Futex final interview

Hi guys

Have been invited to come meet the directors at Futex for the final time,

Had a great first interview and was left out on the floor myself to trade for a while after 20 mins of an interview,

Absolutely loved it! The guys there seemed to like it too when I was speaking to them after, the set up was excellent also (from my little knowledge of pro trading rooms!)

I have looked through all the various forum post but if anyone has anything they would like to add/ advice to offer at this stage, I would welcome it,

I was offered a place in the Oct/Non sponsored course already but am intrigied to hear anyone elses direct experience at this stage,

Feel free to pm if you wish

Cheers

NTB

How'd it go?
Rich

Richie_A said:

How'd it go?
Rich

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Hi Rich

Yes it went really well mate,

They guys there seem genuinley decent blokes

I am going to meet them for a final time in a couple of weeks, they want to have a chat before the intake, Im not 100% clear on this but maybe this is the offer process?

If anyone can shed some light it would be great!

Cheers

NTB

Are you doing the course which they charge for ? Make sure you dont pay it. If you want to know what PMI or arbitrage is have a look in google ( unless you know already)....

Find out how long you will be on the sim for - it depends on wether you are profitable or not but some people are on it for ages....
Then will they back you with their own funds ? For what split ?

combotrader said:

Are you doing the course which they charge for ? Make sure you dont pay it. If you want to know what PMI or arbitrage is have a look in google ( unless you know already)....

Find out how long you will be on the sim for - it depends on wether you are profitable or not but some people are on it for ages....
Then will they back you with their own funds ? For what split ?

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Heya

No not the course you pay for, fully backed with 70/30 split which moves up incrementally as account grows

I hope this helps

Cheers

NTB

its b u ll sh i t MATEEEEEE

70-30 is a bloody good split for a starting out trainee, never heard of anything like that before!

Maybe there was a misinterpretation and the split would be more like 30-70!

Hi Guys,

No there was no mistake, its 70-30 in favour of me,

When we reach 50K, it goes up to 90-10 in my favour but then they make more money from your drawdowns etc,

Hope this helps

Cheers

NTB

um, how will they make money from your drawdowns?

They charge for drawdowns over 50k they told me.cant say I know the ins and outs of it if truth be told..by the way the split I am referring to is for Schnneider, not Futex. Futex split is 50 /50 initially then moves to 70/30 as a/c grows...sorry for the confusion

Ah that makes a bit more sense, 90% of your profits will be going on RTs anyway on the grad scheme I would expect

Have you seen the contract yet? It was enough to put me off, but can't say if it is better or worse than other prop shops. The way I saw it was, if you want to trade any size you have to leave your own money in your account - but yet you will always have to give away a big chunk of money away in round trips and % of profit, all just for the priviledge of 1 months training. If you want to leave they will want a lump sum from you (£25K to cover training costs) and if you want to leave for another trading job they will want a % of your profits.

theduck28 said:

Have you seen the contract yet? It was enough to put me off, but can't say if it is better or worse than other prop shops. The way I saw it was, if you want to trade any size you have to leave your own money in your account - but yet you will always have to give away a big chunk of money away in round trips and % of profit, all just for the priviledge of 1 months training. If you want to leave they will want a lump sum from you (£25K to cover training costs) and if you want to leave for another trading job they will want a % of your profits.

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WTF?!!!
not very user friendly

theduck28 said:

Have you seen the contract yet? It was enough to put me off, but can't say if it is better or worse than other prop shops. The way I saw it was, if you want to trade any size you have to leave your own money in your account - but yet you will always have to give away a big chunk of money away in round trips and % of profit, all just for the priviledge of 1 months training. If you want to leave they will want a lump sum from you (£25K to cover training costs) and if you want to leave for another trading job they will want a % of your profits.

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Hi the duck

No havent seen contract yet..

Are you serious? 25K?!!? When did you get offered a place? Was it for the 30th Nov next?

I cannot blame you if this is the case...
Cheers

NTB

I was offered a place about a year ago. Personally I would only have taken it if; I had nothing else in terms of job offers, had the 25K bit taken out of the contract and had legal advice stating that 4 year lock in was not legally enforceable.

Contract might have changed as it's been over a year. I imagine there will be some surprises when you read it though.

Blancspa - I was not trying to be userfriendly, just informative.

theduck28 said:

Have you seen the contract yet? It was enough to put me off, but can't say if it is better or worse than other prop shops. The way I saw it was, if you want to trade any size you have to leave your own money in your account - but yet you will always have to give away a big chunk of money away in round trips and % of profit, all just for the priviledge of 1 months training. If you want to leave they will want a lump sum from you (£25K to cover training costs) and if you want to leave for another trading job they will want a % of your profits.

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Yeah, it's a rum do. There's other places you can go to where you get free round trips, 110% of the profits and they'll let you trade 500 Bunds with only 4 quid in your account as margin.

Oh wait no, that would be ridiculous.

I don't think expecting to trade company money and making a personal profit from it is unreasonable.

I imagine you work at Futex, Skill Leverage. Maybe you can explain to nakedtraderboy why you use the 25K claw back, a 4 year lock in period and talk of seemingly high graduate retention of 70%? Someone will have to soon enough.

Cheers

No, it's not unreasonable to expect to make a profit - in fact that's kind of the idea.

I do work there; the 25k is claimed if you were to leave to trade elsewhere before your contract was up. I don't think it's ever been enforced, it's there as a disincentive to people just sodding off to another prop firm after blowing a load of company money, rather than actually working to dig themselves out of a hole. The length of the contract is to protect the company and its assets; imagine you're the director, all your traders are on 1 year contracts which means that every year you get a group of people coming to you and demanding much better splits, cheaper RTs etc. or they will go elsewhere. They invest a lot of time and money in our success, and indeed the failures of a fair few; it's only reasonable that they should wish to protect that investment, and with all the effort they go to to find one or two 'star' traders every year, two years, whatever, why shouldn't they try and hold onto them?

The retention rate is high, or at least it was until recently; the current job climate saw a lot of people applying who were basically looking for a stop-gap between jobs at IB or whatever, who were there for all the wrong reasons; a few of them got through in my group and promptly packed it in or buggered off, but other than that the rate is high; many people are on their second or even third contract with the firm.

Skill Leverage said:

but other than that the rate is high; many people are on their second or even third contract with the firm.

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Second or third contract? Didnt they make enough to go self backed?