Does it really take 10000 hours to learn to trade?

[DionysusToast]

The Futex model is pretty smart.

They get people in that want to trade. Some get taken on, some don't. The trading funds don't have to come from Futex because the training/seat revenues cover it.

This is fine, it's a business. It's a smart setup.

The thing to consider though, is it likely that their training is total bunk? To me, they benefit more if the trading is good. Certainly, if I was running Futex, I'd want the training to be legit. That way the company gets the most potential benefit.

If the training was total crap, surely we'd have heard from someone by now...

Does anyone know what the split is to the backed traders?

 

[DionysusToast]

From their site...

Classroom based training and trading floor simulator trading
Cash and Derivative Markets
Macroeconomics
Technical Analysis
Trading Psychology
How to trade the Market Depth
Price Action, Volume and Order Flow
Money Management

Seems sensible to me.

 

[Bint_Crusher]

The Futex model is pretty smart.

They get people in that want to trade. Some get taken on, some don't. The trading funds don't have to come from Futex because the training/seat revenues cover it.

This is fine, it's a business. It's a smart setup.

The thing to consider though, is it likely that their training is total bunk? To me, they benefit more if the trading is good. Certainly, if I was running Futex, I'd want the training to be legit. That way the company gets the most potential benefit.

If the training was total crap, surely we'd have heard from someone by now...

Does anyone know what the split is to the backed traders?

Toast all will be revealed when we got there for our open day. I for one am pepared to travel all the way from Cornwall just to see for myself.

 

[FUTEX]

The Futex model is pretty smart.

The trading funds don't have to come from Futex because the training/seat revenues cover it

Hi Dt, unfortunately your assumptions are incorrect. If you check thru the thread what does Futex do, you will understand why desk fees are a loss leader. The simple truth is an extremely successful full time Bund Trader invested some of his millions into this. Not only was Paolo Rossi backing floor traders he also owned his own floor brokerage company (which closed in 1999) as floor trading brike down on LIFFE. In short, Futex runs on one thing and one thing only. Profits from Trading. You cannot sustain a proprietary trading house under any circumstances unless you are Making Trading Profits.

 

[pboyles]

Hi Bint, unfortunately your assumptions are incorrect. If you check thru the thread what does Futex do, you will understand why desk fees are a loss leader. The simple truth is an extremely successful full time Bund Trader invested some of his millions into this. Not only was Paolo Rossi backing floor traders he also owned his own floor brokerage company (which closed in 1999) as floor trading brike down on LIFFE. In short, Futex runs on one thing and one thing only. Profits from Trading. You cannot sustain a proprietary trading house under any circumstances unless you are Making Trading Profits.

Why doesnt Futex and one or two other legitimate firms (there probably are only one or two) take some action against all these crooks and chancers that give you all a bad name? I mean its not hard, several have been exposed here just by a bit of work on google. These guys set themselves up and tell people they are going to be prop traders, then they generally disappear with the money. There was one guy that paid over 3k and they gave him a £1200 spread bet account and told him he was a prop trader. No wonder when you come on here you get a bit of stick.

http://www.trade2win.com/boards/websites/126678-did-anyone-heard-cityfinancialtraders-co-uk.html

 

[FUTEX]

Why doesnt Futex and one or two other legitimate firms (there probably are only one or two) take some action against all these crooks and chancers that give you all a bad name? I mean its not hard, several have been exposed here just by a bit of work on google. These guys set themselves up and tell people they are going to be prop traders, then they generally disappear with the money. There was one guy that paid over 3k and they gave him a £1200 spread bet account and told him he was a prop trader. No wonder when you come on here you get a bit of stick.

http://www.trade2win.com/boards/websites/126678-did-anyone-heard-cityfinancialtraders-co-uk.html

You really hit on a big concern of ours. Training firms which pretend to offer trading opportunities have had a knock on effect to our reputation. T2W is an example where readers assume we are just scammers, which is difficult, and I guess is why Futex come on here to try to explain the truth.
We have previuosly had run ins with training firms that pretend to be trading firms.

 

[pboyles]

You really hit on a big concern of ours. Training firms which pretend to offer trading opportunities have had a knock on effect to our reputation. T2W is an example where readers assume we are just scammers, which is difficult, and I guess is why Futex come on here to try to explain the truth.
We have previuosly had run ins with training firms that pretend to be trading firms.

Run ins are fine, what about legal action including prosecution? Some of these people have committed offences under the Fraud Act, in fact the example I showed could well be considered an offence. These outfits are appearing weekly as word spreads about how easy it is to take money off people.

To give you another example there was one company that set themselves up as a training/prop business whose previous business (according to companies house records) was importing pashminas and scarves, they just changed their name and opened up. They took money off a lot of people and then overnight they changed into an insurance hotline/ambulance chaser business.

I wont even mention the best one of all, the bankrupt millionaire world champion.

 

[FUTEX]

Yes, the snooker fellow. He damaged the reputation greatly, as unfortunately he managed to get room in a real trading office at STA. That lent credence to his ruse! He actually tried to copy Futex business plan, but he had no real traders teach anyone, so just blagged people. Futex is run by successful Traders. I think that makes all the difference in the world.
As for legals, I think time catches up with these people and they demise. The trouble is they really rip people off in the meantime, and that is despicable.

 

[pboyles]

Yes, the snooker fellow. He damaged the reputation greatly, as unfortunately he managed to get room in a real trading office at STA. That lent credence to his ruse! He actually tried to copy Futex business plan, but he had no real traders teach anyone, so just blagged people. Futex is run by successful Traders. I think that makes all the difference in the world.
As for legals, I think time catches up with these people and they demise. The trouble is they really rip people off in the meantime, and that is despicable.

Snooker? You've lost me.

 

[pboyles]

No no I got it. I was referring to someone else but yes that guy started this whole nonsense.