I'm a Trader Get me out of this contract!

[Sahil]

I signed up with a City Prop 'dungeon' to trade futures. Eager as hell to be a trader!

I'm on a very pathetic percentage deal, and constantly hear about better deals all round. Getting very disheartened...

I am a profitable and consistent trader (both P&L and RTs). Unfortunately according to contract I can't leave until a specified date (far in the future) - or else!

This is a very rough deal, you'd laugh or cry - Does anyone know of any way or any one who has got out of one of these. It seems highly unfair, but at the time of signing just jumped at the chance of trading - how naive?! Any ideas, please help!!!

Desperate

 

[BBB]

Yeah - just jump to another firm. They can't enforce such hideous contracts. How are they going to know anyway if you go to another firm? If you do get any grief and a legal suit, just say they dupped you - you didn't know how outrageous the contract was, they lied blah blah blah. Arcades are getting quite competitive now. They probably dont want the bad press. Do you really think they will waste the time and money because a newbie chips?

Failing that - just lose hideous amounts of money. They'll soon boot you out - but make sure you've somewhere else to go first.

Failing that - get the lads round!

 

[madasafish]

Quote them "Restraint of Trade"

A contract which forbids you getting employment elsewhere is illegal and unenforceable.. unless they pay you to stay at home...

 

[Jdax]

I had a similar situation in the US only it was a 2 year IT contract and again he was paying me cr*p money and making a mint Found a contract lawyer and he advised me it wasn't legal or binding so just 'walk' - which I did.
OK, your case might be different, but worth £50 / £100 to have the contract checked by a contract lawyer. It may not be good news but at least you'll know where you stand.

Good luck

 

[mcdoma]

Who do you work for?

 

[TheBramble]

Sahil - just jump ship.

If things are THAT bad you can worry about any fall-out from a position of somewhat better standing.

Agree with BBB and others - they're unlikely to do much, if anything, and they've probably got you in a legally unenforceable contract.

And even if it is, would they bother?

You're a trader - work out the odds and decide.

I know where I wouldn't be going tomorrow.

As for the suggestion about "losing a load of money..." - made me smile, but in ALL seriousness - DON'T. Apart from negatively impacting your future employment prospects, you don't know who else reads these boards and knows who you are and who you work for. Ain't worth the risk. They could get (justifiably) nasty if you pulled a stunt like that.

 

[eminem]

"Unfair contract terms" springs to mind. They write these contracts to deter individuals from leaving to reduce the amount of turnover of "staff" - they don't want to be forever bringing in newbies and seeing them jump ship after they have found their feet.

They are unlikely to come after you if you walk although you may get a few stern letters even one from a lawyer threatening legal action (breach of contract on your part most likely) However, if you stand your ground they are unlikely to pursue it as they don't want the bad press, aggravation, hassle ,cost, etc. as any arbitration/court will side heavily with the "employee".

You could always fake your own death.... helps with the tax situation too

 

[boy]

Go back to work dressed in womens clothing and slap on plenty of makeup, keep winking at the boss - you'll be home by lunchtime!

 

[qaza]

[

You could always fake your own death.... helps with the tax situation too [/B][/QUOTE]


LOL :cheesy:

 

[TheBramble]

Go back to work dressed in womens clothing and slap on plenty of makeup, keep winking at the boss - you'll be home by lunchtime!

Yeah - but WHOSE home...!!!!????

 

[boy]

ARRRRGHHHHHH!!

 

[Sahil]

Cheers everyone for the tips so far.

I will probably get in touch with an employment lawyer just to make sure. I just don't want to get into legal wrangles, and I don't want the penalty clauses in the contract to kick in (they're substantial).

My main worry is they might try and make an example of me, as there are quite a few others in my position.

Please keep the suggestions coming..............appreciated.

 

[oatman]

Take the womens' clothing and make up off, then they won't fancy you any more :cheesy:

 

[Jdax]

Haven't you got a bad back ?. If not, read up on the symptoms and get one, get signed off and have a break.

 

[saad]

Contact Lord Lucan, I'm sure he will have more than a few wise words of advise............................that's if you can trace him of course.

 

[Airthrey Capital]

Go back to work dressed in womens clothing and slap on plenty of makeup, keep winking at the boss - you'll be home by lunchtime!

Or you might even get promoted!........Works every time (so I'm reliably told)

 

[BBB]

If they do sack you, you can make even more bunce when you sue for discrimination. It's very trendy in the City these days so I read. Mate - YOU CAN'T LOSE!

Are you going to name and shame then?

Good luck!

(still reckon you should invite the lads round though!)

 

[TWI]

Life is hard and time of death uncertain.
don't hang around.
Never trust a man with the initials JR

 

[Sahil]

I wish they'd sack me, but they won't. It's the only job I can think of where it's turned out bad for me to be good. If you're shit, there's a get out clause!! sic

Name and shame I will, very soon!!!

However, I particularly like JDax's bad back idea.

PS: Contract applies to EU and USA - anyone know of any props in Switzerland/ Singapore / Dubai, etc...?

 

[Trader333]

Sahil,

Go and get some legal advice on what you may be able to do to get out of your current situation. Make sure you see someone who is an expert in Employment Law and make sure you have a copy of the contract you are being held to.


Paul