E-local Trading

Hi ,
Has anybody had any dealings with a Company called E-Local Trading(or Trading Course Ltd) in Basildon in Essex. I receved an email from them last week 'City trading Oppportunities now availlable in Essex' .

The email read like a job advertisement inviting me to apply to become a futures trader. I had to write up in 300 words why I wanted to be a futures trader and submit a CV.

When I submitted a reply I received an acknowledgement from a company called Trading Course Ltd.

My concern is this a genuine job offer and is this a reputable company? The email talked about a bespoke training course and ongoing coaching and mentoring.They also wanted to know if I could financially support my self 6 months.


Ive been invited to an interview etc which is expected to last 90 minutes.


Can any one help, suggest what questions I should be asking them ?

I concerned I'm going to be hit with a sales team trying to sell me on full time 6 month course, with no really way of knowing if it would be of any real benefit

Thanks

Nibot1

I saw this email too. sounds like the STA type of training course where you train (and possibly pay for training) for an extended period of time trading on a simulator, and then if you're any good - you MIGHT get offered the chance to trade with real money - more likely that they tell you to stump up £10-20k and trade your own account with them.

Trading for elocal

Don't let the last post scare you off.
Get down there and meet the team, I know them all personally and I think you will be impressed.
I traded at elocal for 4 years, and never in that time did they ask for any kind of financial commitment from me. All they want from traders is a willingness to listen and learn.
It was a sad day when I left as I felt at home there.
You should grab this chance with both hands as companies like this one are rare.

Best of luck.
Dunoon101.

if thats the case then it sounds like an opportunity worth exploring for someone interested in trading at a firm.

why did you leave, if you dont mind me asking?

Not so good

they teach usual spread strategies to get you to trade your own money at STA, trader course is partly STA owned I think.

Nibot, any update, did you meet these guys ?

Guys please be aware that this Dunoon101 character is clearly one of the guys who set up Tradercourse. They were operating out of Schneider until recently but I think they had a disagreement with the management about the way they were operating.
In answer to the original post - if you want to be taught to trade by two guys, neither of whom have ever successfully traded, then go for it. If you want to spend 3.5k on being taught to go to the gym four times a week, eat a healthy diet and take regular breaks then go for it. The course includes little or no substance about how to successfully trade in the financial markets - certainly nothing that you can't learn by reading a couple of good books and spending some time on the internet. These people are basically exploiting peoples desperation to get into a trading job . . . and are charging people an obscene amount of money yet delivering very little. If you go down this route then make sure you do it with your eyes open. Some people are making a lot of money out of Tradercourse . . . but it aint the 'traders' they're churning out . . .
Best of luck
JJ

Fully agree with JackJohn (above).

It is 99.99% likely that these are the guys from Schneider Trading (who have recently been booted from what I hear). They ran the same course at Refco's Bishopsgate office and were booted from there also.

You will pay thousands of pounds for a course that has nothing to do with trading and will certainly not get you anywhere. They will teach you about diet e.g. how many nuts you must eat a day to maintain your 'state'. They will tell you to get hold of John Murphy's books and read about technical analysis. And will ask you to go away and research the futures markets in an extremely vague way. They will teach you no strategy and offer no insight into how to actually make money trading. As for the simulated trading, you will sit with your John Murphy and they just tell you to 'go trade' and you are pretty much expected to come up with your own ideas (why pay for that?) for how to take money from a market which can be very difficult for people who know nothing about trading (exactly the people who sign up for this course).

This is not a job opportunity, you will not be paid, which is why they say you must be able to support yourself financially for 6 months. I remember FCT did this years ago, I don't know if they still do. They charged people in the region of £2000 to go on a course. One guy told me that they gave you a certificate upon completion to say that you had been instructed and ready to trade. Ludicrous.

I believe they will tell you that the purpose of the course is that on completion you will be able to get a job with any prop firm in London. What some grads/teens don't know is that you can do this anyway. Prop traders are not paid any wage/salary and this is why it is easy to get started in prop trading.

I am trying to think of a reason/purpose/positive for this, and similar courses, but it simply is a waste of money as 1) doesn't increase job chances AT ALL 2) if you do want to prop trade you won't learn a thing about making money as they don't know this themselves 3) you will part with thousands to get involved which for college/uni leavers is serious money unless you are born into riches.

They are basically taking money off gullable, naive youngsters or those desperate to get out of their day jobs but who know nothing about arcade trading. It is like being 8 years old and asked to pay for your cycling proficiency test. Or paying to cross the road. I believe in the process they are destroying people's self-esteem, holding them back from genuine career opportunities, and bear in mind some grads are taking out loans or asking parents in order to pay these guys......heart-breaking.

Dunoon101 is obviously one of the guys at E-local Trading. I am not trying to bad mouth anybody, really I am not, that is not in my interest. All I am doing is giving my honest thoughts on this topic. That is all. I know many others who agree with me.

i agree with jackjohn and flatland.Tradercouse operated out of sneider down by London wall.They have a disagreement there with management and have decided to set up their own operation.I think its a waste of moeny giving these guys a few grand.They supposedly teach STIR spreads.They have not got a clue about trading and are cashing in on young kids eagnerness to learn trading.

JJ & Flat Rate

You are right on the MONEY

Fighting my corner.

I had forgot all about this post until today.
I would like to say that I am NOT part of the tradercorse team and that I havent traded at elocal for sometime.
The comments in my original post still stand.
Elocal was and still is a great place to trade.
Whoever gets seats there will understand what I'm on about.
Everyone else will just remain sceptical I guess........

Just saw this post, i took up the offer, and im so glad i did.
You dont have to pay a penny, they choose 11 of us for a 6 month traning program, very in depth. They bring in outside professionals to teach us T/A, for example after last week i got the most in depth lesson on market profile i have ever heard from any internet tutorial ect... At the end of the 6 months e local back you and you work for them, the profit split is better than most arcades initially offer at this stage as well.
In other words...it is completlelty free, no contracts have been sighned to tie us down for X number of months, and everybody thier are great.
I think you should visit yourselves instead of reading what internet randoms say about place X...
We have been told Elocal are investing in us and expect a ROI in about 18 months, they will also give us largly discounted desk fee's while we are new and not very profitable-totally flexible.
Im not sure what more i wanted in a graduate intake scheme, except pay, which i was offered at another arcade, but i was not offered a job afterwards.
And btw....you ARE taught how to trade and how to make money, not so much by the tradercourse people, but specific stratergies are taught buy outside experts who are much more qualified...
I just did not think it was fair hearing these Elocals rep run into the ground, when they are investing so much into me

Arbitrageur said:

I saw this email too. sounds like the STA type of training course where you train (and possibly pay for training) for an extended period of time trading on a simulator, and then if you're any good - you MIGHT get offered the chance to trade with real money - more likely that they tell you to stump up £10-20k and trade your own account with them.

Click to expand...

As i said...no money is needed, escept for your own living costs.
I think they are doing it because the arcade is so small and i know they want to expand

mr_spreads said:

Just saw this post, i took up the offer, and im so glad i did.
You dont have to pay a penny, they choose 11 of us for a 6 month traning program, very in depth. They bring in outside professionals to teach us T/A, for example after last week i got the most in depth lesson on market profile i have ever heard from any internet tutorial ect... At the end of the 6 months e local back you and you work for them, the profit split is better than most arcades initially offer at this stage as well.
In other words...it is completlelty free, no contracts have been sighned to tie us down for X number of months, and everybody thier are great.
I think you should visit yourselves instead of reading what internet randoms say about place X...
We have been told Elocal are investing in us and expect a ROI in about 18 months, they will also give us largly discounted desk fee's while we are new and not very profitable-totally flexible.
Im not sure what more i wanted in a graduate intake scheme, except pay, which i was offered at another arcade, but i was not offered a job afterwards.
And btw....you ARE taught how to trade and how to make money, not so much by the tradercourse people, but specific stratergies are taught buy outside experts who are much more qualified...
I just did not think it was fair hearing these Elocals rep run into the ground, when they are investing so much into me

Click to expand...

You're a recent graduate ? I suggest that you go back to school to learn how to spell correctly before venturing out into the Big Wide World where the grown-ups play. I won't even mention the grammar, punctuation and syntax - spelling would be a start.

I give up

rathcoole_exile said:

You're a recent graduate ? I suggest that you go back to school to learn how to spell correctly before venturing out into the Big Wide World where the grown-ups play. I won't even mention the grammar, punctuation and syntax - spelling would be a start.

Click to expand...

Sorry, I was rushing. You could still understand what I was saying anyway, a more constructive reply would have taken into account the content of my post and not purely how it was presented. I dont want to argue anyway, happy trading!

ok, but I suggest you don't trade the same way as you write - take your time, consider every move, evaluate, double-check, be patient, etc. blah blah ......good luck.

eLocal Trading Ltd

eLocal Trading LTD is a prop trading group located in Basildon. We currently have 25 experienced and professional traders trading derivatives. The company is owned by the management and senior traders.

Our management team is extremely competent and has over 50 years experience of the financial markets which enables us to navigate successfully through the world of screen based derivatives trading. We invest heavily in our infrastructure, subscribe to all the industry standard publications, news and data services and have very fast connections to the various exchanges.

Trader course are affiliated to eLocal in that they have been retained to supply ongoing training to the established traders and help develop new traders.

The costs of training established traders and new traders is covered by eLocal and at no time, before or after, are trainees or established traders expected to make any payment to cover these costs.

Our business model is that we supply the traders with all the necessary tools and education to ensure that traders are able to successfully participate in the various markets which includes training that is supplied by Trader Course Ltd. Our view is that, hopefully, some of the trainees will be successful and join the ranks of the established traders and in the long run may contribute to the ongoing success of eLocal.

eLocal generates profits in the form of the profit split. For example, if an established trader makes a drawing of profits from their account, eLocal will debit a percentage from the traders account in line with the industry standard.

eLocal was established by a retired LIFFE executive board member who ran one of the largest and most successful company’s on the exchange. eLocal is his legacy to the trading community and all of us who work here are very proud to be part of the team.

Should you wish to find out more information about eLocal then please visit our website at www.elocaltrading.co.uk or contact me directly through the message T2W boards.