stevespray
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Are you in Israel and looking to trade US / UK futures or are there futures on the TSE?
Steve.
Steve.
stevespray
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I think most of the larger online direct access brokers will allow clients from Israel. You will have to show proof of ID etc. I think you will find that spreadbetting is against the law in Israel. I've used Interactive Brokers from Israel many times. A friend of mine has a place up at Rosh HaNiqra. In my experience Israel has very good internet access and it is generally very reliable.
The only downside could be the currency issue. Historically the shekel moves about quite a bit. I dont think that you will find an international broker who will let you hold funds in your local currency. This means that you could be quite exposed to some quite large movements.
Hope this helps,
Steve.
The only downside could be the currency issue. Historically the shekel moves about quite a bit. I dont think that you will find an international broker who will let you hold funds in your local currency. This means that you could be quite exposed to some quite large movements.
Hope this helps,
Steve.
annehiggins
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GHF clears a company in Israel called Matrix. They trade various Futures markets.
annehiggins
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I just know that they trade UK markets. Never heard anything bad about them - care to be more specific?
sasi, its very interesting to know about Matrix and how unfairly they are with their employees, I learned with a guy and his friend is employed there now, trades 12 hours a day 5 days a week and gets payed 5000 shekels (1$ =4.47 shekels) a month. He's mostly losing money. I've sent an email about other prop firms I know which are Pi Traders and http://www.swifttrade.com/ located in Haifa. I've been to those 2 and turned down their offer cos in Pi Traders they want you to deposit 10K $US in case you're not "serious" about trading they'll take it from you . and in Swift it seems like they basically do margin trading or how they call it (putting a bid/offer at different prices which are favorable for them). I ask what about trading Euro (EC) they said: "Its quite new for us and we just started doing this. When I was in their office it seemed like a bunch of kids who came to play video games, they still were claiming they're profitable every day ( well maybe 30$ profit? )
Steve, interesting to know about your friend. Rosh HaNiqra is a very beautiful place to trade from, I am sure he's got a cool view from there
Steve, interesting to know about your friend. Rosh HaNiqra is a very beautiful place to trade from, I am sure he's got a cool view from there
annehiggins
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It seems to me that if your friend's there and losing money but still getting paid every month that's not a bad deal for a prop firm. Plenty of them (London based ones certainly) either don't give any form of draw or only enough for basic living expenses.
well 5k shekels is basic living expences, its 1140 US$ a month, which is here enough to rent and buy food, but letting yourself to buy some other stuff wouldn't be enough. Another thing I didnt like about prop is that they all day traders, they all say:" We limit risk by not staying overnight". Paul Jones once said in an interview "95% day traders are losers"
http://chinese-school.netfirms.com/Paul-Tudor-Jones-interview.html , besides that catching those 1 cents moves and then giving back 2-3 cents doesnt make any sence
http://chinese-school.netfirms.com/Paul-Tudor-Jones-interview.html , besides that catching those 1 cents moves and then giving back 2-3 cents doesnt make any sence
annehiggins
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Firstly Prop firms aren't there to fund a traders lifestyle, especially when they are taking on an unknown quantity. There are plenty of people who have to save up a few grand before they start trading to be able to cover their living expenses for the first few months as they know they won't get a draw until they are profitable.
With regards to holding overnight positions, it depends on what you're trading really. Most places will let you hold overnights, especially spreads once you've built up a bit in your account or got a bit more trading experience. Obviously they are not going to let you hold massive outrights positions when you've only been trading for a week. Prop firms are out to make the biggest profit they possibly can while minimising their risk but at the same time they rely on profitable traders. Its not uncommon to have 2 traders talk about the same firm completely differently because one of them is making money and the other's not. If you aren't making any money you can't expect the same treatment as a profitable trader.
With regards to holding overnight positions, it depends on what you're trading really. Most places will let you hold overnights, especially spreads once you've built up a bit in your account or got a bit more trading experience. Obviously they are not going to let you hold massive outrights positions when you've only been trading for a week. Prop firms are out to make the biggest profit they possibly can while minimising their risk but at the same time they rely on profitable traders. Its not uncommon to have 2 traders talk about the same firm completely differently because one of them is making money and the other's not. If you aren't making any money you can't expect the same treatment as a profitable trader.
Matrix
I work there now, I really don't understand what the fuss is all about.
working hours aren't that strict, you can trade all the time or not trade at all - no one will tell you nothing about that.
the commissions are relatively cheap (euribor 86p, bund 1Euro, and so on),
and as mentioned before, they pay monthly salary no matter how profitable (if at all) you are. indeed the monthly salary is 5K(NIS) only the first year,. second year you get an automatic 50% raise (7.5K) and third year another automatic raise to 10K.
and the bonus is 20% only for the first 20K (pounds) after that the rate is climbing all the way to 40% (possibly more) at 100K.
so of course if you're very profitable you get more.
if you love trading and don't have the balls/capital to trade your own equity, i'd say thats a hell of a deal.
edit: about overnight positions - that's bull, if you trade euribor spreads you can leave position over as many nights you want, obviously bund outright is out of the question as well as brent or WTI...acceptable isn't it?
questions?
I work there now, I really don't understand what the fuss is all about.
working hours aren't that strict, you can trade all the time or not trade at all - no one will tell you nothing about that.
the commissions are relatively cheap (euribor 86p, bund 1Euro, and so on),
and as mentioned before, they pay monthly salary no matter how profitable (if at all) you are. indeed the monthly salary is 5K(NIS) only the first year,. second year you get an automatic 50% raise (7.5K) and third year another automatic raise to 10K.
and the bonus is 20% only for the first 20K (pounds) after that the rate is climbing all the way to 40% (possibly more) at 100K.
so of course if you're very profitable you get more.
if you love trading and don't have the balls/capital to trade your own equity, i'd say thats a hell of a deal.
edit: about overnight positions - that's bull, if you trade euribor spreads you can leave position over as many nights you want, obviously bund outright is out of the question as well as brent or WTI...acceptable isn't it?
questions?
hi amnonco, i am actually seriously thinking about opening a prop shop in israel (we already have on ein montreal). i was wondering if you can tell me what the interest level is in israel for futures trading and how knowledgeable people are there. thanks
amnon
amnon
abaazov said:
that's a really big question...I don't have any stats for you - just my personal opinion on the matter.
there are only 2 prop firm in israel - swifttrade (which you probably heard of - mostly trading stocks) and matrixabc (which I work for - trading mostly STIR but also other instruments).
interesl-level-wise there are lots of local stock traders (as usual most of them are failures), some trade israeli stock index options (very little %) and some trade US stocks and stock options,
I believe there very (few if at all) prop traders that trade futures.
most of the knowledgable people work for banks - local banks and international investment banks.
so I think you have to think about a good business plan in order to pull in talented (experienced or not) people...
BTW - there aren't any arcades in israel - the only ones who heard of suck a thing are experienced players who started abroad...so that could be another way to increase revs...
g'luck - ask anything else if you want...
Hi Everyone
I just started working for PI-GROUP, not pi traders, they are the best MAOF nostro in israel
they opened a new futures prop firm
the manager used to work for MATRIXABC and here is the story:
he was their best trader, they were paying only 20% with no higher precentege no matter what
and paid 96p for round turn WITHOUT TELLING HIM ABOUT THAT
after 3 years he left, opened a group under PI, MATRIXABC didn't pay him his last bonus of 200k shekels and sewed him and pi for 4.5 million euros.
before starting there i checked the story from 3 different sides, check around at your company about ALON, and see what you get, after he left and opened a competitor they had to lower the commissions and higher the precentage, I'm paying 74p per round turn and will get up to 40%
starting at 25%.
i wouldn't want to work for this kind of people.
check whom you're working for.
I just started working for PI-GROUP, not pi traders, they are the best MAOF nostro in israel
they opened a new futures prop firm
the manager used to work for MATRIXABC and here is the story:
he was their best trader, they were paying only 20% with no higher precentege no matter what
and paid 96p for round turn WITHOUT TELLING HIM ABOUT THAT
after 3 years he left, opened a group under PI, MATRIXABC didn't pay him his last bonus of 200k shekels and sewed him and pi for 4.5 million euros.
before starting there i checked the story from 3 different sides, check around at your company about ALON, and see what you get, after he left and opened a competitor they had to lower the commissions and higher the precentage, I'm paying 74p per round turn and will get up to 40%
starting at 25%.
i wouldn't want to work for this kind of people.
check whom you're working for.
sasi said:
I know the story - and it seems to me that there's no objectivity in your statement...
from what I gathered he was a good trader (not their best) and after the dispute he started the desk with PI, I don't know about any lawsuits - but I really don't care.
I pay 96eurocents per roundturn which is about 64p, and will also start at 20% and up to 40%for 100K. so we have pretty much the same conditions...
they say it takes two to tango, and that there are 2 sides for each coin and other cliches, don't take for granted Alon's side of the story just cause you work for him (or with him)...some of the traders in Matrix are still friends with him..
I love to trade, and all I do is trade, I don't occupy myself with stories about the "old times"...I have a signed contract, and don;t care about anything else - we all trade for the money that's in it for us, and the fact that I get a nice treatment from the management is really not why im there...
Good luck on your trading career!
