Marex Spectron Pro Trader Development Program

Giovan

Active member
163 7
Treadwellism:
Just walk away, you got a free course and more importantly a lesson; always think twice if the deal is too good.
 

treadwellism

Junior member
11 1
Did you ever put any money in ? - I dont really understand what the problem is here if you havnt actually lost any money ? - Did you ever trade live and lose money ? - If you lost any money was it outside of your risk limit ? - sometimes a company will hold you personally liable if you break trading limits - I must admit I am normally very anti any of these grad schemes but Marex is a good company with a decent balance sheet and a good name generally - something went wrong here between you and them - personally I would just walk away from this as you would have a very long expensive legal battle and a risk that you would lose - more importantly than that these legal battles take a toll on your emotional health and can drag on for years.. I've had a few of these battles myself when I was younger and even though I won in the end the time and emotional cost wasnt worth it
Never put money in, never traded live. The problem is that I was told that I would trade live after two months and that I would never have to put my own money in (except for gross negligence/drunk trading etc). This didn't turn out to be the case. I received no compensation for loss of earnings over the period or for expenses.
 

dealer911

Well-known member
436 24
Never put money in, never traded live. The problem is that I was told that I would trade live after two months and that I would never have to put my own money in (except for gross negligence/drunk trading etc). This didn't turn out to be the case. I received no compensation for loss of earnings over the period or for expenses.
I understand it's a bitter pill to swallow having felt like you have wasted your time the last few months but my advice would still be to walk away if you can - theres probably enough wriggle room in a Marex contract that gives them an out - also they will have an in house legal team who could fight you at no real cost to the firm.. you did well to get on the course in the first place so your obviously a bright guy - theres a saying I like which is normally good for trading but can be handy in life itself.. "know when to hold and when to fold" - dont let this bad experience throw you off your game plan! let it go
 

pboyles

Legendary member
8,072 1,301
I'm surprised this thead is still here.
 

treadwellism

Junior member
11 1
I understand it's a bitter pill to swallow having felt like you have wasted your time the last few months but my advice would still be to walk away if you can - theres probably enough wriggle room in a Marex contract that gives them an out - also they will have an in house legal team who could fight you at no real cost to the firm.. you did well to get on the course in the first place so your obviously a bright guy - theres a saying I like which is normally good for trading but can be handy in life itself.. "know when to hold and when to fold" - dont let this bad experience throw you off your game plan! let it go
A company can't act like they have and get away with it. Starting a thread like this and taking legal action is entirely necessary and not even time consuming.
 

A Dashing Blade

Experienced member
1,373 170
If the initial terms were put in writing to you in the form of a contract and then the contract was ammended, then they havn't got a leg to stand on.
 

treadwellism

Junior member
11 1
Marex sent me a letter saying that if I defamed them in any forum they would take legal action against me.

I honestly believe that simply publishing that letter and letting people see the menacing nature of it would hurt them more than any of my opinions.
 

pboyles

Legendary member
8,072 1,301
Marex sent me a letter saying that if I defamed them in any forum they would take legal action against me.

I honestly believe that simply publishing that letter and letting people see the menacing nature of it would hurt them more than any of my opinions.
Why don't you publish it here then? They said you couldn't defame them, they didn't say you couldn't quote them. Why not post it here without any comment?
 
L

Liquid validity

0 0
Marex sent me a letter saying that if I defamed them in any forum they would take legal action against me.

I honestly believe that simply publishing that letter and letting people see the menacing nature of it would hurt them more than any of my opinions.
Be careful, if the letter says 'in confidence' or similar, they could still
do you for defamation, if the contents of the letter are considered confidential.
Read it carefully before you post it, if there is anything remotely like that,
I wouldn't post it and just walk away and chalk it up as experience.

More importantly, you also need to check if there is a confidentiality clause in the employment contract.
If so they are more than likely covered legally to carry out their defamation threat.
That's on top of breaching any confidentiality clause.
You could still seek professional legal advice (just not air in public).
Unless I'm missing something, you've lost nothing, so you could potentially cause a
lot of grief for yourself, with no gain.
 
Last edited:

random12345

Established member
793 279
Yeah, the issue is you could only get them for misselling - except of course they didn't sell you a service, so there is no reckless or deliberate proof of harm. They just lied to you about a potential source of income, which in itself isn't proof of tangible loss of revenue, even if it was written down. You've said yourself that all you have is the fact it cost you money to attend and lost earnings. Since you are not the US Gov't vs BP, you would have to actually evidence the lost earnings. Are you really going to issue a claim based on this?

I think it's a good thing what you've done, as at least people can google this thread, and you're right not to let them bully you about. However, you'll probably have to leave it here...

Prop shops (especially in London) are generally awful places run by awful people, with a tiny number of exceptions. If you want a trading job, aim for top tier.
 
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Seenitallbefore

Junior member
18 1
I'm surprised

I'm sorry to hear that. I've worked in the prop business as a trader and trainer for many years, including a period with Marex. Marex were by far the most professional, honest and decent people I have worked with, so I'm surprised to hear that you weren't happy and are accusing them of being dodgy.
Out of interest, I know a lot of the posts on these forums are from disgruntled trainees or people who Marex thought weren't good enough. Sadly, it happens. Did you progress from the SIM ? Who trained you ? Were you profitable most days, or at least had more and bigger winning days than losing ones ?
FYI, despite our/my experience and best efforts in selection and coaching, for every 10 trainees we take on, about 5 just don't get it, despite excellent training and our very good track record, and we mutually agree that trading is not for them after 6-12 weeks. Of the remaining 5, they progress to between £25-50,000 a year within 12 months of going live; then within about 2 years, 2 will be making £100,000+, two £200,000+ and one up to £1m.
BTW, I no longer have anything to do with Marex directly so am unbiased, although I do clear through them and know many senior, successful traders who do also. They have a fantastic reputation built on 14 years of treating people very well, so in addition to being surprised if they did shaft you, I'd be equally surprised if they have broken a contract in any way.

I'd be interested to hear more detail of your experiences. Are you still trading ?

Don't join this program. You will be responsible for 100% of the losses and only receive 50% of the profit.

I was on the program and was lied to about when I would go live and how much desk fees I would pay.

I resigned recently after four months of working there. I am now taking legal action against the company.

I am happy to answer any questions on the company, just post them below.
 

Seenitallbefore

Junior member
18 1
Have any of the other 16 'in the same position' posted anything ?

Initial terms: 50:50 split, no liability for losses, no desk fees for six months. I was offered 100% liability for losses and no guarantee that desk would be subsidised at all.

I had six weeks of excellent tuition when I first joined. Macroeconomics, trading psychology, price action, technical analysis followed by intensive sim training. After that time period it was more like amuse yourself while we draft the contract. That lasted 10 weeks.

Sixteen others are in my position.
Can you direct us all to their posts please ?
 

treadwellism

Junior member
11 1
I'm sorry to hear that. I've worked in the prop business as a trader and trainer for many years, including a period with Marex. Marex were by far the most professional, honest and decent people I have worked with, so I'm surprised to hear that you weren't happy and are accusing them of being dodgy.
Out of interest, I know a lot of the posts on these forums are from disgruntled trainees or people who Marex thought weren't good enough. Sadly, it happens. Did you progress from the SIM ? Who trained you ? Were you profitable most days, or at least had more and bigger winning days than losing ones ?
FYI, despite our/my experience and best efforts in selection and coaching, for every 10 trainees we take on, about 5 just don't get it, despite excellent training and our very good track record, and we mutually agree that trading is not for them after 6-12 weeks. Of the remaining 5, they progress to between £25-50,000 a year within 12 months of going live; then within about 2 years, 2 will be making £100,000+, two £200,000+ and one up to £1m.
BTW, I no longer have anything to do with Marex directly so am unbiased, although I do clear through them and know many senior, successful traders who do also. They have a fantastic reputation built on 14 years of treating people very well, so in addition to being surprised if they did shaft you, I'd be equally surprised if they have broken a contract in any way.

I'd be interested to hear more detail of your experiences. Are you still trading ?
I was surprised as well. Before joining I searched these forums trying to learn about the company that I was joining. Everything that I found was positive and to my knowledge Marex never had any problems before our course. I'm sure people that couldn't make it do leave bitter posts on these sites however that wasn't the case in this situation.

I never progressed from the sim because I was told that I had to sign the contract before I could, if I'd signed it they would have given me limits. I'm not going to name the people that trained me but they weren't the problem. I understand that nobody can teach you how to trade and that it is up to you to teach yourself. The people that trained me had no power in the business and were too scared to negotiate on our behalf with their bosses the more senior management. They were lied to as well.

I made steady profits trading oil calender spreads and also profited trading the CGB/T-Note Spread through figures. I lost money trading the EuroStoxx and pretty much broke even on the S+P. Overrall I was up, most of my size was in oil.

I have in front of me the original job offer with the promise of no desk fees for 6 months and 0 liability for losses and the contract that was put in front of me to sign four months later with neither of these terms. If there was an implied contract they broke it.

I understood the nature of the futures trading industry when I took the job on and if I'd started and lost money I know I couldn't complain about getting chopped. In fact your strike rate of 50% sounds higher than I had expected.

Right now I'm continuing in my previous job as a professional gambler on the in-play sports markets. I'm determined to one day return to futures and give it a shot.

As for the others on my course, some have quit and are trying to sue, others have signed the awful contract on the whim that the trainers (who have no power) have said that they won't come after them for losses despite the fact that it says in the contract that they will.
 

Seenitallbefore

Junior member
18 1
Hmmm...odd

I was surprised as well. Before joining I searched these forums trying to learn about the company that I was joining. Everything that I found was positive and to my knowledge Marex never had any problems before our course. I'm sure people that couldn't make it do leave bitter posts on these sites however that wasn't the case in this situation.

I never progressed from the sim because I was told that I had to sign the contract before I could, if I'd signed it they would have given me limits. I'm not going to name the people that trained me but they weren't the problem. I understand that nobody can teach you how to trade and that it is up to you to teach yourself. The people that trained me had no power in the business and were too scared to negotiate on our behalf with their bosses the more senior management. They were lied to as well.

I made steady profits trading oil calender spreads and also profited trading the CGB/T-Note Spread through figures. I lost money trading the EuroStoxx and pretty much broke even on the S+P. Overrall I was up, most of my size was in oil.

I have in front of me the original job offer with the promise of no desk fees for 6 months and 0 liability for losses and the contract that was put in front of me to sign four months later with neither of these terms. If there was an implied contract they broke it.

I understood the nature of the futures trading industry when I took the job on and if I'd started and lost money I know I couldn't complain about getting chopped. In fact your strike rate of 50% sounds higher than I had expected.

Right now I'm continuing in my previous job as a professional gambler on the in-play sports markets. I'm determined to one day return to futures and give it a shot.

As for the others on my course, some have quit and are trying to sue, others have signed the awful contract on the whim that the trainers (who have no power) have said that they won't come after them for losses despite the fact that it says in the contract that they will.
Contracts are designed to protect the prop house but to develop the trainee too. Obviously, any prop house won't last long if they shaft their trainees. Their future revenues will only come from developing, and keeping, new talent, so it's very much in their interest to keep good trainees. Good relationships are essential, because it creates a friendship and loyalty that means you develop together and both succeed.
It's normal and right that you can't move from SIM until you've signed a contract, after all external training costs £10-20,000 and trainees get this free, so they have to get their investment back. Normally contracts are that when you go live, your desk fees begin to accrue, but that you are not liable for these or for any losses should you not develop and succeed over time.
Those that do well hopefully continue to grow, although as you are trading small size live to start and still learning, your monthly fees can exceed your profits for a few months, so it's essential that you size up as fast as is reasonable according to you P/L.
My advice would be to take all you've learned and open a small account with a spread better, then if you make steady profits over 4-6 months, re-apply to another house. Legal action will only cause you grief and as in all things legal, the best funded person always wins.
 

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