what does FUTEX do ?

[FUTEX]

Hi,

You've mentioned a lot about the requirements for traders wishing to apply for the Futex backed programme. What are the conditions/general criteria for backed traders to keep their seats on the programme? Do they have a certain threshold in their account that they cant go under? Or do they have to average a certain amount of points/ticks daily and consistently etc?

Many thanks,

Pi

An interesting Question, which is code for a "difficult to answer". let me try:

Each trader or trainee trader is kept under constant review. The trainers and mentors will discuss performance with the trader and also review his performance with managers. Its a continuous tweaking process.

Now, on the more specific question of parameters, that is a movable bar, but, so long as the backers feel progress is being made and the trainee is perfoming and learning well, then Futex will keep going as long as necessary.

Attitude v Aptitude. An interesting aside is that Futex never back people with the wrong Aptitude. The first to be asked to leave are those with the wrong Attitude. It matters not what their trading is like, if they are not dedicated and frankly are plain daft, they do not remain. Those with the winners Attitude, who for instance are always early, never miss figures, dont abuse the freedom, etc, are those who succeed.

 

[Pi3141]

Hi,

Thanks for the response. I'm sure readers out there, including myself, are all grateful for your time and effort on this thread.

A few further questions if I may:

1) Roughly, what is the ratio of traders/trainee traders to mentors? I highly doubt it's 1 to1, but is it maybe 3-5 traders assigned to one mentor? Or is it bigger than that, like 8-10 traders to one mentor?

2) You will probably roll your eyes at this question, but how many points/ticks on average are trainee traders expected to make. I should emphasize the word 'expected' here as opposed to 'actually', because I imagine that as Futex absorbs the cost of desk fees for backed traders you expect your back traders to recoup these desk fees in their trading as a bare minimum requirement. So all I'm asking is how many ticks/points roughly does it take to recoup this cost. I dont have any fantasies about trainee traders making huge sums of money daily, but its just that I've recently started a futures demo account and I'd like some kind of benchmark to compare my performance with your trainee traders thats all.

Thanks,

Pi

 

[FUTEX]

1. We have two full time trainers/mentors. Chris Morris and David Dukes. Both are active Traders as well as trainers/mentors. Plus our managers have an "open door" policy, and give q and a sessions and trading seminars. There is no individual mentoring as such, so taking that we have about 8 people in each course, the mentoring is 1 to 4.
Trainees are sat between successful traders are are encouraged to learn and share. Its Futex policy that "we grow bigger and better together". That is a most important form of mentoring.

2. We DO NOT measure success by counting ticks. We monitor CONSISTENCY. Its that simple!

 

[Chartsy]

1. We have two full time trainers/mentors. Chris Morris and David Dukes. Both are active Traders as well as trainers/mentors. Plus our managers have an "open door" policy, and give q and a sessions and trading seminars. There is no individual mentoring as such, so taking that we have about 8 people in each course, the mentoring is 1 to 4.
Trainees are sat between successful traders are are encouraged to learn and share. Its Futex policy that "we grow bigger and better together". That is a most important form of mentoring.

2. We DO NOT measure success by counting ticks. We monitor CONSISTENCY. Its that simple!

If I wanted to prove to you I was consistent in my own trading via the partnership scheme, do you prefer absolute returns over risk adjusted returns?

 

[FUTEX]

A little off subject, but Futex would be happy to look over any provable track records if you feel if would help an application. In fact, it could only help (it could not really hinder, could it?)

 

[anley]

If I wanted to prove to you I was consistent in my own trading via the partnership scheme, do you prefer absolute returns over risk adjusted returns?

Keep it simple, don't focus on returns, absolute of adjusted, the key word is CONSISTENCY and your past results should prove it.

Consistent in its simplest form means a steadily rising equity curve with small drawdowns. If you have that then 90% of the game is won and I'm sure any backer would love to talk with you about developing a relationship.

But if you don't have consistency, then who cares about absolute or risk-adjusted returns, and even how much money your account has grown by. For example, you could be up 100% on the year after having been down 70% at one stage. That sort of record, even though you're profitable over the year, opens few if any doors......

 

[nervo1234]

Got invited to FUTEX Assessment Test in London next 22nd Tuesday! Anybody else attending?

 

[simon61]

What qualifications does someone need to be taken on and funded by Futex,this is regarding
my son.

 

[tommog]

Hi Simon,

Seeing as nobody answered i'll try and help. I can't speak for Futex as I dont work for them, but I have been trading at places like Futex for about 6 years.

Trading is not like being a doctor or pilot where you complete your classroom theory and then you know how to trade and your career grows exponentially from that point. It is more like being a professional sportsman, you can learn the rules of Golf and have some lessons but doesnt mean you're going to be Tiger Woods.

To be honest its very hard to predict who will make it and who wont. But there are a lot of traits "successful" people seem to have such as determination, adaptability and a passion for your chosen field. Most trading houses are filled with semi pro sportsman, top musicians, people that graduated top of their class at university. Not necessarily because this demonstrates intelligence, more that in demonstrates that the candidate has been through a tough learning curve before and learned to adapt and grow.

Some places do look for degrees in finance/maths. However some of the best traders i know never went to University, and it is in no way an indicator of how well they will do (infact I have noticed a negatived correlation with people from a scientific background and trading as they tend to deal with certainties 2+2 = 4 always, whereas the rules are always changing in trading and they seems to stuggle with that and end up never putting a trade on, but this is another thread entirely). BUT if you are getting 1000 applicants for the job (not unheard of) they probably use academics just as a filter as its the easiest way.

But you seem to be a very supportive Father and that is an essential asset because if your Son does go into this field there will probably be some pretty low moments before he hopefully turns it around and becomes a huge success

Feel free to PM me with any questions.

Tom

 

[FUTEX]

What qualifications does someone need to be taken on and funded by Futex,this is regarding
my son.

TOMMOG has made a very accurate summary of the "traits" one looks for when looking to sponsor a trainee in trading.
To further expand, Futex are looking for people who are hard working and have earned a good degree. It does not really matter in which field, although economics, politics, psychology, finance would all have direct positive impact.
Recently, we have decided to recruit 18 year olds who have opted out of university, but again, what will we be measuring is their success and achievement. Therefore only those with good GCSE's and A levels would be considered.
It is important to be rounded too, so success and achievement in non-academic fields counts just as much.

 

[Pi3141]

Do trainees get a choice as to which software they can use to trade? And is Ninja Trader available for Futex traders?

Thanks

Pi

 

[FUTEX]

Do trainees get a choice as to which software they can use to trade? And is Ninja Trader available for Futex traders?

Thanks

Pi

Futex use TT (trading technology) and Stellar. There is a variety of information and charting systems to complement this. Bloomberg, CQG, Reuters, Analysts, etc etc. We currently feel Ninja Trader and many others are well short of our professional level entry requirements.

Oh, and no, the trainees would not be choosing, we would put them on the best system for their chosen market. Please note the trainees, in consultation with their trainers and mentors, do chose their own markets.

 

[Pi3141]

Got invited to FUTEX Assessment Test in London next 22nd Tuesday! Anybody else attending?

How did the assessment go?

 

[tuscan]

We have direct lines to the exchanges at many thousands of pounds per month in lease charges. Thats the difference between pro-trading and bedroom trading.

Whats the difference in miliseconds between your office in central London and trading from a bedroom in central london in putting an order ? Is it so significant ?

 

[pboyles]

Whats the difference in miliseconds between your office in central London and trading from a bedroom in central london in putting an order ? Is it so significant ?

Won't matter how fast it is if you pick the wrong direction, will it?

 

[tuscan]

Won't matter how fast it is if you pick the wrong direction, will it?

from picking to getting your order filled may be a long way

 

[pboyles]

are you trading for one week or what ?
from picking to getting your order filled may be a long way
i sometimes cannot cancel my order because "it is too late" or "it is filled/ doesnt exist" even though it was still displayed, otherwise I couldnt have click on it


Are you spreadbetting by any chance?

 

[FUTEX]

Whats the difference in miliseconds between your office in central London and trading from a bedroom in central london in putting an order ? Is it so significant ?

We have tested this and there is no "measurable" difference in milliseconds. If you think about it mathematically or using physics equations:

The question you are asking is how long does it take the speed of light (which is why we have dedicated fibre optic lines) to travel ten miles?

The answer is measures not in milliseconds, but in insignificant fractions of milliseconds.

If you find an old text physics paper, let us know the actual exact answer please.

 

[anley]

It shoulnd't be hard to work out if the speed of light is 299,792,458 metres per second. Do some dividing and there's your answer.

One thing I will say to new traders though is this, if your success in trading is determined by how quick your orders can get to an Exchange you probably don't have a good long term strategy. Sure, there are always going to exceptions to the rule but think about it logically and it makes no sense.

Why not let everyone else get worked up about such matters whereas you try to follow price and its language and then use that information to pick good risk/reward setups alogside sound money management.

Master that and you've got a strategy that will last for ever.........

 

[tuscan]

pboyles sorry I dont know why you did ask that philosophical question in this thread but decided not provoke others look at the subject I dont have time to waste

FUTEX I'm not an expert in fibre optics and don't want to be I just dont know what is the point of spending thousands of pounds on it (I believe it is cheaper) I suspect there is no point, but may be wrong thats why I asked
I have fibre optic connection to Eurex and LIFFE it is a distance of more than 1000km and believe me it is not the speed of light but 13-17 miliseconds to LIFFE and about 20 to Eurex.
If that is so simple calculation you can have copper cable because the speed of electrical impulses shouldnt be so bad in the distance of one mile, you would have saved thousands of pounds a month.

"One thing I will say to new traders though is this, if your success in trading is determined by how quick your orders can get to an Exchange you probably don't have a good long term strategy. Sure, there are always going to exceptions to the rule but think about it logically and it makes no sense."

thank you for that lesson, now go to forexfactory and teach teenagers how to trade
if you daytrading you can often lose one tick by this and that may be hundreds of euros/ pounds in this case