Saxon Financials

[javster]

Eldgo,

I think its a matter of how hungry you are as an individual for success....im sure if you think out of the box you can be successful in anything you do....

nevertheless, one can not expect to become rich over night.....its all about persistance!

I think many prop shops tell you the truths about the market..rather than doll up the reality! I have interviewed in the past with banks and now have been interviewing with prop shops and can tell you from experience that the latter are much more straight to the point!

j

 

[TWI]

However, as I daresay everyone is currently finding, its hard to become profitable as a junior

Eldgo,
It is hard work not only to become but also to stay profitable period.
There is nobody handing you victory or offering you any mercy when you get involved in this game. Junior or experienced, every day is another battle. You either become a hardened, experienced and increasingly skillful warrior or you give up and leave in a body bag.
T/.

 

[javster]

Its a warzone.....nice one twalker

 

[Eldgo]

I wasn't suggesting that it is ever easy. My observation is merely that if it is now even harder for experienced traders to make money, then its even harder for beginners. There is little free money left. This means that the length of time before breaking even is perhaps even longer than it was previously.

Anyway, my thoughts only. Good luck javster, let us know how you go.

 

[euribor_tr4der]

Yeh but in a way when you lose you are losing your money because you can only draw money if your account is positive. Is this correct ??

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!

 

[minx]

Yeh but in a way when you lose you are losing your money because you can only draw money if your account is positive. Is this correct ??

Some companies will provide you with 'living expences' every month, this is deducted from your notional account and you'll only ever earn more than your monthly 'living expences' once you've cleared your account. So if you get sacked the company usually wear that loss, if you make a profit then they want the money the gave you to stay alive....fair really..... You dont have to put down any of your own money to start with though....

 

[TradingMike24]

Hi to all.. So lads, in short - is a position with Saxon Financials worth taking - This is from a college graduate who just got offered a job there. Was thrilled with offer - but from reading on this forum, not too sure...

 

[mickandpete]

In life one of the most precious assets you can obtain is experience.
You have nothing to lose (one of the benefits of youth)
Take the job it is not a life time commitment
Even if all you get is beer money ,itsa start,something that many would give their right arm for.
As they used to say in the US "Go west young man"

 

[LongandWrong]

Hi to all.. So lads, in short - is a position with Saxon Financials worth taking - This is from a college graduate who just got offered a job there. Was thrilled with offer - but from reading on this forum, not too sure...

you should be thrilled. if you want to learn about trading this is a great place to be - you'll learn from people with oodles of experience.

good luck with it. tell us how it goes.....

 

[rabidric]

there is a huge chunk of misinformation in this thread, not to mention distasteful talk of scamming. saxon don't require you put up your money and then take 60% of the profits. all their %age splits are done on the basis of them as backers.

a moderator needs to sort this thread out.

a job there may or may not pay well, depending on how realistic your expectations are in this field. But in any trading firm the lions share of income is usually earned by the top few, not because of any unfairness in the progression of pay or deal, or training even- but because they are better at it than the majority of people. By all means have a go.

 

[Parky]

I am alarmed at some of what I am reading.
Firstly any company that asks for money to trade "MUST" be FSA registered to do so and you can check that they are FSA registered on their web site.
Provided that they are FSA regulated to hold client money by default they have to have a reasonable balance sheet a compliance officer and membership of the exchanges they will also have to have a detailed training program.
Quality trading rooms will have direct exchange connectivity (alot of wanna be trading rooms do not routing via a hub), quality front end trading systems TT/Ecco/RTS etc, quote vendors, anaylsts and most importantly proffessional traders with experience.
Trading over the internet is not the way to make a living. Yes you can make money over the internet but you cannot beat dedicate fixed lines for speed and reliability, remember September 11th the internet ground to a halt, have a position on in a market like that and you are dead in the water. Technology marches on and the internet is improving all the time but with viruses and the fact you are trading via a system over which you have no control what so ever the one time you really need it it wont be there.
FSA regulated companies have to show resiliance in their systems and have good disaster recovery programs in place. All of this costs money and as with everything in life, pay for a Robin Reliant that is what you will get, pay for a Lotus and that is what you will get. If you are trading for a living and expecting to do so on the cheap you will be undone, sooner or latter.