Futex

[Scotty2Cues]

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."

 

[himanshu1986]

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."

 

[rawrschach]

You don't need sponsorship to get PSW or highly skilled migrant visas.

To move from PSW to highly skilled migrant you have to have earned at least 20k during the final year of PSW, which will probably not happen at Futex.

My advice - get a real job and trade demo in the meanwhile, which is what you'd be doing at futex anyway except you'll be getting paid. Once you have 10k and some semblance of consistency you can trade a 1 lot on pretty much any equity index without risking too much, and without paying the 2k desk fees at futex.

Then there's the upside of not being in Woking while you do all this.

 

[himanshu1986]

thank you so much ur advise is practicle... first I will do job to sort out visa problems after that I can move to my interest...

cheersssss

You don't need sponsorship to get PSW or highly skilled migrant visas.

To move from PSW to highly skilled migrant you have to have earned at least 20k during the final year of PSW, which will probably not happen at Futex.

My advice - get a real job and trade demo in the meanwhile, which is what you'd be doing at futex anyway except you'll be getting paid. Once you have 10k and some semblance of consistency you can trade a 1 lot on pretty much any equity index without risking too much, and without paying the 2k desk fees at futex.

Then there's the upside of not being in Woking while you do all this.

 

[Villan]

I have a final round interview with Futex and was wondering if anyone has had one and has any information/advice?

thanks

 

[state]

Futex desk fees are around £2000 a month arent they? And that excludes your trading software and charting package costs. Seems very expensive compared to other places.

 

[FUTEX]

Actually Futex desk fees start from Zero, and they go up form there.

 

[Chartsy]

Futex take swing/position traders do they?

 

[FUTEX]

yes. why would we not?

 

[Chartsy]

i've just always thought that prop firms were the arenas of scalpers, guess not.

 

[JRP2891]

I have a final round interview with Futex and was wondering if anyone has had one and has any information/advice?

thanks

Yes, they like to be tickled under their chins.

 

[Xylem]

BAck to the point which is Futex.

Could you explain how it is that nearly 25% of your graduates fail... I mean what did they do to not pass... This would be the worry i have if i spent 5k and had i think 60% chance of passing (think im better than at least half of your sample)

Also Could you answer the Q on Internet module Success rate FUTEX

Thanks ALOT!

 

[pboyles]

BAck to the point which is Futex.

Could you explain how it is that nearly 25% of your graduates fail... I mean what did they do to not pass... This would be the worry i have if i spent 5k and had i think 60% chance of passing (think im better than at least half of your sample)

Also Could you answer the Q on Internet module Success rate FUTEX

Thanks ALOT!

So 75% pass? I'd have thought that was very high, where did you derive that figure from?

 

[borgy]

I am amazed how many times we see the same questions on these threads. Trading is an art and to be good at it requires skills that you cannot teach. Yes there are many trainee trader programs out in the market just as there are football training programs and like football anyone can teach you the fundamentals of the game but it don’t mean you are going to be a premiership footballer making loads of money.
Yes you can make a living and yes if you have the naturals instincts, the discipline and the right mental attitude you can still make good money, but the odds are stacked against you.
The good trainee trader programs will soon give you an idea whether you have the aptitude for trading but you don’t have to pay for the privilege and you shouldn’t part with good money under any false promises or illusions, far more fall by the wayside than make a living from prop trading.

what are the trainee trader programs you speak of i've looked everywhere for them but have found none.

cheers

 

[Chartsy]

Bump; Futex.... You said 'desk fees start from zero', how does this work?

If I was to show consistency during my undergrad (3 years) on a small account swing trading, would I be backed or put into a training programme? Also do you start traders off on one lot?

Lastly...are you biased towards oxbridge/top 5 university graduates over those who show consistency? i.e. would you take a genius maths graduate over some like me, not quite 'with it' when it comes to maths but knows how to swing trade?

(Should be doing my degree at Durham;geography)

 

[MajorDutch]

mate you are at uni. you will NEVER get this time back. you will look back on this time as a time when you were free had few responsibilities. you should be out drinking and shagging birds, please do this it's more fun. by all means read some trading books but you have so much time after Uni to do whatever you want.

this is a call to arms, freshers week next week you better get loaded with your mates and chatting to birds.

at the end of the day trading is dull and you cannot get this time back:idea:

Bump; Futex.... You said 'desk fees start from zero', how does this work?

If I was to show consistency during my undergrad (3 years) on a small account swing trading, would I be backed or put into a training programme? Also do you start traders off on one lot?

Lastly...are you biased towards oxbridge/top 5 university graduates over those who show consistency? i.e. would you take a genius maths graduate over some like me, not quite 'with it' when it comes to maths but knows how to swing trade?

(Should be doing my degree at Durham;geography)

 

[Chartsy]

mate you are at uni. you will NEVER get this time back. you will look back on this time as a time when you were free had few responsibilities. you should be out drinking and shagging birds, please do this it's more fun. by all means read some trading books but you have so much time after Uni to do whatever you want.

this is a call to arms, freshers week next week you better get loaded with your mates and chatting to birds.

at the end of the day trading is dull and you cannot get this time back:idea:

I'm balls deep into trading now, no going back!

 

[scose-no-doubt]

Then why the are you doing geography? Surely if you really want to trade professionally your study time would be better spend on economics or econometrics or programming or something like that?

 

[Chartsy]

Then why the are you doing geography? Surely if you really want to trade professionally your study time would be better spend on economics or econometrics or programming or something like that?

I'm pretty crap at maths, but I'm consistently profitable. I've been researching and IB seems to favour oxbridge graduates, generally not putting too much emphasis on your degree subject, but going down from that (Durham, warwick LSE, UCL) subjects should be more mathsy.

I'm applying for oxbridge too, my predicted grades are A*A*A* .Failing oxbridge, Durham is still 3rd in the UK and maybe I can compensate for no oxbridge with my trading records (extensive). Of course there are always prop firms too which might back regardless of academics, but finding one which backs a swing trader exclusively is hard to find.

edit: o yeh, plus geography is interesting, and I can just convert to corporate law via the GDL and be a sellout and trade my salary, plus IF trading fails i'd like to have a degree that I'll actually like and do well in,(check) which should get me into most graduate schemes (check, Durham has good relationships with employers)

 

[FUTEX]

Bump; Futex.... You said 'desk fees start from zero', how does this work?

If I was to show consistency during my undergrad (3 years) on a small account swing trading, would I be backed or put into a training programme? Also do you start traders off on one lot?

Lastly...are you biased towards oxbridge/top 5 university graduates over those who show consistency? i.e. would you take a genius maths graduate over some like me, not quite 'with it' when it comes to maths but knows how to swing trade?

(Should be doing my degree at Durham;geography)

If you are looking to be backed by Futex, then a passion for trading, however demonstrated is a great positive, if not compelling reason for Futex to take you seriously. We do not differentiate between universities. However, and interesting considering a preceding post: Those who have demonstrated that they felt university was an excuse for a party, and therefore underachieve will not get to the final interview.
Graduate recruitment is based upon those who are high achievers ( which is not the same as those who are the self proclaimed smart people).
Good luck with your trading.