Futex (again!)

Scotty2Cues · Mar 17, 2010

Seem to be getting mixed reviews about Futex. In one way it sounds like a great opportunity and there must be successes! I also have this though:

"Remember, the service providers ( the broker, etc ) always make money before
you do, even if you have a split deal such 50/50. You need
to pay commissions and other charges before you take anything home. Thus, if
you are taught a basic market making or scalping strategy, you will only end
up churning commissions for the broker! No trader gets rich with this. Only
the broker does. At the end you will burn out and go home empty handed."

Can someone talented make big money there with their backing or would be (for example), at most, £25k a year + burnout after charges etc.

Waterfield · Mar 17, 2010

Scotty, someone talented will make good money, "an average person will make average money" (Wykoff). So on and so forth.

Concentrate on your own learning first or shell out to get trained. I'm going to hazard a guess you will almost always start on 1 lot outright trading, unless you showed good promise in the first few months (even pozzy is trading 1-3 lots I think). It's best to build your own fund so if you decide to take this route you can back yourself more if you decide to hit the floor*** or you can choose to trade for yourself. A major plus at a prop firm is a track record of profitability (don't bother forging you will get found out).

If you want feedback on Futex experience get in contact with Trader_Dante, raurswach (sp* - he's a forum guide) and Skilled Leverage. I'm pretty sure "police" might work/have worked there too.

I hope this helps.

Phil

***Not always true

donaldduke · Mar 18, 2010

50% to the prop firm + exchange fees, desk fees and clearing fees + 20% of what's left goes to the tax man.

Leaves the trader with 20p or less for every 100p they take out of the market.

Then the land lord wants his rent and the council wants its tax..

Your average start up trader is much better off living at home with mum and trading with an IG spread bet account.

N Rothschild · Mar 18, 2010

scalping and day trading is a brokers wet dream

FUTEX · Mar 22, 2010

donaldduke said:
50% to the prop firm + exchange fees, desk fees and clearing fees + 20% of what's left goes to the tax man.

Leaves the trader with 20p or less for every 100p they take out of the market.

Then the land lord wants his rent and the council wants its tax..

Your average start up trader is much better off living at home with mum and trading with an IG spread bet account.

I agree - the "average" start up trader would be better at home with his Mum.

FUTEX · Mar 22, 2010

Waterfield said:
I'm going to hazard a guess you will almost always start on 1 lot outright trading, Phil

***Not always true

VERY INCORRECT - In fact Futex will not allow 1 lots to be traded even for the first day trader.

Why? Because trading 1 lots has no dimension. When trading 1 lots it is almost impossible to finese. Trading 1 lots is not the Futex way at all

SHOPFRONT · Mar 22, 2010

FUTEX said:
VERY INCORRECT - In fact Futex will not allow 1 lots to be traded even for the first day trader.

Why? Because trading 1 lots has no dimension. When trading 1 lots it is almost impossible to finese. Trading 1 lots is not the Futex way at all

.

Sorry to be a pain but how many contracts do u allow a newbie to trade when first going live ?

FXTrend240 · Mar 22, 2010

probably 3-5 i would imagine

arabianights · Mar 22, 2010

donaldduke said:
50% to the prop firm + exchange fees, desk fees and clearing fees + 20% of what's left goes to the tax man.

Leaves the trader with 20p or less for every 100p they take out of the market.

Then the land lord wants his rent and the council wants its tax..

Your average start up trader is much better off living at home with mum and trading with an IG spread bet account.

IG spreads are much, much worse than prop firm exchange fees+desk fees+clearing fees+tax on a scalping strategy!

And in many cases you wouldn't even get fills.

donaldduke · Mar 22, 2010

arabianights said:
IG spreads are much, much worse than prop firm exchange fees+desk fees+clearing fees+tax on a scalping strategy!

And in many cases you wouldn't even get fills.

i was thinking more directional style of intra day trading.. minimum profit target around 30 ticks.

also i wouldnt recommend using a spread bet firm around any major news event.

spreader_legger · Mar 23, 2010

For it to be worth your while trading through an arcade, I guess you really need to trade volume, otherwise Direct Access broker will do the trick

FXTrend240 · Mar 23, 2010

if you're day trading and you need 'real' data then spreadbetting just won't work! swing trading on the other hand...

himanshu1986 · Apr 16, 2010

I recently got an invitation from FUTEX for first assesment. I have a doubt on the below quote from Futex which was in the invitation mail. I am an international student and my visa expires on 05/02/2011 but I will be entitled to get Post-Study Work Visa for another two years and after that highly skilled migrant visa. Can any one help me with this issue????? Shall I go ahead for the assessment or not?????

"Do you have the necessary work permits/visa to work in the UK?

Unfortunately Futex do not sponsor or get involved in attaining work permits/Visas.
Working at Futex should be viewed as a long term and full time commitment, therefore we would expect you be in possession of documents that would allow you to stay unhindered in the UK for a minimum of four years, prior to attending the first stage of the recruitment process.
Please confirm that you are eligible to work within the UK."

AbuCordelia · Feb 22, 2013

Sorry for asking a question THREE YEARS LATER, but here we go:

If I understand correctly:

- Once you make it through the training program and are deemed ready for a live account, they usually set you up with a 3-5 lot position limit. Then, IF you are successful after the 50/50 cut and all other associated fees, you can either pull money out of your account or simply continue to build it up (or both obviously)?

Am I missing anything here?

Thanks...

BTW, anybody know if OSTC operates the same way?

marcusant · Mar 7, 2013

AbuCordelia said:
Sorry for asking a question THREE YEARS LATER, but here we go:

If I understand correctly:

- Once you make it through the training program and are deemed ready for a live account, they usually set you up with a 3-5 lot position limit. Then, IF you are successful after the 50/50 cut and all other associated fees, you can either pull money out of your account or simply continue to build it up (or both obviously)?

Am I missing anything here?

Thanks...

BTW, anybody know if OSTC operates the same way?

Futex allow a weekly draw for profitable traders.

OSTC will get you trading live very quickly. If profitable you have to wait til the end of year before you can draw your bonus.

They are 2 very different firms, I would recommend spending some time learning the differences between the 2.

Esmondo · Mar 11, 2013

thats not entirely true...if you trade using iBet Financials, you can spreadbet and the prices you see are the same as anybody else trading the real underlying Future.

Futex (again!)

Scotty2Cues

Established member

Waterfield

Well-known member

donaldduke

Experienced member

N Rothschild

Legendary member

FUTEX

Active member

FUTEX

Active member

SHOPFRONT

Junior member

FXTrend240

Well-known member

arabianights

Legendary member

donaldduke

Experienced member

spreader_legger

Well-known member

FXTrend240

Well-known member

himanshu1986

Newbie

AbuCordelia

Junior member

marcusant

Junior member

Esmondo

Junior member

Similar threads