tradetheprofile
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The pitfall of a successful remote trader
Hi everyone. I hope you are all making good money from the markets.
I am a successful remote trader (Bund futures) with one of the growing number of arcades out there. I started on this journey about 9/10 months ago and I want to share an element of my experience that I believe most people won't have considered before handing over their cash (many thousands of £££s). By the way, I am a great supporter of the paid trader training business model so please don't look to me to slag them off. There are some good firms out there and, yes, there are some more notorious ones, but if you dig deep enough you'll know which to avoid.
Anyway, to get back to the issue, my predicament is not exactly a bad one; more of a frustration. What do you do if you want to leave the firm you're with to find a position elsewhere?
I want to leave for a number of reasons; the main one being that I don't get on with a few of the mentors. In spite of my paying for the privilege, the power still lies with these guys, and if you don't stay in their good books they can decrease your clip size, and/or put you back on the simulator as and when they choose (almost). Okay, this is a pretty typical example of office politics, but in this case I've paid good money to be there. Being penalised for having a better "feel" for the markets than some of my mentors shouldn't be a reason for reprimand. So, I want to leave. However, that is easier said than done.
Contractually, I only need to give a short period of notice. Getting away from them isn't a problem. The challenge is to find another firm that will take me on! Without a track record and considerable experience in this field I can only turn to similar arcades. Of course, they all want to take money off me first. They say that I will need to "re-train" for other markets, or to pay for desk costs etc., but that is simply an excuse to get my money. So, I tell them thanks, but no thanks. Then I am offered a place but I have to put up my own money (considerably more thousands of £££) and benefit purely from the reduced commissions (and a better share of profits it has to be said) but I don’t really want (or have the capital) to do that either.
No, what I want is to join a firm, be given a funded account, show them what I can do and move forward. Everything else would be to take a step back, and I really don't see any reason to do that. I understand that I am still a risk to them, and that perhaps I shouldn’t expect to trade 5/10 lots straight away, but I’m not even being given the option to prove myself on 1 lot.
It would appear that I have little option other than to continue where I am until such time that I have sufficient experience and P&L (normally 18 months) before I can consider a move. Providing my mentors don't continually hold me back, I should have a healthy book by the end of that time. Anyway, I just thought it was worth bringing this matter to the attention of any aspiring traders. Before you part with thousands of £££s, think about the consequences of success, just as much as the consequences of failure.
Cheers all.
Hi everyone. I hope you are all making good money from the markets.
I am a successful remote trader (Bund futures) with one of the growing number of arcades out there. I started on this journey about 9/10 months ago and I want to share an element of my experience that I believe most people won't have considered before handing over their cash (many thousands of £££s). By the way, I am a great supporter of the paid trader training business model so please don't look to me to slag them off. There are some good firms out there and, yes, there are some more notorious ones, but if you dig deep enough you'll know which to avoid.
Anyway, to get back to the issue, my predicament is not exactly a bad one; more of a frustration. What do you do if you want to leave the firm you're with to find a position elsewhere?
I want to leave for a number of reasons; the main one being that I don't get on with a few of the mentors. In spite of my paying for the privilege, the power still lies with these guys, and if you don't stay in their good books they can decrease your clip size, and/or put you back on the simulator as and when they choose (almost). Okay, this is a pretty typical example of office politics, but in this case I've paid good money to be there. Being penalised for having a better "feel" for the markets than some of my mentors shouldn't be a reason for reprimand. So, I want to leave. However, that is easier said than done.
Contractually, I only need to give a short period of notice. Getting away from them isn't a problem. The challenge is to find another firm that will take me on! Without a track record and considerable experience in this field I can only turn to similar arcades. Of course, they all want to take money off me first. They say that I will need to "re-train" for other markets, or to pay for desk costs etc., but that is simply an excuse to get my money. So, I tell them thanks, but no thanks. Then I am offered a place but I have to put up my own money (considerably more thousands of £££) and benefit purely from the reduced commissions (and a better share of profits it has to be said) but I don’t really want (or have the capital) to do that either.
No, what I want is to join a firm, be given a funded account, show them what I can do and move forward. Everything else would be to take a step back, and I really don't see any reason to do that. I understand that I am still a risk to them, and that perhaps I shouldn’t expect to trade 5/10 lots straight away, but I’m not even being given the option to prove myself on 1 lot.
It would appear that I have little option other than to continue where I am until such time that I have sufficient experience and P&L (normally 18 months) before I can consider a move. Providing my mentors don't continually hold me back, I should have a healthy book by the end of that time. Anyway, I just thought it was worth bringing this matter to the attention of any aspiring traders. Before you part with thousands of £££s, think about the consequences of success, just as much as the consequences of failure.
Cheers all.
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