what does FUTEX do ?

[donaldduke]

So all this fantastic technology and first class personnel but you still refuse to say what percentage of your paid students make it. It makes me wonder if you're not quite as good as you think you are.

By paid students do you mean the ones who are paying these firms for 'training'?

Prop firms and their traders have been having a very hard time since after the 2008 crunch, this con trick of charging large sums of money for training shows how desperate they have become.

 

[FUTEX]

Why are you not prepared to answer the questions regarding the hare's post above about how many people are successfully trained and still working there? Even just a ballpark answer will do. Surely these are the most crucial questions someone applying would want to know.

As for Man United, yes they would still be competitive even with a few weak players, because they have a great manager, and also some great players (hard to admit as I'm a Liverpool fan). I've seen them do very well with pretty much just youngsters who comparatively are weak to regular international players. But I don't think it's a great analogy, even though your point about advantage is clear enough on its own.

Well I disagree, because Ferguson is such a good manager he would not allow what he believes to be a weak player to remain in the game.
As for the numbers, I do not have them. As a ball park, which I am reluctant to use in case it is off target, we keep over half our traders, we get everyone onto live accounts, but not everyone can trade live. As for the arbitrary 5000 trades figure, I do not have it. We have over 100 traders, about 70 in our offices. We have taken a dpuble digit number from zero to millionaire, but I will not name them. Out offices are open to be visited and traders are open to be spoken with should you feel the urge. We have nothing to hide, so please come and talk to our traders.

 

[the hare]

So all this fantastic technology and first class personnel but you still refuse to say what percentage of your paid students make it. It makes me wonder if you're not quite as good as you think you are.

I suppose that its totally irelevant really (unless you are stupid enough to believe that someone can and will train you to trade in order to make money for yourself). The only thing futex cares about is if their business model works. They could probably make money with a building full of chimps (or rats, or robots tossing coins), and the performance of an individual trader is pretty much irrelevant.

Presumably, its how you manage the group, and how you allocate the capital that matters. It should be no problem for futex to train anyone to fit into their model, but thats an entirely different thing to teaching someone to trade profitably. In fact, if you where operating that model, its the last thing you'd want to do.

I'd love to see distribution and the varience in returns between their star traders and absolute dunces. I'd confidently predict they are not too disimilar to the results I get from my random robots.

Presumably, they are traders in the business of generating realistic returns on a decent amount of capital under management, not halfwits mesing about with a spreadbetting account funded with their kids pocket money. The training thing is probably just too good an opportunity to miss, but surely, its not that much of an earner in comparison to their core business ? (I dont know and I cant be arsed to do the research)

They themselves no favours on this thread. If I where looking for additional capital (and I'm not) I wouldnt really touch em with a bargepole.

 

[FUTEX]

If you wish to be the best at what you do, in any field whatsoever, football, racing, architecture, running a record shop, etc. Those with the best preparation, the best equipment, the best brains, the best attitude, will in the long run be the winners.
If you fail to recognise that and apply a slapdash approach to your endevours, including Trading, you will remain in lifes slow lane. That is the ANANLOGY i am trying to make. If you still dont get it, then you have limited vision.

 

[N Rothschild]

Do all traders have to go through your "academy" or is it only for those fresh out the wrapper?

 

[FUTEX]

Do all traders have to go through your "academy" or is it only for those fresh out the wrapper?

Pretty much, everyone. We do some have a very experienced team of equity traders who did not though. But they needed Futex backing after they got caught out in 2007. They are the only exception I can think of in the last 3 years.

 

[N Rothschild]

So its your way or the highway? Seems a bit ridiculous if you dont mind me saying!

 

[FUTEX]

So its your way or the highway? Seems a bit ridiculous if you dont mind me saying!

This is our way: we teach people all that we think is relevant. We then help them to choose the markets that suit them to trade, with their agreement. Our number one priority is for them to trade profitably, otherwise they cannot survive, and we will have wasted 4 to 6 months of mutual investment. We back them with our funding and mentoring. All the financial risk is Futex's.

Yes, its ridiculous

 

[N Rothschild]

Well if a profitable trader came to you with 5 or so years experience and you told them they have to trade your way and learn a completely new method when theres works fine..yes i would say that is ridiculous!

 

[FUTEX]

I absolutely agree. I gave an example already where the exception was valid

 

[N Rothschild]

So you take on existing traders and let them go about things there own way? if they are proven

 

[FUTEX]

Yes, we have taken on experienced traders. And yes we allow them much more autonomy based on their experience. And yes such a person would probably not need to do the trading course. Although, we do encourage all traders to attend seminars, and experienced traders even lead seminars at Futex.

 

[counter_violent]

Is Futex involved in any way with automated systems?

 

[FUTEX]

Is Futex involved in any way with automated systems?

Yes, of course, with so much talent at Futex, some of our traders incorporate this

 

[tuscan]

Yes, of course, with so much talent at Futex, some of our traders incorporate this

"We have taken a dpuble digit number from zero to millionaire, but I will not name them."

Nobody wants their names but I would like to notice that if someone entered that business in 2002 or earlier it was hard not to became a millionaire just trading calendar spreads like Euribor and Short Sterling on LIFFE, you could bid and offer the best price and go for a walk for the rest of the day, pure market making was possible without any sophisticated systems just trading manually with large clip size, hundreds of thousands of pounds each day just waiting to collect them. Getting into that business then must have been like winning a lottery. I personally met double digit number of traders (they were trading for company founded by Kyte Group capital) who have made couple of hundred thousand pounds each from this between 2004-2008.
When Futex stopped to trade calendar spreads ? Wasn't that your "bread and butter" in the early years ?

Of course that makes sense when everything is on the highest level and I believe in Futex you provide that, you may gain some advantage in the long run.

And still if you would like to provide some specific information for serious people here would be easier for you to just give some statistics which speaks for themselves instead of ....
I understand it may be hard to give some specific information as your company exist for more than 10 years. But would you be able to say about those trained (self and your sponsorship, doesnt matter) say, after Lehman collapse in 2008
- how many traders with self sponsored Academy, % , stayed with Futex
- how many of sponsored by Futex, % , stayed with Futex
I assume it must be a difference because as you said, with your sponsoring you hand-pick from thousands
-what is their average daily P&L recently (just to give us some idea, range)
- what instruments they trade mainly (I heard they specialize in one instrument, in the beginning at least bund , dax, stoxx, any US markets ??
- what clip size /range/ they use usually, how many trades a day is it a sort of high frequency trading or a few good trades a day is enough

i can wait even one month for you to answer that, no hurry
I'm sorry but saying that you trained many millionaires from zero may be truth but it may also be misleading , how many millionaires have you trained from zero since 2009, 2008, 2007
i think that is some interesting data for everyone
excuse my english

 

[tuscan]

Yes, of course, with so much talent at Futex, some of our traders incorporate this

isnt that more experimental department in Futex or they are really have some substantial results in the field of automated trading systems

 

[FUTEX]

Hi Tuscan. I am sorry to disappoint you, but I would not dream to answer with such specifics about numbers, dates times etc at Futex. You are welcome to visit and ask people directly. You are very welcome. But, to post numbers like some kind of "boast", would be meaningless, plus, you would then say.Prove it? What would you have me do then, post confidential information in the public domain.

Look, Futex is a trading house therefore, we have people who lose money daily, we have people who break-even daily, and we have people, who make, say £2000 a day every day, and who on a good day we have traders who make six figure sums. The only way you can verify this really is to meet the traders on our floors and ask around.

 

[the hare]

Look, Futex is a trading house therefore, we have people who lose money daily, we have people who break-even daily, and we have people, who make, say £2000 a day every day, and who on a good day we have traders who make six figure sums.

FFS, if you really have to persist in promoting this nonsense, at least report percentage returns.

2K a day, or 6 figure sums is meaningless drivel.

 

[FUTEX]

I agree, its anecdotal. But, Its completely honest and appropriate.
Unfortunately, I will not produce evidence for reasons already set out.
What is FFS ?

 

[scose-no-doubt]

For F*cks Sake.

I think you're gonna continue to get flamed util you shut down this thread.

Anyway... you never gave me a clear answer regarding desk fees and VAT. What part of your fees are under the scope of VAT if you would. I don't need figures yet (I know you don't wanna discuss that stuff here), just the narrative will do me.