Has anyone paid £7000 to Futex trading academy?

[the hare]

What a guy! If you were desperate for a slash, went into the lats and found him on fire and stuffed into the bog, you'd zip up, walk out and hold it until you found another one.

Some people like him (as long as he's stumping up the protection money)

 

[Pazienza]

Some people like him (as long as he's stumping up the protection money)

He is a fine chap, is old Mammaries Balldroopy. Just look at his excellent website for proof - www.fleecingidiots.com.

EDIT: That should have read www.trainingtraders.com. but I have autocorrect on and it changed it for me. There must be no difference between "training traders" and "fleecing idiots". :whistling

 

[safvan]

I am actually quite interested to see the outcome of this. I am very sure the recruits would not be given real 100,000 pounds each. I want to see what they have planned because now that they have got the media attention, they would be inclined to pursue it.

 

[Black Swan]

Well, let may me express my opinion as well...We have some similarities and I believe that you will find my comments useful... Let me state that I am a Greek and I am now looking to join a prop trading firm.

Let me comment on what the interviewer claimed. Did he claim that you can have a Ferrari in a matter of MONTHS??? Well, whoever claims that is a SUCKER (or he may be looking for suckers)!!!And by that I mean that it is simply impossible to get a Ferrari in a matter of months... You have to take into account that if you join FUTEX in the first months you won't be trading anything more than a couple of lots (3 lots maximum after 3 or 4 months). If you are successful, you can start trading with more lots. I know somebody there that after a YEAR trades about 20 lots (maximum). Not bad but with 20 lots if you account for losses (you will have plenty of them) and for desk fees I can't see how you will be able to buy that Ferrari...

However, I know a person at FUTEX that can buy a Ferrari (if he hasn't done so...). I am referring to Brad Young ,their most successful trader. But , he joined FUTEX in 2002 and one of his colleagues told me that after some years he was trading about 2,000(!!!) lots (one of the FSA guys went there to find out what was happening as he didn't believe that a human could trade with that many lots....He could not believe that a guy would trade with such a large position). I also know two other Greek persons that were traders there. They were reasonably successful and stayed there for 2 and 2.5 years. They earned pretty decent money but they were not even close to buy a Ferrari...

With regards to Schneider. Well, they told you the truth...That is it is not that easy to buy that Ferrari and it is certainly for the very few persons that after YEARS can achieve that...You have to take into account that at Schneider you don't trade outrights but spreads.So this means less volatility which obviously means limited profits as well. And if you refer to some relevant threads you need to understand that for the first 6 months you should be very happy to just break even. The thing is that after one year you should be expecting some decent cashflows (IF successful). However, I know a guy that was trading at Schneider for 7 YEARS and he has recently moved to another arcade (he got a better deal with regards to commissions paid) and he earns a very reasonable amount of money. He actually bought a Porsche Carrera 4s and he has a very decent lifestyle. However that happened after years of trading. I also know that about 90+% of the persons attempting to become traders fail...And this is the message.. You should have reasonable expectations and the truth is that it will take some time to master this art and become rich. It will take PAIN, TEARS, SWEAT and BLOOD..There is not any other way...Whoever claims the opposite is trying to BS you...Just my opinion..

I am also looking to join a Prop trading firm. I have been investing (not day trading)in Greek stocks for 7years (I suffered heavy losses but eventually managed a break even...). In short I blew up my account twice and the third time I recovered all my losses which was not that bad after all. I have been trading in FX for nearly a year and still trying to master this market which is completely different..So, 3 months ago I cold called various prop houses. The thing was that most of them wanted me to pay for training. One of them was Hamilton Court which is more than shameful as they are part of Kyte Group which is a very reputable company. In particular, they asked for a £3,000 training fee for one months course. I politely told them to F..K OFF!!! I am thinking of joining Schneider in Sept. They are not trading outrights (that I am used to) but the thing is that they don't charge any training fee. Many of my friends have been there and I have not heard anything bad about them (with regards to making payments etc. ) They also have a very good risk management model and they are FSA registered which are quite important factors for me. I have also a very bad experience with a prop house that I joined that was not FSA reg and did not have a very sound risk management model...

You should also consider the price of this course (£7,000). I am a Greek and I know how much money this is if you consider the income of a Greek person (for most of them it is nearly 70% of their annual income). You stated that you would have to move from Greece to attend this course. You should take into account that the MOST probable scenario is that you won't be backed up. If this wasn't the most probable scenario they would have backed you up. So you are in risk of paying their course fee paying for accommodation and other expenses here (relocation, etc) and then being refused by them... I can see a lot of downside rather than upside potential. I am thinking about joining them as well to be honest. If they back me up then it is fine. If they don't I won't bother to take their course...I have spent quite some time to acquire some knowledge and I think that they have nothing to offer me in terms of teaching me how to trade...

So what is your alternative??If you can't join any prop house ATM you can do this. If you don't have trading experience the best route is this. Buy some trading books and then open a DEMO account. Spent there some time to researching different markets and different strategies. Once you spent at least 6 months and you feel comfortable with the market and your strategy fund an account (with a small amount). Most likely you will lose this money(that is the truth unfortunately)... Then spent some time reading more and look for some tips on forums like that. After that fund another account. As the time goes by your performance will improve. Now, if you DO have trading experience and feel COMFORTABLE you should be better off paying this money (£7,000) for margin in an account and start trading... In both cases try to get 6 months of profitable trading. Also try to have a annualized return of greater than 20% and a maximum DD of lower than 10%. Once you get those statements, contact as many as possible prop trading firms. I think you have by far better opportunities to get accepted and backed up. Some of them will also be happy to back you up as a remote trader. After all it is in their interest to attract profitable traders..You will earn them money...

Now , if you are eager to get immediately in a prop house I know a place where if you pay for MARGIN ( a respectable amount) they will accept you. However you will have to pay the desk fees from your account and if that goes negative then from your pocket. If money is not an issue for you this can be a solution for you.However, I don't recommend you this path... If you need any other info you can PM. I will be very happy to help you...

Evangelos

tldr, could you twitter size all that?

 

[j b]

But , he joined FUTEX in 2002 and one of his colleagues told me that after some years he was trading about 2,000(!!!) lots (one of the FSA guys went there to find out what was happening as he didn't believe that a human could trade with that many lots....He could not believe that a guy would trade with such a large position).

I doubt it... 2000 is big, but not ridiculous. Plenty locals with that kind of size, maybe not so much now as in the past.


On topic, just my opinion, but don't pay for training. It's not necessarily a complete scam, but it's probably not value for money. I can't speak specifically for the Futex program, but 10% success rate on similar (prop shop) training schemes is probably on the optimistic side of normal.

And as mentioned by someone else, if they quote a 70% success rate, that's probably just people who get to trade live, most of whom won't manage to earn a living from trading.

 

[Oppi1904]

I doubt it... 2000 is big, but not ridiculous. Plenty locals with that kind of size, maybe not so much now as in the past.


I meant in one trade... Not monthly or weekly roundtrips..And that was an outright position and not a spread... It is quite large position for one trade to my mind... I am not sure I can emotionally handle that kind of trade easily...Just my personal view though...

If there are any other locals doing that kind of trades , I would be very interested in talking to them..I am sure that I will have plenty of benefits in interacting with them...

 

[xecutor]

The best training is your own practice. So you can start with demo and then small amounts in real account. You will learn forex in much better way. Forums like trade2win have many experts giving you ideas and guiding with different articles. Strategies are now explained with graphs on many forums. What else they can teach you? You also know that the best they can do is to teach you how to analyze market and when to enter a trade or exit it. These things can only be learned by practice.

 

[blackpele]

The best training is your own practice. So you can start with demo and then small amounts in real account. You will learn forex in much better way. Forums like trade2win have many experts giving you ideas and guiding with different articles. Strategies are now explained with graphs on many forums. What else they can teach you? You also know that the best they can do is to teach you how to analyze market and when to enter a trade or exit it. These things can only be learned by practice.

Thanks for the advise. I have been training Forex for a year and half now and I found out the hard way that most paid services out there are scams and the best info is in free sites.

 

[MajorDutch]

http://www.youtube.com/watch?v=8YCpY054yoc

Baghdaddy has made millions?!! haha

this guy is such a tool.

 

[safvan]

Well I must give credit where it is due. Mr Baghdaddy having revived himself at this age after going through a bankruptcy (for whatever reason is irrelevant) and then working hard again (regardless of the nature of the business) and we all know the lies used in the marketing business. Large corporations to individuals, we are all selling something for someone to buy.

Kudus to his effort to come back. How many people at his age going through bad phases in their life come back?? The percentage is very very small. Most commit suicide or start living with their children..

If anything we should all learn from this man and take out the positive side of this which is to never ever fuc-king give up!

This is specially true for the business industry where things can turn around. Whatever bucks you are making right now may not be making 5 years down the line for some crap economic or personal reasons..

 

[Bint_Crusher]

Well I must give credit where it is due. Mr Baghdaddy having revived himself at this age after going through a bankruptcy (for whatever reason is irrelevant) and then working hard again (regardless of the nature of the business) and we all know the lies used in the marketing business. Large corporations to individuals, we are all selling something for someone to buy.

Kudus to his effort to come back. How many people at his age going through bad phases in their life come back?? The percentage is very very small. Most commit suicide or start living with their children..

If anything we should all learn from this man and take out the positive side of this which is to never ever fuc-king give up!

This is specially true for the business industry where things can turn around. Whatever bucks you are making right now may not be making 5 years down the line for some crap economic or personal reasons..

Agreed safvan. The appendage hoover above has never met him or studied his methodology. 30+ years in the markets must give some credit, definately not a TOOL.:smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart::smart:

 

[tommog]

Futex used to be a great place. And they have had 1 or 2 fantastic traders. But they have completely sold out with this "paying to train" concept. I think its disgusting to get people give them their savings for something with a 20% chance or lower of making decent money from it.

Someone earlier said something like "the success rate is higher I hear 60% get fully backed".
Getting backed is not a success, getting backed just means you get to trade live with real money, you'll still be binned in 3 months if you arent top of the class and you will be trading 1 and 2 lots. You wont make enough to make a living from it for at least 6 months . For £7k i expect a guarantee to get backed. Dont do it folks. Only join a company that will work with you day in day out and have a vested interest in you succeeding. That means sharing in house strategies, putting money up and getting to spend time with senior traders that are currently making money. Not looking to turn over a quick £7k

 

[Bint_Crusher]

Trading is easy if yer foller these guys.

 

[EricReed]

is it a scam?

 

[donaldduke]

is it a scam?

Its not scam, but very likely it is a waste of a lot of money.

In trading it very easy to teach theory, but very hard to teach how to actually do it properly.

Trading is not like learning to drive a car, where you might pay £700 over 12 weeks of training and expect to become a competent driver at the end of it.

But what these trading vendors are doing is like asking you to pay £700 to pass the car theory test with lots of practice on a driving simulator? And maybe if you are lucky they might take £100 of that £700 and give you some real driving lessons at the end. Even though it will take many years to become a competent trader.

Trading theory can be found in lots of good books and the internet, no need to fork out £7000 pounds for it.

 

[donaldduke]

Hi, I will be pleased to hear from someone who has done it and if it was worth the money for the 12 weeks training ?

Just had a look on the website, the fee is currently £8000 for 12 weeks training.. so have they increased fees +£1000 since July when the thread was started?

Seems to be no shortage of suckers falling for his crap

 

[donaldduke]

To be honest, I would be careful about what you read on these forums, as there seems to be a lot of sceptical people on here. Over the past year, a lot of firms have received negative comments, such as not lasting, and offering bad services etc. I must admit, some of them are scams, and these get caught out quickly (hence Gtex Global and City Financial traders are already out of business, despite only starting at the start of the year), whereas some are legitimate companies (Schneiders, Futex, Savi, Amplify), to name a few, based on the fact they have been running a number of years. The fact that they are still around after such a period says to me they are not in it to take your money and disappear – this is the problem for any new company that comes into this industry, but as these firms have now been running and growing for a sustained period I feel it is safe to say they are not scams. As I say, there are a lot of people who spend all their time in slagging others off, hence I would read some of the comments with a pinch of salt.

I have joined one of the above firms, and I must say I am more than happy with the training I have received. I do not wish to say which one, as I do not feel I need to be selling their product for them or seem biased, but the mentors have been great, training material great as well, to the point where I AM trading and creating an income for myself. There are some UNBIASED tips which I would give to someone who is looking at these firms to help make up their mind as to whether to join a programme or not.

1. Do not listen to the cynics on here. Make up your own mind. The people who sit on here badmouthing firms do not usually have anything else better to do or have alterior motives.
2. Do research into the firm, i.e. speak to people at the firm. Meet the mentors. Go and see the office. Basically see them in action as this is the best way to see them. Some firms have seminars. I think you are better off going to see them during the trading day, as that way there is nothing they can hide because you can meet some of the traders on the floor, etc.
3. Go through the contract with a fine comb, I know I did. If you are trading their money, you should not be liable for any losses which is incredibly important. Also, make sure your steps are highlighted to you clearly, in terms of trading firm capital etc. I know a lot of people say they will not give you capital to trade, It may be true in some cases, but I must state that with my firm I have been given capital to trade, so as long as you meet the targets they set then it should happen.
4. See all the different firms to get a better idea as to which firm may fit in with what you want.
5. I did the course on the trading floor, which I think is a massive benefit, as you are amongst the traders and mentors. This is a must in my eyes.
6. If you are looking to do something remotely, I think it is important that you do not sign up just by the phone call, if at all possible make sure you go in and see the set-up as this way you can judge for yourself whether they are what they say or not.

There are some other newish firms around like LGI, London stone trading etc. I feel these are too new to build up a track record (in that they have only been running for as long as GTEX, etc), but I certainly think the above 4 are worth looking into, as they are a lot more established.

Hope this helps. Trading is not an easy game, you can try and invest the money and learn yourself, but I felt I wanted to try and do it properly, rather than lose a bit of money and think I did not know what I am doing, and leave trading forever because of that. Any questions, please PM me. Good luck!!

You spammed at least 5 threads on Trade2win with this same message.

I would guess you probably work for one of these firms (not as a trader) and have a interest in selling this type of crap.

 

[tradenick]

You spammed at least 5 threads on Trade2win with this same message.

Hi, tradenick here,

Long time lurker, I wouldn't say steviej1971 post was spam, I certainly found it useful and I don't think he was trying to get us to buy any pharmaceutical products of any type

True he has posted it to five different threads but it is relevant to the discussion on all five and obviously some of these threads will be more active then others.

I would guess you probably work for one of these firms (not as a trader) and have a interest in selling this type of crap.

It is not as if the guy was promoting his firm/a firm /any firm for that matter.

Just my tuppence worth, and I know I'm new around her so don't want to step on anyones toes.

Thanks

 

[rathcoole_exile]

the only Guru out there worth paying, the master of trading, the only genuine sage with a real philanthropic desire to help you achieve success is our Lord & Master ..... spanish69

personally I have already donated my left arm and both testicles, but worth it all, he is such a legend

 

[steviej1971]

Hi, tradenick here,

Long time lurker, I wouldn't say steviej1971 post was spam, I certainly found it useful and I don't think he was trying to get us to buy any pharmaceutical products of any type

True he has posted it to five different threads but it is relevant to the discussion on all five and obviously some of these threads will be more active then others.



It is not as if the guy was promoting his firm/a firm /any firm for that matter.

Just my tuppence worth, and I know I'm new around her so don't want to step on anyones toes.

Thanks

Agreed.. as tradenick rightfully said, if i was selling a firm, i would just concentrate on singing the praises of only 1 firm, and not stating others are worth speaking to. this forum as you can see is full of people who do not have a clue what they are talking about, and jump on random bandwagons. my advice is to do as much research as possible and use this to make your choice rather then listening to all the cynics. It is abit like trading, to be successful, you have to think for yourself, rather than listening to what everyone is telling you to do. goodluck