Futex vs Schneider

[riteasad]

Hi Guys

Great forum invaluable information. I need some help, I have a couple of interviews next week with futex and schneider, dont know much about these prop houses some help would be appriciated! I am relatively new to trading, just finished MSc in Q finance, where can I look, to prepare for test/interview.

Thanx

 

[BJ21]

Stop being Lazy and search it out !!!

 

[police]

Stop being Lazy and search it out !!!

maybe this person wants to get a discussion going - whats the point of having threads if all anyone does is search t2w or googles everything. Not only that but this guy might want the latest news

 

[crutchfield999]

maybe this person wants to get a discussion going - whats the point of having threads if all anyone does is search t2w or googles everything. Not only that but this guy might want the latest news

I agree with you

 

[BJ21]

maybe this person wants to get a discussion going - whats the point of having threads if all anyone does is search t2w or googles everything. Not only that but this guy might want the latest news

V.good point ....

ok i interviewed at both .....tests are very simple (initially its a group interview)

Schneider : A 5min mental maths test doing +,-,/,* on simple numbers including decimals eg: 43-22, 1.4+2.7, 276/2.5 ect..... then a computer game using a mouse dodge the balls, then a brief talk about the company and what u will be doing ect..... This stage is a filter.. expect about 20 other guys in the group they will probably call back 1 (guessing... obviously i dont know) and this is as far as i got !!

Futex : 3 tests range from 5mins to 15 mins.... the longer tests are a verbal reasoning type test and a maths test again simple ...the 3rd test is financial knowledge type test .....then a talk about Futex ......if u pass u get called back (i got called back) u get an interview with the guy that conducted the test (the guy is really cool !!) but thats as far as i got !!

The 1st thing the guy said to me was "I see you have done a Undergrad degree and a Masters but your test scroes dont reflect this ...why do you think that is ??"



Out of all the places i have interviewed at I think Futex was defo the best !!
When i went to give the test at Futex, i was a bit early so was having a fag outside then a few more guys came and said are you here for the test, we all went and pressed the buzzer they gave us directions up to the floor .... when we got to the floor we were meant to take a right into their office but we accidently took a left and opened the door ..... it was a 'massive' empty office concrete floors, walls ect..... That reminded me of that film "boiler room" when they have the building next door with just phones along the floor !!

sorry for my 1st reply a bit rude of me !!

 

[rawrschach]

STA trade spreads and have an american idolesque rejection every week, if you make it you'll be taught how to trade spreads.

Futex if you make it in will let you develop your own strategy, although they are biased towards scalping; you will be on the sim for months.

 

[riteasad]

Invaluable!!!

Now where could I have found this info.....!!! Thankx BTW I did search the whole site but this is still by far the best answer.

QUOTE=BJ21;513910]V.good point ....

ok i interviewed at both .....tests are very simple (initially its a group interview)

Schneider : A 5min mental maths test doing +,-,/,* on simple numbers including decimals eg: 43-22, 1.4+2.7, 276/2.5 ect..... then a computer game using a mouse dodge the balls, then a brief talk about the company and what u will be doing ect..... This stage is a filter.. expect about 20 other guys in the group they will probably call back 1 (guessing... obviously i dont know) and this is as far as i got !!

Futex : 3 tests range from 5mins to 15 mins.... the longer tests are a verbal reasoning type test and a maths test again simple ...the 3rd test is financial knowledge type test .....then a talk about Futex ......if u pass u get called back (i got called back) u get an interview with the guy that conducted the test (the guy is really cool !!) but thats as far as i got !!

The 1st thing the guy said to me was "I see you have done a Undergrad degree and a Masters but your test scroes dont reflect this ...why do you think that is ??"



Out of all the places i have interviewed at I think Futex was defo the best !!
When i went to give the test at Futex, i was a bit early so was having a fag outside then a few more guys came and said are you here for the test, we all went and pressed the buzzer they gave us directions up to the floor .... when we got to the floor we were meant to take a right into their office but we accidently took a left and opened the door ..... it was a 'massive' empty office concrete floors, walls ect..... That reminded me of that film "boiler room" when they have the building next door with just phones along the floor !!

sorry for my 1st reply a bit rude of me !![/QUOTE]

 

[riteasad]

Thank you for your help, I have been offered a place at schneiders starting 3rd Nov 08. Any tips on how to survive 4 weeks, I heard they keep 3-5 out of 23 trainees.

 

[arabianights]

I'm not at schnieders but survived similar odds at another arcade. Most basic tip is not being a **** and turning up every and all day. Don't take drugs or go to the pub if you're not decently up on the day (and conversely if you are do join in with whatever everyone else is doing).

Don't attempt to leg out of spreads until you understand the market. You can be fairly sure you don't understand the market it you are only trading spreads! My understanding is that schneider start you out on oil flys... Several of our traders on oil are making eight figures on oil outrights so you can assume they're not for guys starting out.

Most important tip: try to understand everything that is going on. Even when the market is doing sweet fa watch it so you can recognise it doing nothing in future!

 

[Magos]

Thank you for your help, I have been offered a place at schneiders starting 3rd Nov 08. Any tips on how to survive 4 weeks, I heard they keep 3-5 out of 23 trainees.

read the FT every day and highlight important facts
do preparation.
do the hours
give more than the others

 

[rudolfo]

Schneider 3rd november

Thank you for your help, I have been offered a place at schneiders starting 3rd Nov 08. Any tips on how to survive 4 weeks, I heard they keep 3-5 out of 23 trainees.

hi riteasad,congrats coz i was offered a place as well starting in november.Please can u clarify what i've understood:
Almost sure:
1)we start in 20 and we remain in 3/5 at the end of the month.
2)each two weeks they show the exit door at the poorest ones.
Then answer the questions please:
1)Do we pay anythink for the 1st month training?
2)Do we use only company capital?
3)How much size do we need after the 3rd month to breakeven the fixed desk' costs
4)Must we pay the desk facilities worth 1700/1800 only after the 3r month course?
hope you have more nfo please let me know soon..

 

[si1503]

STA trade spreads and have an american idolesque rejection every week, if you make it you'll be taught how to trade spreads.

Futex if you make it in will let you develop your own strategy, although they are biased towards scalping; you will be on the sim for months.

This is my understanding of both, and to be honest thus far has put me off applying as I am not in the mood to take the pay cut just yet. I know STA's training is one month and unpaid, and then onto 'their' system which as you correctly mentioned is spread trading. London is pricey enough let alone working for nothing, I accept in a year you may make a million but if you have the right strategy and a bit of capital behind you that is not impossible to make on your own IMHO, providing you know what you are doing.

I am actually more interested in getting one of these prop houses to back and support me with my own strategy, but speaking to STA they did not seem overly hot on the idea as a blanket rule (it seemed like their way or the highway). Futex I haven't really spoken to in much detail about it.

 

[riteasad]

Thanks

Thank you for the advice

I'm not at schnieders but survived similar odds at another arcade. Most basic tip is not being a **** and turning up every and all day. Don't take drugs or go to the pub if you're not decently up on the day (and conversely if you are do join in with whatever everyone else is doing).

Don't attempt to leg out of spreads until you understand the market. You can be fairly sure you don't understand the market it you are only trading spreads! My understanding is that schneider start you out on oil flys... Several of our traders on oil are making eight figures on oil outrights so you can assume they're not for guys starting out.

Most important tip: try to understand everything that is going on. Even when the market is doing sweet fa watch it so you can recognise it doing nothing in future!

 

[riteasad]

I am as well informed as you are mate..

I ll take it as it comes..

hi riteasad,congrats coz i was offered a place as well starting in november.Please can u clarify what i've understood:
Almost sure:
1)we start in 20 and we remain in 3/5 at the end of the month.
2)each two weeks they show the exit door at the poorest ones.
Then answer the questions please:
1)Do we pay anythink for the 1st month training?
2)Do we use only company capital?
3)How much size do we need after the 3rd month to breakeven the fixed desk' costs
4)Must we pay the desk facilities worth 1700/1800 only after the 3r month course?
hope you have more nfo please let me know soon..

 

[John Mensah]

Hi

I am interested in trading.
What are the good houses here in London to learn trading and becoming a professional trader.
I heard about Global trading community? Is it a good house...

Thanks

 

[riteasad]

I am not paying for any of them

John

there are a few good prop shops in city STA is one of them, they dont charge for any training period, futex is in woking and even pays expenses upto ix months. I thing at GTC you have to pay for the first month trining.

Hi

I am interested in trading.
What are the good houses here in London to learn trading and becoming a professional trader.
I heard about Global trading community? Is it a good house...

Thanks

 

[MrGecko]

Apologies for being wholly irrelevant and totally useless, but I can't help but think of Right Said Fred when I read your username.

Good luck with the prop firms.

 

[John Mensah]

Thanks Rita...
Is Global Trade Community a good house i.e. is it know enough so i can leverage on this training..

 

[tommog]

Hi Guys,

I have worked at several prop firms in the city so firstly, congratulations on getting this far, if you are passionate about trading its the best job in the world, but the early days are very tough the best piece of advice i could give you is keep a note of everything you feel you are doing wrong and have the mental discipline to change and you will be fine.

But on a side note it is a total joke the requirements they make trainees go through. For the type of trading you will do at prop firms there is absolutely no correlation between you maths skill verbal reasoning or computer gaming skills... they either do this as some misguided sense of inflated ego over what this job actually is about, it isnt brain surgery or they do it simply because they can! In my time trading i have never seen any correlation what so ever between how quickly you can add up and trading ability. Ive seen astro-physisists freeze in front of the screen and never put a trade on and i have seen a college drop out sit down and make 100 grand in their first 18 months. This is a psychological game, the guys that make it have mental discipline, averagae intelligence is fine. In fact, intelligence is irrelivent, i am pretty sure i could take anyone and provided they are passionate about the markets and want to learn i could get them having a pretty good idea of what they should be doing within a month or two.

Also cutting people every week is INSANE, i dont know what the guys at Schneiders are thinking, everyone learns at their own pace and there is NO WAY you can tell who will be a good trader after a week, i dont think you can truly know for six months.

It is my intention to start taking on juniors at one point in the future and i would far rather take on 1 or 2 and give them all the support and guidance they need.

Sorry, rant over, if you are just starting out in trading please dont let these guys destroy your confidence just enjoy yourself and study hard and listen to people around you.

 

[tommog]

p.s i would advise futex over schneiders, i have never worked with either but have had dealings with both and know traders at both and as a trainee you need a company that is senitive to what the learning curve is like, this requires time and not slamming people with desk fees they have no chance of paying back. Futex seem vey supportive