what does FUTEX do ?

[Hotch]

The question you are asking is how long does it take the speed of light (which is why we have dedicated fibre optic lines) to travel ten miles?

Well this is encouraging.

Firstly, it's not the "speed of light", but the speed of light travelling through glass (2/3 C ish).

Even if you do the calculation correctly, that's just the optimal, it's like the idiots phoning up promising 8mb Broadband, it's not actually possible, it's like measuring the max speed of your car ignoring friction.

Here endeth the lesson.

P.S. He is right that it won't be noticeable unless you're doing some HFT, in which case you don't want to go to a prop shop like FUTEX.

 

[FUTEX]

Speed may or may not be important to the individual. But it is part of Futex philosophy to be the best we can be. That includes using the best and fastest software and connectivity.
You cannot be the best and therefore excell unless you strive for excellence. Now, I know that is not the same philosophy as everyone, but it is a fundamental part of what Futex aims to be.
Its often hard to get non-professionals to appreciate why this mental attitude is imperative. Its not just speed. Its training, products, knowledge, information flows, experinece, back-office, capital, etc etc.

What Futex does not go along with is those who make excuses for their lacklustre approach and try to preach to others that lacklustre is ok. Lets think about it... you are trading in the most competitive environments and yet some fools think it is ok to be second rate, third rate, or worse.

You cant find a single profession, or even a spoting contest where lacklustre is the trait of the winners !!!!!

 

[pboyles]

Speed may or may not be important to the individual. But it is part of Futex philosophy to be the best we can be. That includes using the best and fastest software and connectivity.
You cannot be the best and therefore excell unless you strive for excellence. Now, I know that is not the same philosophy as everyone, but it is a fundamental part of what Futex aims to be.
Its often hard to get non-professionals to appreciate why this mental attitude is imperative. Its not just speed. Its training, products, knowledge, information flows, experinece, back-office, capital, etc etc.

!

What about record keeping and statistics, you don't excel at that?

 

[FUTEX]

We aim for excellence. But ultimately, excellence, like perfection, can never be achieved, because if you active it, you will stop growing and hence fall behind, therefore, paradoxically missing the goal

 

[Hotch]

"Failure is just success rounded down."
Ryan North

 

[pboyles]

Well you can't do everything can you.

 

[scose-no-doubt]

Oi, FUTEX! You charge VAT on your desk fees?

Thanks,

Sceezy

 

[anley]

P.S. He is right that it won't be noticeable unless you're doing some HFT, in which case you don't want to go to a prop shop like FUTEX.

See, however fast you all think your connection is, it's still going to be slower than companies who are capitalised about 50x+ higher than you and have capital probably 500x+ higher. So for every £100 on investment you spend, they spend £1000+. In effect you've lost before they ring the opening bell.

BY all means go fast, but don't for one minute think you've got an edge, because you haven't. So like I said before, if your trading method relies on how fast your orders can get to the market, you haven't got a method that is going to last that long.

My advice as I said before, let others fight pointless battles over speed, you take your time to learn proper price action and then blow the speed merchants out of the water with your advanced non-programmable trading skills.

 

[scose-no-doubt]

Vat?

 

[FUTEX]

Vat?

Please can you expand your question, VAT is a large issue.

 

[scose-no-doubt]

Oi, FUTEX! You charge VAT on your desk fees?

Thanks,

Sceezy

:arrowu:

 

[FUTEX]

where we do take a desk fee it is £100 in VAT. Of course, Futex backed accounts only pay a portion of that.
Like I said VAT is complex and can be claimed back by businesses

 

[Hotch]

See, however fast you all think your connection is, it's still going to be slower than companies who are capitalised about 50x+ higher than you and have capital probably 500x+ higher. So for every £100 on investment you spend, they spend £1000+. In effect you've lost before they ring the opening bell.

BY all means go fast, but don't for one minute think you've got an edge, because you haven't. So like I said before, if your trading method relies on how fast your orders can get to the market, you haven't got a method that is going to last that long.

My advice as I said before, let others fight pointless battles over speed, you take your time to learn proper price action and then blow the speed merchants out of the water with your advanced non-programmable trading skills.

As if anybody on T2W is smart enough for speed to matter. The battle on speed is only pointless for retail/prop etc, it's probably the quickest way of making a lot of money in the industry atm.

I got a good chuckle from the idea of price action making more money than HFT though.

 

[tuscan]

So for every £100 on investment you spend, they spend £1000+. In effect you've lost before they ring the opening bell.............. ................... So like I said before, if your trading method relies on how fast your orders can get to the market, you haven't got a method that is going to last that long. BY all means go fast, but don't for one minute think you've got an edge, because you haven't.

Nobody said here that his strategy result is proportional to connection speed. Latency time below some level doesn't matter in manual trading, but to maintain that level do one have to spend "thousands of pounds"? To be honest I don't know but some common sense tells me the answer is no.
This is why I was wondering why Futex spends "thousands of pounds" on it (maybe for the whole company it is natural) but why suggest that if you're individual trader you cannot have good enough connection to compete with them because they spend so much ? Do Futex have any servers or something that gives them so big advantage that they mention it ?

............................... My advice as I said before, let others fight pointless battles over speed, you take your time to learn proper price action and then blow the speed merchants out of the water with your advanced non-programmable trading skills.

this is inspiring but I'm not really sure whether anyone trading manually [directly] competes with them, imho they do other things on their own playground.

 

[FUTEX]

SPEED, combined with RELIABILITY, are incredibly and crucially important to Futex Traders (or at least 99% of them). I have explained it with metaphors many times before so here is one more:

If I wish to be in the lead group in a cycle race, I cannot be there without the best equipment. If I wish to use bad equipment IN THE LONG RUN I will be at the back.

This is not just a trading lesson, its a life lesson. Plus you can add all sorts of other factors such as TRAINING, SOFTWARE, BACK-UP, etc, etc.

Heres another metaphor:

Could Manchester United remain consistently competitve in top flight with a few weak players in the 11 man team?

 

[the hare]

Could Manchester United remain consistently competitve in top flight with a few weak players in the 11 man team?

No, but that metaphors about as far away from the typical prop shop model as you could probably find.

Answers to a few simple questions might help me explain why.

a) Over the life of your business, how many traders have been employed / trained

b) How many traders do you currently employ ?

c) How many traders where retained for more than 3 years

d) How many traders completed more than 5000 trades during their employment.

e) How many traders volutarily left your company

f) How many traders who where initially taken on for a period of training where offered full time positions.

If you dont want to give actual numbers, percentages will do.

We can then possibly compare those numbers to a typical premier division football club, and see if your analogy holds.

 

[FUTEX]

Good afternoon Hare,
The metaphor was about giving yourself the best chances as a trader, that is, by being the best you can be in each category. If the metaphor was not clear i shall try to spell it out.

If my software is better than yours I have an advantage
If my connectivity is faster than yours I have the upper hand.
If my news is quicker, more accurate, more pertinent than yours, I will use it to beat you.
If my connectivity is more reliable I will not fail as many times as you.
If my training was better than yours, you will find it hard to keep up.
If I work amongst 100 professionals traders, my flow information will give me an edge you cannot hope to keep up with.
If i am ready to trade, networked in, and wired up, you can only dream to be in my zone.
I am taking a journey with peers hand-picked from thousands, so I wonder who your peers are.
i trade with no outside disactions, professionally, day after day - do you?

Hare, the "you" is not a personal reference to you, it is to explain the metaphor. I hope this helps

 

[pboyles]

So all this fantastic technology and first class personnel but you still refuse to say what percentage of your paid students make it. It makes me wonder if you're not quite as good as you think you are.

 

[FUTEX]

So all this fantastic technology and first class personnel but you still refuse to say what percentage of your paid students make it. It makes me wonder if you're not quite as good as you think you are.

LOL ...... Over 4700 posts, (nearly all the ones I have seen are with a negative conatation), makes me wonder if you are not quite as happy as you think you are!

 

[Shakone]

LOL ...... Over 4700 posts, (nearly all the ones I have seen are with a negative conatation), makes me wonder if you are not quite as happy as you think you are!

Why are you not prepared to answer the questions regarding the hare's post above about how many people are successfully trained and still working there? Even just a ballpark answer will do. Surely these are the most crucial questions someone applying would want to know.

As for Man United, yes they would still be competitive even with a few weak players, because they have a great manager, and also some great players (hard to admit as I'm a Liverpool fan). I've seen them do very well with pretty much just youngsters who comparatively are weak to regular international players. But I don't think it's a great analogy, even though your point about advantage is clear enough on its own.