Futex

[barryb]

i contacted Futex and it seemed they weren't interested in swing trading, or just me :/

Do you have a record of consistent profitability? If so, how long for?

 

[FXTrend240]

Ok, i don't .

If i did have a record, what are they looking for? consistent but conservative returns? (like 30% annual, low drawdown) or aggressive, big return trading, with consistency?

So if i can just show a record with an uptrending equity curve, they'd consider taking me? any swing trades in futex by the way?

 

[barryb]

Ok, i don't .

If i did have a record, what are they looking for? consistent but conservative returns? (like 30% annual, low drawdown) or aggressive, big return trading, with consistency?

So if i can just show a record with an uptrending equity curve, they'd consider taking me? any swing trades in futex by the way?

That's the reason they're not entertaining the idea i'd imagine. At least you were honest on here, unlike many t2w so called super traders.

You will need to demonstrate an absolute minimum of 6 months consistent profitability for most firms to look at you from what i've heard. % return they'd want? I have no idea, case dependent, you need to ask them.

 

[FXTrend240]

6 months consistency at least. so talking 1-2 years to look good.... i think i could manage that.

If i was to be a swing trader, what do i ...do? apart from trade of course, but i suppose swing traders don't sit around in the office all day like the day traders?

 

[elitejets]

Are you a swing trader now? You seem to have quite a rosy picture of how many hours trading a day it takes (as in hardly any).

 

[FXTrend240]

swing trading takes 1-2 hours. once you have your positions set all you can do is manage for the next few days.... however i am learning tape reading forex too ( by tape reading i mean reading the news and trading it) which is day trading/short term swing .

 

[barryb]

]swing trading takes 1-2 hours. once you have your positions set all you can do is manage for the next few days[/B].... however i am learning tape reading forex too ( by tape reading i mean reading the news and trading it) which is day trading/short term swing .

This kind of comment demonstrates your lack of experience, and why Futex didn't give you the time of day.

 

[FXTrend240]

what i mean by only 1-2 hours is that most of the work is already done,i plan ahead, plotting levels, research fundamentals , the execution and pyramiding is what takes time too, maybe i came across too lazy...

 

[elitejets]

Ahem, a little.
You might want to work on that.

 

[FXTrend240]

Im not lazy, i study currencies around the clock. Ok i'll be honest i haven't really traded enough to say how long it takes to swing trade, but have been learning for a good meaty 15 months. Economics/news with some technicals is (imo) a good way to trade currencies - both swing and intraday...

 

[barryb]

Why would anyone want to invest in you when you start a thread like you did here: http://www.trade2win.com/boards/general-trading-chat/87688-ladies-gentlemen-i-bid-you-farewell.html

You obviously know sweet f.a about trading, as you're drawing attention to with each additional post you make.

 

[FXTrend240]

what's that got to do with trading? this place is more addictive than i thought, i guess.

 

[elitejets]

Im not lazy, i study currencies around the clock. Ok i'll be honest i haven't really traded enough to say how long it takes to swing trade, but have been learning for a good meaty 15 months. Economics/news with some technicals is (imo) a good way to trade currencies - both swing and intraday...

Most professionals (swing traders or otherwise) are at their desks when the market opens and they are there until it closes. The guys on the other side of the market are too.
I like swing trading because there are quiet periods when I can walk dogs or go to the gym but its still a full time job and if you are swinging FX and holding overnight you never stop checking, planning etc.

 

[FXTrend240]

Ok, point taken. What i meant was that not so much time would be spent actually trading but rather reading news, checking positions etc

 

[rawrschach]

What constitutes 'actually trading'? Putting orders in on a price ladder? Takes 3 seconds.

imo 'actual trading' constitutes hours of waiting for the market to show its hand, which is not going to happen to you if you spend more time reading bloomberg than watching the price.

 

[FXTrend240]

What constitutes 'actually trading'? Putting orders in on a price ladder? Takes 3 seconds.

imo 'actual trading' constitutes hours of waiting for the market to show its hand, which is not going to happen to you if you spend more time reading bloomberg than watching the price.

set a limit order. is that hard?

 

[FUTEX]

I agree with Rawrshach. To expand I would add that it does not matter if you trade a little or trade massive, its the profitability that is all important. The reason Futex is still here and expanding is that they back "profitability". Futex have never had a "bums on seats" approach.
So if you can make good money trading 1 lot per month, and you demonstrate a "professional approach" - like I said a few posts back - why would Futex not back you?

 

[Trader_0101]

FXTrend240, I have been trading over 10 years. I have done both daytrading and swing trading and I can tell you without a doubt that swing trading is substantially harder then daytrading and requires twice the amount of hours as daytrading.

It's very misleading. As a swing trader, not only would I be watching my positions like a hawk during market hours watching for price action, looking for new trades and monitoring news, but when the market was closed, I was glued to the markets 24/7. You have to be a news junkie. I would watch the news events all evening and all night. I would constantly be watching over seas markets, watching political stories, etc. It's very stressful and very very time consuming. I honestly had no life. It definitely is not as simple as place a trade and put in your stop. I think I can count on one hand how many successful swing traders I have met in my life and I have traded with over 1000 traders in my life.

Daytrading was a much better lifestyle. I went in the morning, traded and when the market closed went home and slept well. I would say I put in half the hours as a swing trader, took much less risk and made a lot more money for both me and the firm.

It also takes a lot longer to learn swing trading since you simply are not making enough trades. With daytrading you might be making 10 or 50 trades a day and your learning curve will be that much faster.

Just my two cents.

 

[Vaco]

I agree with Rawrshach. To expand I would add that it does not matter if you trade a little or trade massive, its the profitability that is all important. The reason Futex is still here and expanding is that they back "profitability". Futex have never had a "bums on seats" approach.
So if you can make good money trading 1 lot per month, and you demonstrate a "professional approach" - like I said a few posts back - why would Futex not back you?

What is the setup at Futex, is it just a straight profit split +comms or is there a desk fee involved as well.

 

[barryb]

It also takes a lot longer to learn swing trading since you simply are not making enough trades. With daytrading you might be making 10 or 50 trades a day and your learning curve will be that much faster.

Very true!