Arcade with no desk fees?

HCAS

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Does anyone know of this type of company. Theny claim not to charge any desk rental or software costs??? Too good to be true?

I got the ad through a recruitment agency... Here is the ad:

"You must have experience of trading your own accounts in either commodities, FX products (Currencies), derivatives, major US exchanges, position trading on FTSE, Eurostoxx, Dax futures, (Equities), FTSE 100 Blue chip CFD products, Bund, Bobl and Shatz futures, etc... Support will be offered in the form of a professional office, electronic trading systems, research and a number of clearing brokers.

The great benefit of working as a independent trader through our client is that as long you are able to generate a £1,000 in commission per month through the number of round trips you do through the clearing brokers for our client. You will have NO CHARGES to pay every month.
You will NOT be charged like most trading houses or Arcade firms for desk fees, system fees, charges for research or office space (all free as long as you hit that target but if you have a bad month and just miss the target ..a small nominal fee will be requested but nothing compared to what you may be paying now).

If you decide to fund your own trading account you can keep 100% of the revenue per month. Although, on a case by case basis in some instances our client is prepared to contribute 50% of the funding towards the trading account with a 50-50 split from revenues generated.

So if you are confident that you are able to hit the monthly target and want to work in a lively environment and be offered good support please apply now. "
 
I saw that advertised on "City Jobs", interested if anybody receives details.
I imagine their round turn costs must be quite high and horror of horrors I think they may be in the Docklands.
 
If it's who I think it is, you get an execution platform to use, but you have to subscribe (and pay for) your own charting packages.
 
Charting Package is fine but what execution platform do they provide?
 
Twalker- Whats wrong with Docklands?
Long and Wrong- Which company is it? Is it a scam?
 
Nothing if you like a long commute or want to live there I suppose. Not a personal preference that is all. Only thing it is good for is high buildings that you can jump off.
I doubt it is a scam but I imagine they may have invested too much in space and now are desperate to fill it.
 
I may well be (Longand) wrong (tee hee), but it sounds suspiciously like Candlestick Trading.

I think they were using either Fastfil or TT...
 
twalker said:
I saw that advertised on "City Jobs", interested if anybody receives details.
I imagine their round turn costs must
be quite high and horror of horrors I think they may be in the Docklands.

They said they'd match any current round turn costs but they need you to put down at least £5000. I'm pretty sure they said it was near Bank.
 
Be interested to hear where everyone trades from on here - from home or an arade type set up. If you trade from home- why? I used to trade from home but much prefer trading in a 'dealing' room . Maybe I should start this as another thread as a topic on its own.
 
twalker and JP1966 - a question if I may:

WHY do you (and many others) prefer a dealing room / office / arcade to trading from home? Not a troll, just curious, because a "lively environment" is the last thing I personally would want around me. What are the real, *quantifiable* benefits of being in the same room as other traders?
 
My reasons: (In no partiuclar order)

1) It makes it more fun and like a normal job.
2) I can't stare at a screen all day and so when there is nothing to go for I can chat to peopole or play pool. Stops me trading for the sake/boredom of it.
3)Learn from others -never stop listening and learning - also other markets may have chareterstics that you can use in your markets.
4)Share ideas and hear rumours from other markets. Also sometimes say the futures will hear something before the fx markets and it gives you an edge.
5)Pooling of research and resources like Bloomberg

That is all I can think off the top of my head. What I will say is I traded in the City for 13 years before I went 'local' 3 years ago. A year and a half ago I moved into an office and there is no comparison between my skills and profits as a trader in the two 1.5 year periods.
 
I tried home for a while and in the process went insane which in turn prompted me to enter the arcade business.
 
JO, why do you care?

Anybody find out about these Free deskfee guys yet?
 
i like the cdealer room and also the feel of going out to work etc.. but the costs are alot more although at home one may not do the kind of size they would in a dealing room :confused:
 
JP1966 said:
Be interested to hear where everyone trades from on here - from home or an arade type set up. If you trade from home- why? I used to trade from home but much prefer trading in a 'dealing' room . Maybe I should start this as another thread as a topic on its own.

exactly the opposite reasons to you!!

i prefer the silence and concentration from home

i do see some of the benefits you talk about and extremely valid though - but some not so. bloomberg/reuters would be fatal for me as it would give me a bias. no thanks. as would others opinions.

i see the boredom trade as an issue that i used to suffer from - but now ive learnt discipline (not ment t o sound sarcastic)
 
the company may be, or may be similar to a spread betting company that has recently opened on devonshire row. they offer the promotion of no desk fees and their round trip costs also seem fairly competitive which was surprising. it is also a tax free way of trading as spread betting is tax exempt as far as im aware and the backing company is baed in gibralter.

i think the guys there are pretty successful traders and i know that most of their business has come from ipe guys that were not used to paying desk fees, although there are people trading everything up there. i dont know a huge amount about spread betting and from wehat ive heard about secondary markets etc, it doesnt sound like its for me but tax free and no desk fee will help attract the masses
 
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