how low will the prop industry go?

[fantastic]

I have heard that a very "reputable" prop firm is trapping ( "reputable" prop firm )and bullying lost souls - including some technically experienced one - into working unpaid on some automated trading software, some of their labor having worked unpaid for many months.

Trading industry is about making money: why do prop firms want people to work for free ?
Is this current industry practice?

 

[arabianights]

presumably anyone stupid enough to do this for free deserves to go unpaid, or am I misunderstanding you?

 

[fantastic]

Is this industry practice? or is it very exceptional within prop firms?
If that's the case, I am myself tempted to open some prop firms to get some free software programming done.
I have a LOT of ideas in automated systems, but no money to pay someone to do it for me.

 

[arabianights]

It isn't industry practice as far as I'm aware, because slavery is illegal, and anyone intelligent enough to work on automated trading software really ought to know that.

 

[arabianights]

ok, so I've heard what's going on on the grapevine now, and I think that those involved really ought to man up and not stand for it...

p.s. four year 'contracts' will not stand up in court. If you don't believe me, see a lawyer. Be free pretty ones! Free!

 

[shadowninja]

Yep, prop firms playing on people's dreams but if they (employees) just accept their situation then let them be abused. Now where can I get successful traders to work for me free of charge?

 

[arabianights]

incidentally, to put the cat amongst the pigeons, the firm is Futex

 

[fantastic]

I am very impressed : how do you guys manage to get programmers working for free for many months for free?
One had to cough a lot to get someone roughly qualified to look on some software, so how do you guys manage to get it for free? Even in tough economic conditions, it's hard getting the labor.

Is it the only prop firm doing that or are other prop doing the same?
I am seriously tempted to open a prop : with free labor I could run a very profitable start-up.

 

[arabianights]

From what I hear, it's by giving folk a chance to play on the simulator for two hours a day in the hope they may one day become a trader.

Apparently even the IT support there is working for free

 

[fantastic]

From what I hear, it's by giving folk a chance to play on the simulator for two hours a day in the hope they may one day become a trader.

Apparently even the IT support there is working for free

Interesting... I also heard some of them are refusing the superbe deal and thus being given a very hard time.
Will I need to get these people to sign some contracts to cover my future company?
How does it work for the Inland Revenue?
I am superbly impressed and will definitively bring in some entrepreneurs to take the fabulous free labor opportunity available in the prop industry

 

[arabianights]

tbh if you want some slaves you're probably better off going to rentacoder, sure you have to pay some indian middle man but at least you can rest happy in the knowledge they're being exploited due to their caste rather than their gullibility. More fap worthy, I think.

 

[fantastic]

tbh if you want some slaves you're probably better off going to rentacoder, sure you have to pay some indian middle man but at least you can rest happy in the knowledge they're being exploited due to their caste rather than their gullibility. More fap worthy, I think.

I have used rentacoder in the past... till I found out my software being sold back to me by an indian company.

I 'll go for the free labor : I like this industry.

 

[arabianights]

I hope you can think of more imaginative things to get your slaves to do than just write software though.

 

[fantastic]

I am thinking... I guess one can't just put an advert out there:
"Wanted : free software developers for 2 hours trading/day".

How do you attract the qualified labor to work for free?

 

[shadowninja]

I hope you can think of more imaginative things to get your slaves to do than just write software though.

Yes, please let us know if you can get 18 year old buxom blondes to offer free "adult services". I suppose you could always say you're a "movie" producer and casting for the main female role. I understand that can get you free "adult services".

 

[shadowninja]

Actually, let's up the ante. You don't want free labour. You want to get them to PAY you to work in your company.

 

[donaldduke]

From what I hear, it's by giving folk a chance to play on the simulator for two hours a day in the hope they may one day become a trader.

Apparently even the IT support there is working for free

If you were an IT guy that wanted trading mentoring, then 2 hours a day training, followed by two hours a day on simulator in return for 4 hours of your IT skills, might be a fair swap..

Even when you become profitable and you find you only need to trade a few hours a day, providing partime IT skills in return for waived desk fees, might still be a reasonable swap if you are saving say 2K in fees a month.

But all this needs to be optional, you shouldnt find yourself being forced/trapped into doing this for years and years and i find that hard to believe (although nothing surprises me anymore in this industry).

 

[fantastic]

If you were an IT guy that wanted trading mentoring, then 2 hours a day training, followed by two hours a day on simulator in return for 4 hours of your IT skills, might be a fair swap..

Even when you become profitable and you find you only need to trade a few hours a day, providing partime IT skills in return for waived desk fees, might still be a reasonable swap if you are saving say 2K in fees a month.

But all this needs to be optional, you shouldnt find yourself being forced/trapped into doing this for years and years and i find that hard to believe (although nothing surprises me anymore in this industry).

I think I heard a very different story : more about people being promised full-time trading, leaving their career to move south,... and being stuck. Working very long hours on their software. A new recruit is refusing and now being bullied into submission - I think, but I am not sure, some solicitors might get involved as some fully legit trading contracts have been signed.
Our tax inspector friend was all hears at the pub.
We really had to get the person drunk to relax and open up.

Could you let me know how this work for the Inland Revenue as my friend is also tempted and would like to take up this opportunity.
I have posted an advert in "wanted to hire" for software developers and welcome your recommending any - preferably qualified - person to apply. The person will obviously work unpaid as my friend can not afford to pay an additional software developer. The software will be trading related so there is a link with the prop industry. I have suggested to my friend to put in a desk and some trading software. He doesn't run a prop firm, but will be happy to install some software around for the person to trade. He can convert part of his office into a prop firm. Feel free to recommand any of your adult children or family members who are qualified. His office is in Central London and easily accessible.

 

[donaldduke]

Is this current industry practice?

About a year ago i saw on the website of one of the major central london prop firms, in their trainee recruitment job spec: 'candidates with programming skills will be given preference'

So it probably is becoming more of an industry practice.

 

[fantastic]

About a year ago i saw on the website of one of the major central london prop firms, in their recruitment job spec: 'candidates with programming skills will be given preference'

So it probably is becoming more of an industry practice.

When recruiting for a firm, I used to ask for a pure math background, as I wanted to minimise the amount of lies in a given CV - the work was administrative in nature but they had to handle high profile individuals personal data !
I would assume programming skills might make it easier for people to trade electronically. I heard it was hard for traders to move electronically and some firms preferred to take intakes with IT background to minimize the learning curve to electronic trading.
These unfortunate folks do not work for free in London. Anyway, how would they afford it, London si soooo expensive. But my business friend office is in Central london and the offer of free work is a serious one for the right applicant.