Kicked out by Schneider Trading Associates, my feed back

tommog

Well-known member
402 56
Those stats look decent, (assuming you are including comission/spread/slippage) if you do trade from home make sure you start slowly, pick times of the day that are suited to you, be as regimented as possible, its easy to lose your discipline trading from home.

If i were you I would stay on very small size until you are making money every week, whats the point in trading full size before then? If you are trading futures you would have to have very tight stops to make that £4k a safe bet.

If you are risking anymore than 9-10 ticks on a trade or planning on trading cash FX i would just spreadbet, most places will offer 1 pip spreads and dont believe all the stories complaining about spreadbetting companies, if you are a small trader its a great way to get involved, you are going to be paying a tick spread in the live market anyway
 

gabbytrades

Newbie
9 0
STA's training scheme is brutal. If its the only place that will accept you go for it. But if you have a choice choose elsewhere.
You can not gauge who will make it as a trader after 2 weeks, thats insulting. They take on loads of trainees, make them jump through hoops that have no bearing on trading success and leave a trail of highly intelligent people broke and disillusioned with the industry.

I say this as someone that has been trading profitably in prop firms for nearly 6 years and the only reason I am still here is because I was fortunate enough to start off at a company that took on a handful of people once or twice a year, took a real interest in you and worked closely at seeing you succeed.

If i was on weekly reviews or made to sit ridiculous maths tests or keyboard speed tests I would have been kicked out after the first 2 days!

To the original poster, keep your head up, it takes years to crack this not a couple of weeks on some trainee franchise.

Hi tommog,
is it ok if the prop firm who took you in and as you said you are still connected for nearly 6 years are still accepting applicants/trainees nowadays? am considering to explore if they still do accept trainees btw is it also ok if you share the prop firm name? tnx.
 

tommog

Well-known member
402 56
Hi gabbytrades,
sorry for delayed response. No im afraid the company I started working for evolved in to something else and now is no longer a prop firm. I dont trade in the UK anymore. There are good companies out there you just have to do your homework and make sure youre getting a good deal. Happy to give my opinion on any company if you want to PM me. Obviously not really fair to do it publicly.
 

tommog

Well-known member
402 56
Nope, although very nearly did join Refco as a trainee, about a month before it went tits up.
 

Rob19842

Newbie
2 0
Hi guys,

I have some questions

Where would I be studying the professional trader programme? What is the days and hours for the 4 week professional trader programme? What would I be studying?

In the email I got from them, they wrote that I would have to fund 6-9 months after the 4 week professional trader programme. What are the hours for working for 6-9 months? I understand that I won't earn a salary for 6-9 months after the programme? What happens after 6-9 months? Do you work for Schneider and earn a salary, or do you apply for jobs elsewhere?

I don't think the trader programme is attractive, I believe you would earn no salary for 6-9 months and 4 weeks. You have to pay for travel, I assume I would spend 6-9 months working in Moorgate?

Thanks for any replies
 

Masquerade

Senior member
2,543 284
- Study in Moorgate.
- Hours: They're about 9-5 for first 2 weeks then it goes to 8-5 (they might have changed this since I was there) but they prefer you to get in before the time it starts to do some market research.
- Studying basics, how to read a ladder, some risk/reward, basics of calendar spread and some lingo. If you get past the first 2 weeks then they'll teach you more such as flys and about picking direction etc. But it depends on your class and how fast they learn.
- You have to fund your living expenses; you work with no wage. So if you need money in a few months then be prepared to not make it there.
- I guess hours depend on the market you trade but they expect you to be in every day without fail, in at first thing and out at the end of day.
- Progression depends on your success, if you can't cover desk fees and aren't making money they'll kick you out. If you're breaking even with desk fees they'll probably let you stay but you'll get fed up not making money. If you're profitable every month you're free to stay as long as you like.
 

Rob19842

Newbie
2 0
Thanks for your reply, very much appreciated

Do you eventually earn a salary after 6-9 months of working for no salary?
 

TimYoung

Member
81 1
For my group the hours for the second two weeks were 6.30am to 4pm and the working hours are those times as well as I trade european fixed income.

The four weeks is mainly learn how execute a spread trade and learn the TT/CQG platform. Some other stuff like psychology to trading and how to profit from news were good.

Most new traders don't make any money for the first 6-9 months so why the need to have savings. And from what I heard I would say 6-9 months might be considered generous..

Trying to make it as a prop trader is risky and most don't make it. But if you do the rewards are considered attractive so why people try.

You'll not get a salary 'cos Prop trading is self employed. Consider it like running your own business. Basically, Schneider provide you with the money to trade and you have to make money for yourself. Whatever you earn minus cost you get to keep 70%. There is no salary and you earn what you make.
 

tommog

Well-known member
402 56
you never earn a "salary" just to make it clear to Rob, its not like they say "well done you've been here for 6 months here's 30k basic". You only get paid a percentage of what you make. Most people make nothing. Profitable traders earn 60-70% of what they make. Some guys only earn 25-30k a year from this, others in the millions. But there is nothing steady or guaranteed about your earnings

EDIT: sorry just saw last paragraph above me
 

Ajax86

Newbie
8 0
Hi guys,
It seems you have some inside information about Schneider.
Do you know how much trading capital is provided for new traders? And to what upside limit it can extend over some period? Thanks
 

TimYoung

Member
81 1
Hi guys,
It seems you have some inside information about Schneider.
Do you know how much trading capital is provided for new traders? And to what upside limit it can extend over some period? Thanks

You are given one clip to start with then two clips in about two weeks if you show you know what you are doing and then four clips. At least that is what RichieE said in the other thread and I expect at some point how many clips you are given would be tied in with how much you have in your trading account.

http://www.trade2win.com/boards/tra...g-associates-graduate-training-program-2.html

By my rough calculation you do basically need about four clips to make a basic living.

As to upside limit over a time period, a lot would depend on how quickly you get additional clips and the volatility of the spread you are assigned to trade. I personally don't think you can make big money until you have £10k in your trading account so you can trade other instruments and I think outright as well.

oh it also depends on whether you are assigned to the teams on the fourth floor or with the rest on the 5th floor. 4th floor things works a bit differently but 5th floor it is about grinding that one spread.
 

TimYoung

Member
81 1
Those mooks did you a favour. You were wasting your time there, and the longer you stayed, the uglier you would have got. Most of them are so ugly they have to hang a pork chop round their necks to get the dog to play with them.

Move on and be grateful you didn't stay too long.

Actually, I would say if you can try stay till week three. If you only do the first two weeks, you'll probably come away learning nothing. All the maths tests and messing around on the platform you probably won't figure their use and how it all comes together.

Week three is when you get on the sims and learn how to spread trade.

If this doesn't work out for me, at least I did learn how to spread trade and can use it at home.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock