Saxon Financials

[Robertral]

Anyone heard of these guys?

 

[nicko]

Yes I have heard of these guys. I know them to treat people well and have a good graduate programme. They are one of the few firms that don't throw mud on the wall and see what sticks !

 

[TWI]

Who runs the show at Saxon?

 

[STE1]

http://www.fsa.gov.uk/ or this link

http://www.fsa.gov.uk/register/serv..._post_in=&sf_post_out=&sf_ref=&pf_curr_page=1

 

[spreadboy]

We do not presently undetake client business, but we appreciate your
interest.

Mike


Subject: RE: Saxon Financials Trainee Trader application


Mike,

Many thanks for your quick reply. I am in a position to put up some money,
would if make a difference if I could help fund the account?

Regards,



-----Original Message-----
From: Mike Ward [mailto:[email protected]]

Subject: Saxon Financials Trainee Trader application

Thank you for your application for a trainee trader position with Saxon
Financials in London. At the moment we have no suitable vacancies, but we
will retain your CV on file for future reference and contact you if
appropriate. We would like to take this opportunity to thank you for your
interest in Saxon Financials and wish you every success in the future.
Yours sincerely, Mike


Mike Ward
Fixed Income Analyst
Saxon Financials Ltd
15 - 25 Artillery Lane
London, E1 7LP
Tel +44 (0) 20 7247 9000
Fax +44 (0) 20 7247 9060

 

[Robertral]

I don't think its fair that your post personal emails like that in a public forum.

 

[Thirteen]

fair on who? his email, his career, his choice

 

[Robertral]

fair on who? his email, his career, his choice

It's just not right. He got rejected...he should take it like a man and not cry about it; posting the emails on here....very childish in my opinion....

 

[javier04]

I have an offer from Saxon-Madrid, and have some questions:

-Is it usual to have a self-employed contract with 40% split of profits?

-What info is supposed to be in the 'Fee Schedule'

Thanks,

 

[Robertral]

40%???? think it's 50/50 in London

Fee Schedule will PROBABLY contain something like the following:

Level 1 - X amount in account => 50% split of profit

Level 2 - Y>X amount in account => 60% split of profit

Level 3 - Z>Y amount in account => 70% split of profit

etc etc probably with an increasing or decreasing desk fee structure

best of luck over there, scalp that market clean......

 

[Mozza]

I think deals vary from 20% to 70% depending on whether you are putting your own money down or taking a salary. 40% seems fair enough. Best of Luck.

 

[javier04]

Thanks to both.

I also have another question:

-this 40/60 is after the deduction of Desk fees and trading costs...
as usual?

So you think is a good op?

I'm an IT prof, and have other offers in IT about 25k / year

 

[Mozza]

If they've offered you something, I'd take it, I wouldn't think twice - much more exciting than IT and much more lucrative if you're committed to trading.

 

[Robertral]

If you are scalping the market you are only gonna get a few ticks. If you are only starting on a few contracts it's gonna be very hard to break even each month with the desk fees. I say do this job if you have traded before and know you can make money. Or if you have a bit of cash already and have some money to fall back on....that is just my personal opinion..

Best of luck

 

[BBB]

Do I have this right....

You put up YOUR own money, you pay THEM for the desk, then THEY take a cut of YOUR profit?

I hope I have misunderstood this.

 

[traderboi]

Maybe it includes training costs, that's why he pays them a %

 

[BBB]

Maybe its because some shark has realised there are so many kids out there who will do anything to trade - thinking its an easy way to riches - that they have set up a prop shop to take these suckers/kids for a ride. Thats why I hope I'm wrong.

 

[raf110]

What is it that this companies exactly offering, Why can't you buy a computer a decent charting package and trade through someone like velocity futures. You can count the $450 monthly platform fee as the desk fee that this company would have charged you.

This way you get to keep all the profits.

UNLESS I am missing something (please enlighten)

 

[BBB]

Raf - you've hit the nail on the head. Platform fees in a prop house will be around £1500 - so you're still quids in.

Cant see the point unless you keep all your money. I bet they dont share the loses do they! Your seat should be where the prop house makes money.

 

[demontrade]

Interesting that supposed traders like youselves can not see any value for working for a company. I trade for a prop trading group and am happy to do so. Why? I was taught how to trade and make a living out of trading by them. I trade and risk the company money not my own. It means that I trade far larger size than I would ever be able to do with my own money, it takes far more of the emotions away from my trading, they support me and help during bad times and if I lose I lose their money and not my own. A win win situation in my book. I have seen so many fail as they set up an account get stuck in and really don't know what they are up to. All the better for us I suppose!