Kicked out by Schneider Trading Associates, my feed back

financening

Junior member
19 0
Not good at the moment. Ya, been with them for two month.

Just coming to realisation that news and market views don't really mean much either since it is hard to predict when the Schatz lead or when the Euribor leads. It doesn't matter whether I can predict whether bonds go up or down since how the spread move is .. unpredictable. Not sure whether it is just right now the market is volatile that the spread has become so unpredictable.

Usually the Schatz lead so when bonds go up, the spread goes down. But last week, the Euribor was leading so the spread has been going up. But last Friday after a bit of profit taking and tho I could see the bonds was going to go up again, that time it was the Schatz that suddenly went up massively so the spread went down. I would have been rinsed if I was in a trade.

I just don't think I can ever figure out how it works or whether there is any relationship at all.

This weekend, I have revised my strategy based purely on TA and price action. I am not going to waste any more time trying to figure out how it works.

Hi my friend, I believe that you should pay attention about your trading performance,

I have a good friend just kicked out by Schneider in recent days , he is very smart gay with Msc from Cass business school. Have been with Schneider for 4 month. If you are not felling very well about your trading performance,which means your are also in danger.
All they want is commission and desk fee! If you can't satisfy them, you are out of game.

That's why these people said there is a CV damage in there. The gay called "Michael" is a fxxking joker, don't believe him .4 week course is good, at least you learn something, but after that hell is just begin!
 

TimYoung

Member
81 1
Just take a view, trade outright and when risk come to tell you off - bitch slap them and tell them to **** off :cool:

lol.

ya, if I were able to trade outrights I would have cleaned up the market last week. I called the absolute bottom of the schatz last thursday to the exact price and just watched it kept going up and up and up. And I even called every single damn point of resistances when there were profit taking. Have been pretty frustrating experience.

Anyway, not going to moan about it any more. Fact is STA is a spread trade place and I just have to get on with it. They do allow a bit of leeway legging into the spread and maybe if I see another opportunity like it I'll leg in until risk management comes along and I'll point to my big **** profit and say I am still legging into my spread. :p
 

TimYoung

Member
81 1
Hi my friend, I believe that you should pay attention about your trading performance,

I have a good friend just kicked out by Schneider in recent days , he is very smart gay with Msc from Cass business school. Have been with Schneider for 4 month. If you are not felling very well about your trading performance,which means your are also in danger.
All they want is commission and desk fee! If you can't satisfy them, you are out of game.

That's why these people said there is a CV damage in there. The gay called "Michael" is a fxxking joker, don't believe him .4 week course is good, at least you learn something, but after that hell is just begin!

The probability of making is low and I don't have any illusion about it. I haven't even bought a monthly travel card and just keep using my Oyster 'cos I always feel I could leave any moment.

One of the guys on my course was shocked when someone from our group got kicked last week. He thought we'll have at least 6 months to try it. I never had that view and in fact as soon as I am sure spread trading isn't very profitable, I'll leave myself even if they don't kick me.
 

jonflair

Newbie
1 0
anyone working in the Singapore Schneider firm? it seems there are many small prop firms in the schenider one there. anyone working in genk capital>?
 

konesh

Newbie
3 0
Hi

I am attending the course soon ,what was the test in end of the 2nd week ?
thanks



Hi, everyone, I am kicked out by Schneider in recent month. I would like to give some feed back to people who want to attend the Schneider graduate programme.

1. Your marks doesn’t mean too much. Personally, I got 45-47/50 average math tests score. Knowledge test average 92-95%, the last test score I guess will be 215+/220(they don’t show me). Key board test 55-57seconds average.

2. The week 2 Friday assessment day is very very important. I messed up the test I believe.Although I worked extremely hard every day, but the practice time(less than 7hours) they give are too short to master. I guess it is simplly because that I am not an English native speaker, so if you are native speaker, you will be fine. They won’t give you more time to practice, once you mess up the test, you will be kicked out. No one will talk about social responsibility, patient or pity. They are totally money drive firm and they don’t care what trouble will give to you. During the course, you won’t allow to vacate half day or something like that (phone is banned during the course). If you have any interview from other companies, the only choice is cancelled or I guess you can lie to them you are in serious illness or other big issue.

3. They have a very proficient candidates kicking system. Firstly, they will ask you to hand over the pass card and secondary they will say you are very good, hard working, intelligence, balabalabala, and then “however” balabalabala. They will shake your hand, which means you can leave now. When you get out the trade room, someone will follow you (walking after you) and press the elevator bottom for you. This final process means you must leave fast and don’t stay in our company even for one more second.

4. 6 month contract, when you finish the 4 week course. If they believe you can make money for them. They will offer you a place in trade floor. The working time is 6:30am to 9:00 pm.
Desk fee is free for first month and then £300 ,£600,after 6 month will be £1600+. You don’t need to pay the desk fee, but the desk fee will be deducted in your trading account (this means that you work for Schneider for free). Most traders sit in the floor until themself choose to leave or be kicked out won’t get liveable salary at all. 6 month contract doesn’t mean you are guaranteed to sit in their trade floor for 6 month, if you do any thing stupid or lose money regularly (which means they don’t see you make money for them) you will ask to leave as well.

The positive side
You wear a suit and work in the city. At least you look like a successful business man. A trader works in the city?
Their course teaches lot of basic trading knowledge, you can learn for free.
For talent people, this is an opportunities to show your intelligence. If you are really good, it is possible to make lot of money in Schneider (but they will rich before you). On the other hand, if you are good enough, you can sit in your home to make money as well.

Negative side
Zero salaries, career gap and opportunities cost (you miss the interview from other company), living & transportation fees, unhealthy life style (McDonald down stairs)

My suggestion
If you have nothing to lose, it is worth to go. If you believe you are genius fell free to go. If you want to have some work experiences or internship in city (better than travelling in the city and take photo) go as well. Otherwise, you go to the wrong place.
I am still very interest in trading; now I decided to open a live account in “meta trader 4 platform”(someone in this forum said it is a good platform). I can learn the knowledge and strategy by myself. I will find a real job for living and trade my account as hobby in free time.
Hope this helps.
 

financening

Junior member
19 0
It's not the trading test, you think too much.

It's like a order test. For example, the mentor will give you a order, you have to response quickly, what is the spread between June and Dec? Work for me a order buy XXX at XXX ,they need you do it as quick as possible. If you are native speaker, it's easy test, if not, you should work harder. The mentor speak very fast.
 

TimYoung

Member
81 1
And I would say the hardest part was sitting at the front rather than at your desk. I would say the only thing needed to pass the first two weeks is to take some time out to practice doing it at the front desk. For me, that was the big difference; whether it was lighting or set up that I had different on my computer. Could do it easily at my desk but up there it was just v different.

There are some tricks you can learn to practice to do them quickly as well. Like focus on the last digit/two digit instead of the whole number. So if you were doing Euribor Schatz like 98.52 and 109.83 then spread is (2 x 2) - 3 = 1 or 98.52 109.88 (2 x 2) + 2 = 6 aka what you have been practicing on your maths tests.
 

jangbaksa

Newbie
1 0
TimYoung, I trade TEDs and Fly, the only advice I can give you is that you should look at the TED as a different market and ignore the outrights. I don't even look or care about the outright price. If you think it's cheap you buy, if you think it's expensive you sell simple as that. Don't read news or even listen to them. Trade PRICE! If you have questions just come downstairs or come over to the Telegraph or The Gable and talk to any of the experienced traders from the 4th floor. They will be happy to talk and share their methods.
 

arabianights

Legendary member
6,721 1,380
if I were you the moment you're allowed to trade outright, switch to trading outright... I don't understand why most prop houses push spreading...
 

dealer911

Well-known member
436 24
if I were you the moment you're allowed to trade outright, switch to trading outright... I don't understand why most prop houses push spreading...


Most Prop houses will push spread because they'll get double commission rebates! - Also percieved to be less risky than outrights.
 

Club

Active member
163 11
How much do they start you on? I guess they don't give you an account, but start you on lot size, or something..

Do they give you enough capital to actually trade with in order to meet their desk fees / living costs?
 

Club

Active member
163 11
From what I've read the general consensus was no, hence the reason most leave within a year.

Yeah, happy with that, I was more interested to hear if the traders had actually half a chance to make it.

If they went live and were forced to do £1 / pip or equivalent (obviously they probably would be doing something much more complicated trading bonds or something) then it would suck. But if they went live and had opportunity to trade a half decent size, then it would be a little better.
 
 
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