Only just 7 figures, I'm so very sorry I thought you were insinuating nearer the £10million level, always 2005 for that.
It was meant to be a joke.....
Anyway in the financial markets you'll go a long way if you never believe anyone when the subject of money comes up.
The smart ones (who make it) normally tell you how bad things are, how poor they're doing etc. The others who aren't doing so well will often inform you how well things are going etc etc.
Bottom line, don't believe anyone but if you do, watch the quiet ones, especially the ones who park their nice (but not flashy) cars out of sight.
It was meant to be a joke.....
Anyway in the financial markets you'll go a long way if you never believe anyone when the subject of money comes up.
The smart ones (who make it) normally tell you how bad things are, how poor they're doing etc. The others who aren't doing so well will often inform you how well things are going etc etc.
Bottom line, don't believe anyone but if you do, watch the quiet ones, especially the ones who park their nice (but not flashy) cars out of sight.
Ok, I fucked up. I ought to lose my job as a consequence, I am employed for my numerical ability and I put 7 for the low 100ks rather than 6. Twice!
I fully accept the surprise and criticism and am now looking red in the face and wearing the cone shaped hat with a big "D" on it.
Sorry people! All laughter and pointing accepted!
I fully accept the surprise and criticism and am now looking red in the face and wearing the cone shaped hat with a big "D" on it.
Sorry people! All laughter and pointing accepted!
Vol
There's no criticism but you should lighten up here and realise that with the wedge you're earning who gives a flying f*** what some punk called anley thinks on an internet message board.....
And as for the surprise I don't think there are many people on this board that make close to a million a year, unless of course they don't tell us......
There's no criticism but you should lighten up here and realise that with the wedge you're earning who gives a flying f*** what some punk called anley thinks on an internet message board.....
And as for the surprise I don't think there are many people on this board that make close to a million a year, unless of course they don't tell us......
tighttrigger
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macfutures....hiring?
I am a futures trader looking to jump to a different firm. I have heard positive about macfutures. Anyone out there trade for them? Any positive or negative comments?
I am a futures trader looking to jump to a different firm. I have heard positive about macfutures. Anyone out there trade for them? Any positive or negative comments?
Re: macfutures....hiring?
I work for Mac in Chicago. Mac is basically always hiring; they hire new grads and train them, traders transitioning from the floor to the screen, and they take on traders from other firms. When Mac runs out of desks they start a new office and or move to a larger space. The company is doing very well; Friday was their best day ever, even better than September 11th. If you're in London, Praniel is the guy you want to contact but he may take a while getting back to you because he is in Chicago for the next 2 weeks.
Praniel Ladwa
Training Program Manager
Email: [email protected]
tighttrigger said:
I work for Mac in Chicago. Mac is basically always hiring; they hire new grads and train them, traders transitioning from the floor to the screen, and they take on traders from other firms. When Mac runs out of desks they start a new office and or move to a larger space. The company is doing very well; Friday was their best day ever, even better than September 11th. If you're in London, Praniel is the guy you want to contact but he may take a while getting back to you because he is in Chicago for the next 2 weeks.
Praniel Ladwa
Training Program Manager
Email: [email protected]
This is directed towards "Twalker" as he works at an trading arcade...but if anyone has any knowledge then please chip in. An average do most of the grads last much beyond 12 months and also how much would you guess they make net in that first 12 months and thereafter? I would have thought staff turnover must be very high at these sort of places as alot of traders must 'bomb out' quite early on...especially grads.
TWI
Senior member
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Sak,
Different businesses have very different attitudes towards their grad recruitment. This ranges from places where the costs are relatively high i.e. above 1.20/round turn and desk fee above 2k to the more reasonable 0.90/rt and 1.5k fee.
Certain places will look to retain maybe 1 in 10 or less and make it very difficult to survive due to excessive costs as well as only being prepared to invest a few 1000 in drawdown while new people train. If you exceed those parameter then they show you the door unless you realise before that, that you are working your arse off but not making anything yourself while you are paying huge costs.
The place where I rented space until very recently had had people come from other arcades who had not been able to make money and they helped them turn that around into making a good living.
They started a grad scheme at the beginning of 2003 and not a single one has left or been booted out. This is because they have a desire towards creating a reputable and sustainable business and are prepared to invest in the grads they take on. It would not be right for me to say exactly how much those particular grads made in their first year, but I will say that for the first 6 months their account shrank considerably, some to less than 50% of the initial value. It was the second half of the first year when things started to really pick up and now they are all doing better than they could have hoped in most other grad jobs. Lets say that a reasonable expectation for a competent trader in the first year is earning a living and second year is 50-100k. I am only talking from the perspective of the people I have seen go through that process so do not take this as standard in any arcade, they all teach different techniques and some give no training at all.
Anybody considering this option needs to be very careful about the contracts they are signing and do not think that the opportunity is so great you simply have to sign anything that is put in front of you, it is not, you are a revenue generator for the business and that is it. They will try to pick the people who they think have the right personality type to aggressively trade and generate lots of business. Qualifications do not mean much at all in this respect.
Different businesses have very different attitudes towards their grad recruitment. This ranges from places where the costs are relatively high i.e. above 1.20/round turn and desk fee above 2k to the more reasonable 0.90/rt and 1.5k fee.
Certain places will look to retain maybe 1 in 10 or less and make it very difficult to survive due to excessive costs as well as only being prepared to invest a few 1000 in drawdown while new people train. If you exceed those parameter then they show you the door unless you realise before that, that you are working your arse off but not making anything yourself while you are paying huge costs.
The place where I rented space until very recently had had people come from other arcades who had not been able to make money and they helped them turn that around into making a good living.
They started a grad scheme at the beginning of 2003 and not a single one has left or been booted out. This is because they have a desire towards creating a reputable and sustainable business and are prepared to invest in the grads they take on. It would not be right for me to say exactly how much those particular grads made in their first year, but I will say that for the first 6 months their account shrank considerably, some to less than 50% of the initial value. It was the second half of the first year when things started to really pick up and now they are all doing better than they could have hoped in most other grad jobs. Lets say that a reasonable expectation for a competent trader in the first year is earning a living and second year is 50-100k. I am only talking from the perspective of the people I have seen go through that process so do not take this as standard in any arcade, they all teach different techniques and some give no training at all.
Anybody considering this option needs to be very careful about the contracts they are signing and do not think that the opportunity is so great you simply have to sign anything that is put in front of you, it is not, you are a revenue generator for the business and that is it. They will try to pick the people who they think have the right personality type to aggressively trade and generate lots of business. Qualifications do not mean much at all in this respect.
sak07 said:
I work at Mac in Chicago. Their first grad class started the beginning of November 2003: all are trading live and still with the firm. From what a few of the people from the London office have told me the long term success rate for grads is about 75%. I don't know enough of everyone else's P&Ls to comment on first year earnings, but Twalker's comments seem about right. Also I don't think that asking "do most of the grads last much beyond 12 months" makes much sense; it seems to me that if they make it at least 12 months then they are profitable and will leave eventually to trade from their living room overlooking a tropical beach. :cheesy:
Obviously for me the Mac idea has gone down the drain, but looking back i was quite concerned that the grads after three months would have had to pay desks fees around 1500 per month, while only having a small fund of 10-20 k provided by the company, as we are all aware it does take time to become profitable, so as the desk fee debts build up over you first 6 -12 months live trading, by the time you are profitable it seems to me that you have to pay back the large debts accrued so far putting you under enormous pressure to perform, also they have targets (min) that add to this pressure in the later stage of the first year trading that could push people to burn out.
After considering this i still want to do it (probably mad) anyway i now need to know if there are any other arcades in the Costa del Sol or Gibraltar that offer similar training programmes as Mac and provide the initial funding for an account in the mean time i am going to complete my degree and start saving for my own fund if i have to go it alone. Can anyone recommend a free demo or trial period for a papertrader style system that i can practice on online?
After considering this i still want to do it (probably mad) anyway i now need to know if there are any other arcades in the Costa del Sol or Gibraltar that offer similar training programmes as Mac and provide the initial funding for an account in the mean time i am going to complete my degree and start saving for my own fund if i have to go it alone. Can anyone recommend a free demo or trial period for a papertrader style system that i can practice on online?
This is something I am very interested in doing after I graduate in about 18 months. But the one thing that scares me is will I be considered employable if I fail after 12 months. I could possibly get into a IB grad scheme...but having done an internship for one of the big IB's I am a little sceptical of selling my soul to them for the next ten years (providing they don't lay me off as soon as the markets take a tumble). But if I fail to make a living trading for myself in a good arcade after 12 months I was wondering what I could do then. Its not really going to impress anyone if I say in interview that I spent the last 12 months loosing someone else's money. I was curious what people do if things go wrong...because they really wouldn't have to many other skills other than trading related ones and if you suck at that, then what next?
Sak07,
You really can't worry about what happens if you fail. If you are having trouble with this risk, how are you going to put money at risk in the market everyday? Best advise I can give is to just go for it. You're young and now is the time to take risks. If you fail you can always get a non-trading job in the financial industry and if your failure at a prop shop gets in the way of this you can always go back to school for an advanced degree.
You really can't worry about what happens if you fail. If you are having trouble with this risk, how are you going to put money at risk in the market everyday? Best advise I can give is to just go for it. You're young and now is the time to take risks. If you fail you can always get a non-trading job in the financial industry and if your failure at a prop shop gets in the way of this you can always go back to school for an advanced degree.
star-trader
Junior member
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Mac Trading Services AKA Mac Futures
Ive got an interview with these guys next week.
Anyone been to one here? If so any recommendations for preparation?
Also, anyone on here work for them? I am trying to gain as much knowledge of their training as poosible.
Do you think this is a good trading arcade to get into?
Any help will be very much appreciated.
regards
Steve
Ive got an interview with these guys next week.
Anyone been to one here? If so any recommendations for preparation?
Also, anyone on here work for them? I am trying to gain as much knowledge of their training as poosible.
Do you think this is a good trading arcade to get into?
Any help will be very much appreciated.
regards
Steve
Star - Trader,
Its a very informal interview, nothing to worry about. The guys are just in casual clothes. You will get to see the trading floor which is very impressive. There's not a lot to prepare for. The chat lasts about 20 mins, then theres a 10 min maths test.
Its a very informal interview, nothing to worry about. The guys are just in casual clothes. You will get to see the trading floor which is very impressive. There's not a lot to prepare for. The chat lasts about 20 mins, then theres a 10 min maths test.
countduckula
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just been offered a place on the grad training scheme at the bishopsgate (london) offices of Mac Trading Services and was wondering if anyone has any feedback about actually being on the grad programme or any general feedback about the london rather than gibralter side to Mac
also going to pick up a copy of New Market Wizards...any other ripping yarns to read pre-start date?
cheers for any help/advice in advance
also going to pick up a copy of New Market Wizards...any other ripping yarns to read pre-start date?
cheers for any help/advice in advance
