Income, During Training Programme

[femi73]

Hi Guys, I had a interview with a trading arcade, (dont want to mention any names) it went o.k and they have invited me for another interview, they sent me a email explaining, how much I would be paid whilst i was on thier graduate training programme, to my horror they said for the first 3 months i would be getting £400 per month whilst i was trained on a live simulator, and if successful for the next 3 months after that i will be put in a live trading environment and would be getting £500 per month. And if after the six months I am successful i will be backed with the firms money.
My question is how is someone going to live on £2,700 for 6 months, is this a joke or is this a common theme with trading arcades, if i want that kind of salary i can go to macdonalds and flip burgers...lol. I know i am not adding much value to the firm because i am being trained, but there must be some sort of balance, people have bills and mortgages to pay, i am thinking of not going for the next interview, i need some advice. i am currently trading and i am doing o.k but i want more understanding of the markets thats why i applied to them.

 

[andycan]

Hi Guys, I had a interview with a trading arcade, (dont want to mention any names) it went o.k and they have invited me for another interview, they sent me a email explaining, how much I would be paid whilst i was on thier graduate training programme, to my horror they said for the first 3 months i would be getting £400 per month whilst i was trained on a live simulator, and if successful for the next 3 months after that i will be put in a live trading environment and would be getting £500 per month. And if after the six months I am successful i will be backed with the firms money.
My question is how is someone going to live on £2,700 for 6 months, is this a joke or is this a common theme with trading arcades, if i want that kind of salary i can go to macdonalds and flip burgers...lol. I know i am not adding much value to the firm because i am being trained, but there must be some sort of balance, people have bills and mortgages to pay, i am thinking of not going for the next interview, i need some advice. i am currently trading and i am doing o.k but i want more understanding of the markets thats why i applied to them.

I dont know about trading arcades
never worked for one
look at it this way go to macdonalds and earn more money or suffer for 6 month and have the potential to earn real money
the other alternative carry on doing what you are doing learn and trade or try and get a trainee job at a bank or something like that
those are your options and in fairness there is no right answer
let me put it this way if you had the chance to earn huge amounts of cash would you take it?? but there is a catch
NO GUARANTEES
your call and good luck

 

[Eldgo]

Like any trade, you have to look at the risk/reward ratio. The upside if you are successful can be large - a decent income with an enviable lifestyle and freedom. Personally, I would try and save sufficient to see me through the first year or so, to reduce pressure.

 

[zuke]

Hi Guys, I had a interview with a trading arcade, (dont want to mention any names) it went o.k and they have invited me for another interview, they sent me a email explaining, how much I would be paid whilst i was on thier graduate training programme, to my horror they said for the first 3 months i would be getting £400 per month whilst i was trained on a live simulator, and if successful for the next 3 months after that i will be put in a live trading environment and would be getting £500 per month. And if after the six months I am successful i will be backed with the firms money.
My question is how is someone going to live on £2,700 for 6 months, is this a joke or is this a common theme with trading arcades, if i want that kind of salary i can go to macdonalds and flip burgers...lol. I know i am not adding much value to the firm because i am being trained, but there must be some sort of balance, people have bills and mortgages to pay, i am thinking of not going for the next interview, i need some advice. i am currently trading and i am doing o.k but i want more understanding of the markets thats why i applied to them.

Femi

In their position, would you give someone £2000 per month to sit and play about on a simulator? What they are doing is managing their risk. In return, if (and its a big if) you manage to get a good training programme, youl end up with the invaluable skills for you to make money in the future.

Good luck.

 

[LongandWrong]

Most arcades don't offer any salary for the training period. If ur serious about getting into the industry this way I think you'll find this offer is not the norm.

You may even find that the initial contract that they offer may seek to recoup some of this initial cost to them in the form of higher roundturns or a worse profit split. Perhaps speak to some other arcades and compare what you can expect from this and other firms once you go live...

 

[Songoku]

Some places ask you to pay them for the training programme. A lot of people recommend having enough put aside to support yourself for a year before jumping into prop trading at an Arcade. At the end, what products do you have access to and is there a house method? What are the profit splits like and how long is your contract? During the training period they will also be picking up your costs with regards to simulator, front end trading platform exchange licenses, data charting services etc.

I agree that money is an issue and everyone needs to live, but judging an Arcade's training programme and your prospects there (and for the future) purely on how much/little they give you during the starting period is not the way to look at it. At the end of the day they're taking a gamble on you and you're taking a gamble on you. If you''ve got belief in yourself then go for it.

 

[Parky]

Femi73,
As the others have said the packages change from one arcade to another, some charge for the training, some train for free but do not provide any money or "draws" as they are known, to find one that pays anything while you are training is unusual but would tempt me to wonder how good the training is.
In reality it is an apprenticeship you are being given, knowledge and the tools to attempt to become a trader, but also as you learn the arcade is judging you and will get a feel for whether you have a realistic chance of becoming a successful trader. The odds are stacked against you.
Some traders make excellent money, more scratch a living, but alot fall by the wayside. But the rewards if you do well are huge and well publicized. But like anything worthwhile you have to take the pain to make the gain and you will have to support yourself while you learn the ropes. You have to understand that the arcades have been cutting back on trainee trader places and they have alot of CV's coming in every day from people looking for these places.