Futex 1st interview

[macbobl]

Hi,

Just a quick few question for you guys.....

1) Do you know of any other prop firms in the surrey area?
2) Who do Futex clear through?
3) If you back yourself with them, is your money segregated from the company money?
4) Do they have a direct line to the exchange? And what speed is their line?

Would be very grateful if anyone knows any of these answers.

Cheers

 

[Skill Leverage]

Hi,

Just a quick few question for you guys.....

1) Do you know of any other prop firms in the surrey area?
2) Who do Futex clear through?
3) If you back yourself with them, is your money segregated from the company money?
4) Do they have a direct line to the exchange? And what speed is their line?

Would be very grateful if anyone knows any of these answers.

Cheers

1) No but there's a big page of UK prop firms/arcades on Traderpedia
2) Fortis
3) Not sure
4) Yes I'm pretty sure they do but I don't know what speed it is their website might tell you Futex - Futex Proprietary Investment & Trading House - Futex Welcome, or you could call and ask for more info

 

[pelzar]

Don't know if the money is segregated but the minimum is £20,000!

 

[wnab]

hi i am new to this,

got the 1st face to face interview with futex. can anyone help me concerning the structure of the 30 mins and possibly questions/tips?

thanks in advance

 

[cyrustajik]

hi
Ive been trying to get into FUTEX. Sent my CV on tuesday but still havent heard from them. do you know how long they usually take before responding ?

any comments or advice on how to get my foot into the FUTEX door ?

Much appreciated
Cyrus

 

[london88]

Dude it takes patience and perseverance. If you need feedback call them. If not wait a little longer. People are always to eager to be given, given and given. Sometimes it is up to you to take!

 

[trader_dante]

hi
Ive been trying to get into FUTEX. Sent my CV on tuesday but still havent heard from them. do you know how long they usually take before responding ?

any comments or advice on how to get my foot into the FUTEX door ?

Much appreciated
Cyrus

Cyrus, I saw a pm from you but not had time to answer it yet. Not sure how long it will take Futex to respond but it's been less than a week so I wouldn't panic.

The way to get your foot in most prop firm doors is to make some money in your personal account. Otherwise you are just going to be in the same situation as everyone else and what will make your CV stand out? Futex get a ridiculous number of applicants.

Take some time to learn to trade and get some consistency. You don't have to make thousands. If you can turn a few hundred into a couple of grand but show consistency, then you will jump the queue in my opinion.

Degrees from Oxbridge...in maths...or economics...experience at an investment bank or at a brokerage...a good cover letter that shows keen interest...all these things are going to help...but someone that has actively taken the time to learn what they are so interested in...and started to make good money....everything else pales in comparison, I think. That was certainly what I found.

I ended up being offered places by the exact same firms that rejected me after I waited a year and went back with statements.

Good luck.

 

[london88]

Trader_Dante

Thank you for your adice. Like Cyprus it is easy to send out the letter and CV and call them but I have tried to get the rest to come along. I trader on CMC but never kept records and was purely for fun. I now have opportunities for CITI but really wanted to go to a prop house. Your comment alone has helped me in my decision making process and I will no doubt take a more open minded approach to the Citi offer. Prop houses will be there next year but 18 months of international experience with a major player can do no harm.

 

[si1503]

I am sure if you call CMC they will be happy to mail you your account history.

 

[london88]

I am sure if you call CMC they will be happy to mail you your account history.

I am sure they would but not trading regularly would not add any brownie points.

 

[cyrustajik]

Futex

hey
thanks for the reply. Ive been trading FX for about 2 years now and ive been in profit for the last 9 months or so. Got couple of engineering degrees from manchester uni but havent got the response I was looking for so far. FUTEX told me they will let me know by end of April when they have their entry assessments. Hoping to hear form them by then. Im going to do the STA technical analysis course in LSE during summer and was wondering if you know any other good trading courses which might help me get an edge in terms of getting into a firm?

Cheers
Cyrus

Cyrus, I saw a pm from you but not had time to answer it yet. Not sure how long it will take Futex to respond but it's been less than a week so I wouldn't panic.

The way to get your foot in most prop firm doors is to make some money in your personal account. Otherwise you are just going to be in the same situation as everyone else and what will make your CV stand out? Futex get a ridiculous number of applicants.

Take some time to learn to trade and get some consistency. You don't have to make thousands. If you can turn a few hundred into a couple of grand but show consistency, then you will jump the queue in my opinion.

Degrees from Oxbridge...in maths...or economics...experience at an investment bank or at a brokerage...a good cover letter that shows keen interest...all these things are going to help...but someone that has actively taken the time to learn what they are so interested in...and started to make good money....everything else pales in comparison, I think. That was certainly what I found.

I ended up being offered places by the exact same firms that rejected me after I waited a year and went back with statements.

Good luck.

 

[apmf]

IMHO prop houses usually look for number of trades you have taken while making money, example trader A has a profitable track record of six months and he/she is a scalper (places 10+ trades a day) and is consistenly profitable each week, ie 24 weeks. Trader B is a profitable positional trader but has only taken 5/6 trades during his past six months of trading.
In general trader A should be classed better than B, as they might think trader B might have got lucky in his 5/6 traders and ended up profitable.

 

[trader_dante]

IMHO prop houses usually look for number of trades you have taken while making money, example trader A has a profitable track record of six months and he/she is a scalper (places 10+ trades a day) and is consistenly profitable each week, ie 24 weeks. Trader B is a profitable positional trader but has only taken 5/6 trades during his past six months of trading.
In general trader A should be classed better than B, as they might think trader B might have got lucky in his 5/6 traders and ended up profitable.

When I sent my records in, as far as I remember, I had between 3 - 6 months profitability. Probably only about 30 - 40 trades in total but they were swing / positional type trades. Close to 90% win loss ratio. Actual amounts made were not spectacular. Return was £200 start turned into about £4,000 trading at between £1 - £5 per tick max.

 

[trader_dante]

If anyone is really interested, I can post the exact statements I sent in up here to give you an example of what you need.

 

[Yatman1]

If anyone is really interested, I can post the exact statements I sent in up here to give you an example of what you need.

Hi TD,

I think i echo the thoughts of many here in saying that, "yes, would be really interested to see those statements" and even some comments on some of the more significant trades within that time period (if your feeling generous!).

Look forward to reading them!!

Cheers

 

[autoromeo]

Anyone going to an assessment this week, just had an invitation to attend come through!

 

[zoo]

i am in the same boat with you. i did the test and no reply. They must think you and i are not Futex material. it will be interesting to know who they did take on

Bal

This is Futex for you. Basically what they do is hold loads of interviews stating that they have posts open and they are looking for people to work with them. However, in reality what they do is basically refuse 99% people. What do they want? Its simple. They want to get people to sign up to their expensive training programmes. Their line is this...."I'm sorry that you haven't made it this time, but you might be interested in our training programme...." This basically subsidises their losses when they trade. So don't worry if you didn't get selected, most of the time they don't have real positions anyway.

 

[Skill Leverage]

This is Futex for you. Basically what they do is hold loads of interviews stating that they have posts open and they are looking for people to work with them. However, in reality what they do is basically refuse 99% people. What do they want? Its simple. They want to get people to sign up to their expensive training programmes. Their line is this...."I'm sorry that you haven't made it this time, but you might be interested in our training programme...." This basically subsidises their losses when they trade. So don't worry if you didn't get selected, most of the time they don't have real positions anyway.

This is complete nonsense. They have a grad intake every quarter or so, none of whom have to invest a single dime of their own money (I joined in March of this year). Yes, they turn down a high percentage of people, and some of them may be offered a chance to back themselves if they have a strong desire to trade, but that is not the purpose of their recruiting process. I'm sorry that you weren't able to secure a backed position, but that's no need to shoot your mouth off when you clearly don't know all the facts.

SL

 

[Skill Leverage]

Anyone going to an assessment this week, just had an invitation to attend come through!

Good luck, it's a fantastic opportunity if you want a career in trading.

 

[zoo]

This is complete nonsense. They have a grad intake every quarter or so, none of whom have to invest a single dime of their own money (I joined in March of this year). Yes, they turn down a high percentage of people, and some of them may be offered a chance to back themselves if they have a strong desire to trade, but that is not the purpose of their recruiting process. I'm sorry that you weren't able to secure a backed position, but that's no need to shoot your mouth off when you clearly don't know all the facts.

SL

Obviously I'm going to take what you said with a pinch of salt, as you have a vested interest working for them and all. So do try and put a good spin on the company you work for. You are right, I did not secure a position with them because it was instantly apparent what they were trying to do. Whenever any company starts saying "pay us x amount to train", just run. From experience, I have since found far better opportunities and have not had to hand over any money, quite the opposite.