shadowninja
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Hi dear annabel!
Glad to see you come back and your reply! Your hints are always useful and timely. I was invited to attend the interview but it was changed to 6th. So I got your tips! It's so great! Thank you for your great information again and looking forward to be your colleague!
BTW, when do you have your 2nd round interview?
Steven
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shadowninja
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Eh? I don't work there nor am I being interviewed.
stefanus140
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hahaha. I was thinking about that as well. Thanks for the hint
Did you pass the second interview Annabel? What are you doing now?
Mr Futex!...£400 - £500 is fair enough during training / due diligence...I personally think you shouldn't even offer a basic salary....traders should be paying you a flat fee to have a spot on your trading floor. Environment is everything...environment can be the key factor that breeds competition amongst peers....which ultimately leads to winners becoming hero's and loser becoming zero's...winners achieving excellence!
The basic salary would be really irrelavent to hard working/ disciplined / focussed / hungry traders... wouldn't really be motivated by a capped or partially capped salary.....I'm sure that the more GP generated the greater the rip....however...what is the ball park that a seasoned trader can expect to earn once he/she have got stuck in on your floor?
Its all about the $$$£££ that can be earned....would I be correct in assuming that it's in GBP 5-6 figures range?
Regards
S
The basic salary would be really irrelavent to hard working/ disciplined / focussed / hungry traders... wouldn't really be motivated by a capped or partially capped salary.....I'm sure that the more GP generated the greater the rip....however...what is the ball park that a seasoned trader can expect to earn once he/she have got stuck in on your floor?
Its all about the $$$£££ that can be earned....would I be correct in assuming that it's in GBP 5-6 figures range?
Regards
S
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Good job you're not running the show then, or there'd be some seriously hungry traders in Woking!!
talking of hungry traders in woking ,they need not to worry no more, theres a fabulous curry house only a short walk away named Namaste where you will never leave hungry
stefanus140
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You don't have to wear a tie... but then you had may as well keep walking to the job centre that same day...
Congrats on getting a second interview. Only got the first. I was quite intrigued by Futex though. The opperation looked quite sound in principle however I had some questions I was saving up for the next round. I was abit concerned about Futex's turnover/cash balance of their parent company IDT. There was a mention of one of their traders trading 2000 contracts on the S&P but going on what I saw on their balance sheet I was not sure that they had enough cash to do so. Add in the fact that there are 40-60 odd traders I wonder how much margin per trader is available to trade. I was also worried that they were making money on the rental costs of the platform that comes out of your profit before you get paid.
I was also worried about the fact I got a "depends" answer when I questioned how often is the 'profit' totalled and paid/shared. Is it once a month...once a quarter etc etc? Obviously this will effect the regularity of your income. If you had a good month and got paid at the end of it and then had a ok month or even a losing month(not sure that would be allowed) that would be ok as you have been paid at the end of the first month. But if it's paid every two months then you could end up with nothing. Obviously I am sure they want a profit every week/month but trading is unforgiving and doesn't always work out that way. So it was something I wanted to get further clarification.
Also there was a matter of, would such a good company use a non verbal reasoning test that was available on a search on google. Was a bit annoying to hear after the test that several had seen it in it's entirety before.
But if I had answers to those questions, everything else made it seem like I could be a good opportunity for someone.
Let us know how you get on.
And finally, everyone who worked there that we saw in passing didn't look very happy. I know it's a silly point but I do wonder why?
edit: I see your post was sometime ago...did you get what you wanted out of it?
rawrschach
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At most prop firms you dont 'get paid' you withdraw your profit when you want. They don't rent their platforms either - you are paying deskfees to cover the cost of the services they give - standard at all prop houses.
stefanus140
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<And finally, everyone who worked there that we saw in passing didn't look very happy. I know it's a silly point but I do wonder why?>
Let's hope that you go around with a smile from ear to ear on the next job you get! :cheesy:
Let's hope that you go around with a smile from ear to ear on the next job you get! :cheesy:
I smile every day (well nearly everyday). Why not..if you are doing something you love to do? As I said it is a silly thing but if you were considering leaving your home trading life for one of joining a more office based trading environment then surely atmosphere should matter?
renting platforms/desk fees..much of a likeness to me. Which as you say is standard but it was whether if that's how they make their income or at least a portion of it that was what I was questioning.Anyway I am not knocking Futex or any other prop firms I think they are reasonable questions that one would want to have answered if you were about to take a large dip in income. You would want to know the in's and out of their operation before committing to a 4 year contract..or at least I would.
rawrschach
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If you got a desk there and didn't want bloomberg/reuters/cqg etc I'm sure they would cut the desk fees for you. They make their income from commissions and profit split.
