you. I don`t know, maybe their intention is to get rid of everybody either way.

In my opinion their emphasis was more in promoting their company and services than paying attention to their trader`s success. Some guy from YESFX contacted me continuously through e-mail and asked to perform promotional video interview. You can find such kind of videos from their website, produced by other traders. Also I was asked to perform technical analyses on daily basis to promote myself as trader as well as company. I was told repeatedly that performing analyses is mandatory. I replied that I would like to keep my attention where it supposed to be, trading results is the most important and I am not interested in promoting myself as a trader.

After 1st month of trading I got written warning from Mr. Kyriakos Charilaou for insufficient performance due to my account was slightly in negative territory. Also in this mail it was stated that if my account will not turn positive during next three month my contract will be terminated. No word in contract about term which says that you certainly have to show positive balance after 4 month of trading or agreement will be terminated.

There is traders` backoffice (online web based environment) where traders can log in with their unique username and password to see their trading history. Trading history is updated every day after trading session, yes... not after every trade but after trading session. It means that you don`t have opportunity to see during trading day how much you have already won or lost and if you don`t keep your own diary it is going to be deadly. Why don`t they have rule that once the max daily loss has been exceeded trade will be just closed and you can`t trade at the same day anymore? Instead of this your contract will be terminated immediately. Also during 4 months of trading I never saw mistake by them which was in my favour, but it happened repeatedly in YESFX favour. For example when I kept my trade opened till the end of trading session and trade was supposed to be closed with market price at session closing, several times I got the worst possible price. Once they messed up my orders and as a result I was losing more than 900€ per day. They quickly resolved this mistake once I let them know that I am keeping diary and trading by executing trader of YESFX has not done based on my orders. If I didn`t pay attention I would have been out of game. Did it happen accidentally?

I kept always diary about my trades during trading session and I did calculations all time in order to obey money management rules. It was the end of 4th month from the start of trading, my account was positive at this moment when I had a losing day and I got letter from Mr. Charilaou after trading session which said that I have ignored money management rules - max daily loss of 900€ has been exceeded and my account has been terminated, loss was stated to be €904.41. I checked my calculations again and based on these my loss for the trading day was less than 900€. I told to Mr. Charilaou that I am not happy with this situations and my calculations show something else. I asked him to send me calculations to validate their statement due to my numbers didn`t match with theirs. I used software for keeping records and in real time calculated pip values were used. It looked like they used another pip values because based on their estimation losing positions were bigger. No calculations were sent to me, instead of it I was offered to carry on trading till the end of 4th months. After this losing day which almost got my contract terminated, my account was slightly negative and I had 4 days to trade and cover up my losses. Well, I didn`t manage to do it and they had wonderful opportunity to say goodbye and terminate my contract. Though, contract didn`t say anything about 4 months period for estimating trader`s performance.

I was not able to log into backoffice to see trading history after my agreement was terminated. I asked Mr. Charilaou to send me order history passed by me through messenger as well as detailed track record to make sure that YESFX has acted based on rules set in contract. I got answer from Mr. Charilaou that my trading history has been deleted after my contract was terminated. End of story.

I am wondering is there somebody out there who has also traded for them?

Would be great to hear Your stories. All the best! Ryan
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Old Aug 14, 2016, 11:33am   #2
 
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ryan-fx started this thread What do you guys think is there a point to get touch with financial ombudsman or should I just admit my fault regarding doing business with puny company? Anybody has experience with claims like this? Maybe it is not worth it but I just don`t like the whole story and that`s why I`m sharing my experience as well as thinking about making claim against them.
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Old Aug 18, 2016, 8:54am   #3
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They charges too high than other prop firms.
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Old Aug 18, 2016, 10:24am   #4
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Quote:
Originally Posted by ryan-fx View Post
What do you guys think is there a point to get touch with financial ombudsman or should I just admit my fault regarding doing business with puny company?
Hi Ryan,
Welcome to T2W.

Sorry to read your tale of woe. Based on what you say, if you try and pursue any kind of claim against YesFX, I suspect you're on a hiding to nothing. The reason being that if they're a legitimate firm (I've never heard of them - so I don't know), then they've probably done their homework and have covered all eventualities in the small print of the contract. If they're one of these dodgy outfits who just try and recruit traders in order to get their funds, you may win your case, but it won't do you much good as crooks don't play fair. Either way, you're unlikely to get anywhere and will just waste a lot of time, energy and perhaps more money. IMO, your best bet is to walk away, learn from the experience and move on.

If you like the idea of prop trading - assuming you can get in with a legitimate firm - check out the links in post #3 of this FAQ: How Do I get a Job Trading? I have no knowledge or connection to any of them, so I can't recommend one in preference to another. That said, some T2W members have spoken favourably about one firm in particular called TopstepTrader.

Best of luck,
Tim.
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Old Aug 24, 2016, 9:02am   #5
 
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ryan-fx started this thread Hey Tim, thanks for message!

I absolutely agree with you, my experience made me even laugh for a while after my contract was terminated. I compared it to sticking finger into mousetrap to see how it hurts, just to say: I knew it Thanks for directing me to "FAQ: How Do I get a Job Trading?". I actually don`t need it and from now on I concentrate to my own trading based on my style where I can use preferable software and various tools.

Regards,

Ryan



Quote:
Originally Posted by timsk View Post
Hi Ryan,
Welcome to T2W.

Sorry to read your tale of woe. Based on what you say, if you try and pursue any kind of claim against YesFX, I suspect you're on a hiding to nothing. The reason being that if they're a legitimate firm (I've never heard of them - so I don't know), then they've probably done their homework and have covered all eventualities in the small print of the contract. If they're one of these dodgy outfits who just try and recruit traders in order to get their funds, you may win your case, but it won't do you much good as crooks don't play fair. Either way, you're unlikely to get anywhere and will just waste a lot of time, energy and perhaps more money. IMO, your best bet is to walk away, learn from the experience and move on.

If you like the idea of prop trading - assuming you can get in with a legitimate firm - check out the links in post #3 of this FAQ: How Do I get a Job Trading? I have no knowledge or connection to any of them, so I can't recommend one in preference to another. That said, some T2W members have spoken favourably about one firm in particular called TopstepTrader.

Best of luck,
Tim.
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Old Sep 3, 2016, 8:26am   #6
 
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yesfx offer

Quote:
Originally Posted by ryan-fx View Post
Hey Tim, thanks for message!

I absolutely agree with you, my experience made me even laugh for a while after my contract was terminated. I compared it to sticking finger into mousetrap to see how it hurts, just to say: I knew it Thanks for directing me to "FAQ: How Do I get a Job Trading?". I actually don`t need it and from now on I concentrate to my own trading based on my style where I can use preferable software and various tools.

Regards,

Ryan
Hi,
I have been contacted by Yesfx through LinkedIn a few months ago but did not respond as, at that time, my strategy was not very profitable.
In July, I contacted them and been through all their screening process until the Partnership Agreement arrives.
In my view, the recruiting process went smooth, well-organized and quite professional. Though I did not feel bad discussing with Mr K Ch., I found the rules too rigid so I requested a trial period before taking a firm decision. And so far my decision is still pending.
My main concern was they would walk away with the entry fee or involved in some sorts of money laundering scheme. But apparently the business is legit and some people actually traded with them. Rules are tough and seems difficult to be profitable but still possible.
In my case, I think I will accept and give it a try. And consider the entry fee as a price to pay for learning and benefit from this experience as much as possible.
So Ryan-fx, you confirm you actually traded with them ?
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Old Sep 6, 2016, 7:05pm   #7
 
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ryan-fx started this thread I confirm that I traded with them. I tried to give my best here to describe partnering with them as objective as possible. I had to find out all details through my own experience with price of time spent (4 months) as well as initial investment lost, financial ombudsman is helping me to get it sorted.


Quote:
Originally Posted by alkor View Post
Hi,
I have been contacted by Yesfx through LinkedIn a few months ago but did not respond as, at that time, my strategy was not very profitable.
In July, I contacted them and been through all their screening process until the Partnership Agreement arrives.
In my view, the recruiting process went smooth, well-organized and quite professional. Though I did not feel bad discussing with Mr K Ch., I found the rules too rigid so I requested a trial period before taking a firm decision. And so far my decision is still pending.
My main concern was they would walk away with the entry fee or involved in some sorts of money laundering scheme. But apparently the business is legit and some people actually traded with them. Rules are tough and seems difficult to be profitable but still possible.
In my case, I think I will accept and give it a try. And consider the entry fee as a price to pay for learning and benefit from this experience as much as possible.
So Ryan-fx, you confirm you actually traded with them ?
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