Desk Fee?

[Turbo'd]

Hi, I'm a bit confused about how a firm charges desk fees if you are funded by them. Say its £1500 per month, but during your first 3 months live trading after training you don't make any profit - would you have to pay £4500 from your personal bank account?

 

[arabianights]

no reputable firm will require you to pay up for these charges if you're on a n00b deal and it goes pete tong...

 

[Turbo'd]

Thanks for the reply mate. I'm looking to apply for firms such as Schneider, Metraders etc. But would they still take the unpaid fees you wernt able to pay before, at a later date when you do start to make profit which would obviously mean more months without any take home?

 

[arabianights]

Yes, they would... however if they've kept you then hopefully on the desk fee will start to seem like chump change.

They may allow a guaranteed withdrawl every month though...

 

[Turbo'd]

Yeah I understand what you mean, thank you for the info pal. I'm living at home with parents still, so living costs are minimal, and as I have some cash saved up for travel costs over the inital months (Live just outside London), I'm hoping I can survive and make this long term!

 

[Masquerade]

Thanks for the reply mate. I'm looking to apply for firms such as Schneider, Metraders etc. But would they still take the unpaid fees you wernt able to pay before, at a later date when you do start to make profit which would obviously mean more months without any take home?

Schneider give you the first month free then after that the next 5 months are a reduced fee before they charge you the full amount. Saying that, you have to get through the training programme first.

 

[Turbo'd]

That sounds pretty reasonable for a trainee. I take it that most people that get through training, and who survive the first few months usually means they are making a reasonable amount to warrant the firm keeping them on?

I know these firm operate grad schemes but are they particularly picky when it comes to grades (as i only got a 2:2), or will it mainly be your personality and potential that they will be looking at?

 

[Masquerade]

Well - they do keep losing traders on. People usually leave before they get the boot. They make their money off the traders legging in and out of multiple positions. As they make you do spread trades you're doing at least twice as many round trips. When you do fly's 3x more, then condors and so on....

They are kind of picky with regards to grades but personality/potential will also have a lot to do with it. You have little to lose by applying though.

 

[arabianights]

totally depends on the firm mate, tbh most are "prop idol"...

p.s. masquerade is a kiddy fiddler

 

[Masquerade]

I might be able to sue you for libel and defamation for that.

 

[Turbo'd]

Yeah I've heard about this prop idol situation, but hey, you can't expect to get a free ride if you aren't pulling your weight!

The firms ask you to send them your cv - would you guys advise that in my personal profile section at the top, i should leave out the leadership,time management, team working bullsh't and make it totally related to trading ie. interest in the markets, read numerous trading literature, use of demo accounts and drive, fast learner, competitveness etc.

 

[arabianights]

definitely leave that crap out... that said if you do me a detailed CV and message it to me, davidmarkjordan(AT)gmail.com then I'll tell you what I think needs removing or embellishing...

 

[Turbo'd]

Thanks for the kind offer pal, that would be excellent. Ive sent you the cv - any advice you could give me would be fantastic! I've given a short outline in the email of the sort of points that I'd like to convey in my profile but am just having difficulty putting it all together.

 

[Masquerade]

Your interest in trading and motivations go in your cover letter. The cover letter expands on what you have in your CV. If you were a leader of something significant then put it on your CV. Just don't put "strong leadership skills" or "good time management" or something unquantifiable.

 

[Turbo'd]

yeah I understand what you're saying Masquerade - make sure to give examples of how I actually developed those skills eg. leadership skills were developed as a result of the many team leader roles I took on as part of assessed coursework modules at university. But - I do want to make sure that I highlight anything that is relevant to trading rather than generic skills. I was hoping to put in my cv that my knowledge of trading strategies and technical/fundamental analysis has been developed as a result of reading trading books and practising on demo accounts.

 

[Masquerade]

Well i'm not sure that belongs on a CV. Also, some interest is good. Having people that have a knowledge of trading strategies and their own opinions on trading isn't always an attractive prospect to these companies that want to train traders to trade the way they want them to.

 

[Turbo'd]

lol I can see the point of view of the firms, so I will make sure to highlight I'm gonna be a suck up and do whatever strategies etc they dictate - no questions asked! (rephrased appropriately). I just want to make sure my cv and letter gets me the interview at least, as im confident I can impress at that stage.