City trader owes 70m vanishes

[zupcon]

I at least took the precaution of using the wrong email address. The real one is of course [email protected]

 

[Skill Leverage]

There really does seem to be an abnormal hatred of prop firms on this site... I would be amazed if anyone could give me a good reason why. Traders who are worth tens of millions still choose to trade through firms, because it offers them everything they need without any hassle of setup or maintenance of equipment. You get extremely competitive round trip costs, the desk fees are less than what you would pay to have all the equipment you get in your own home, and they will even train you and give you the money to trade with in some cases!

I would not be trading were it not for the generosity and support of my firm; I know I spend a lot of time defending them and prop firms in general, but it's because of them that I have such an enjoyable career. If anyone would care to point out to me how I am in any way being ripped off, trading someone else's money and taking a share of the profits, be my guest...

 

[arabianights]

You need to remember which prop firm was most promoted on this website and what happened to it (and continues to happen to its many phoenix reincarnations).

Many without experience of the industry saw that, and not unreasonably, given how relatively closed off it is, assumed they were all like it...

 

[zupcon]

You need to remember which prop firm was most promoted on this website.

In what way do you think they where proactively promoted ?

 

[donaldduke]

You need to remember which prop firm was most promoted on this website and what happened to it (and continues to happen to its many phoenix reincarnations).

Many without experience of the industry saw that, and not unreasonably, given how relatively closed off it is, assumed they were all like it...

Also the stories of the other well know prop firm slave driving programmers in return for simulator privileges.

Not to mention offering expensive training courses to those who don't make the grade.

 

[Skill Leverage]

Ah, I think I know who you are referring to. Still, can't lump everyone in with them, in any industry the world over you're always going to get someone who just wants to rip people off.

 

[arabianights]

Also the stories of the other well know prop firm slave driving programmers in return for simulator privileges.

Not to mention offering expensive training courses to those who don't make the grade.

I'm gonna get the popcorn out now

Incidentally the best known prop firms in the industry aren't really mentioned on this site with the possible exception of Schneider... Seems to be mostly about these two ones, although the one you mention is not in the same league as the one I mentioned regarding dodginess...

In fact to expand on that it isn't dodgy at all in its main business. The pay to learn stuff doesn't sit well with me, but then again if someone offered me twenty grand to sit with me for a few months and copy my trades I wouldn't say no...

 

[Skill Leverage]

Also the stories of the other well know prop firm slave driving programmers in return for simulator privileges.

Not to mention offering expensive training courses to those who don't make the grade.

Yeah, you're right, offering someone a service in exchange for money... ludicrous.

As for the other thing, if you hire someone saying 'if you work on this algo, we'll let you trade the sim and if you're any good you can trade live', then you show off your intellectual depth by asking to withdraw money you made on the sim... well, let's just say I wouldn't have my heart set on giving them any of my cash.

 

[Skill Leverage]

And of the best-known ones, very few offer a deal as good as my 'dodgy' one does. Traders at Marex can't get better than a 60/40 split, and of the people I have spoken to at other firms, I'm paying less per RT than all but one of them.

 

[arabianights]

Traders at Marex can't get better than a 60/40 split

Where'd you hear that from?

 

[Skill Leverage]

Indirectly from someone who used to trade there. According to him they're happy to give you size, but you can't go higher than that in terms of your split. Could be wrong, I'm just going on what I've been told.

 

[arabianights]

Not correct unless I'm highly misinformed...

 

[Skill Leverage]

Fair enough; either way, I am more than happy with the deal that I'm on.

 

[barryb]

Traders at Marex can't get better than a 60/40 split

Completely wrong. I know a 5,000 lot euribor trader there and he is not on 60%. Not by a long shot...

 

[arabianights]

Anyway can we get back on topic and do more wasp innuendo pls?

 

[Skill Leverage]

Not by a long shot? What's he on then, 130%? I heard someone who used to work there talking about it - perhaps your guy was there before this rule came in, but that's what he was saying.

P.S 5,000 euribor lots isn't exactly impressive, until you get filled on all of them.

 

[Skill Leverage]

Anyway can we get back on topic and do more wasp innuendo pls?

Poor wasp, he was only trying to make himself a few quid. Can't a man earn a dishonest living these days

 

[arabianights]

Not by a long shot? What's he on then, 130%? I heard someone who used to work there talking about it - perhaps your guy was there before this rule came in, but that's what he was saying.

P.S 5,000 euribor lots isn't exactly impressive, until you get filled on all of them.

If you put 5000 lots in euribor now you will get filled. Even in the front month except in the last couple of days. Not like how it used to be.

 

[Skill Leverage]

I'd be surprised if he was still a 5k lot trader then...

 

[arabianights]

I'd be surprised if he was still a 5k lot trader then...

Well expand your mind beyond Woking