MET Traders?? Any info appreciated

[91kris]

I've had an test and interview with these firms, so would like to share my experience.

There was an initial 20 question mathematical test in 10mins (pass mark 75%); this has multiplication, division, addition and subtraction of numbers, fractions and decimals. This was followed by a general financial industry quiz (20 questions in 10mins). Both of these had no bearing on gaining an interview. The interviewer was a Economics graduate from Cambridge, who seemed to be a nice guy, although appear to "look down" at me (as I am a postgraduate student from the University of Surrey).

The position I applied for required 2 months of unpaid training, then if I were to be successful, then I would move onto a live trading account.

The live trading account would have a fee of £1000 per month, then this would increase to £2000 per month afterwards and continue increasing. It is expected that you aim to earn £5 a day per week, then move to £10, then £25, then £50 and so on until you become profitable. Also, during this live trading account time, you are on a 50:50 relationship, which can be negotiated to 70:30, then 80:20 as you progress.

It is expect that you become profitable (if at all) at around month 9 of live trading (9 months live account trading + 2 months of training = 11 months unpaid, with expenses going out!).

Overall, I feel that this is a last resort option to gaining experience in a real trading firm and only if you have deep pockets to sustain yourself and cover your fee's for around 11 months or more.

 

[Tiggi]

interview

Hi 91kris,

Thanks for the insight you gave so far. it's very useful.
Could you share your experience of the interview at Met Trader (the 1st round of interview), what questions did they ask? do you need to talk about trading strategies, knowledge of trading that you have? Thanks

Tiggi

 

[Steakeater]

So why not just trade your own account rather than pay thousands each month to sit in someone else's office to trade for yourself anyway?

 

[random12345]

So why not just trade your own account rather than pay thousands each month to sit in someone else's office to trade for yourself anyway?

Steak - people want to feel "City" (Err even in West Hampstead. ), especially if young, you know that. Don't think it's entirely unhealthy even if they get screwed on early splits. Bulge bracket academic requirements are only going to make these places more popular, think there will be a prop resurgence after a long period of being down. Not in terms of money made off the markets mind. Just in terms of headcount.

 

[Steakeater]

Steak - people want to feel "City" (Err even in West Hampstead. ), especially if young, you know that. Don't think it's entirely unhealthy even if they get screwed on early splits. Bulge bracket academic requirements are only going to make these places more popular, think there will be a prop resurgence after a long period of being down. Not in terms of money made off the markets mind. Just in terms of headcount.

Between the splits and the desk costs it must be very difficult to make money, if these guys were such good traders why would they bother with the hassle of training up loads of guys etc.?

 

[random12345]

Personally I'm more interested to know about Pyne's PAID training intake. Surprised nobody from any intake has popped up on the boards to spill the beans. I'd honestly love to hear it because I've met some Pyne guys in IB.

Never thought Pyne would go that way, but then sometimes reputations are just bs anyway. Look how much Marex bought STA for.....

Remember when people used to wax lyrical about how profitable their calender spread speciality was? .........

 

[random12345]

Between the splits and the desk costs it must be very difficult to make money, if these guys were such good traders why would they bother with the hassle of training up loads of guys etc.?

Meh I can see why there'd be some mutual benefit in the retention of a couple of new guys. You can't just organically grow with your original mob if you're supposed to be a trading firm with a proper floor. Some of the techniques they use certainly have ceilings - very few of them trade outright positions to any kind of big level.

All about volume and and the same old STIR edges generally from what you hear.

 

[Tiggi]

Personally I'm more interested to know about Pyne's PAID training intake. Surprised nobody from any intake has popped up on the boards to spill the beans. I'd honestly love to hear it because I've met some Pyne guys in IB.

Never thought Pyne would go that way, but then sometimes reputations are just bs anyway. Look how much Marex bought STA for.....

Remember when people used to wax lyrical about how profitable their calender spread speciality was? .........

random12345, you said you met some of Pyne guys in IBs, what were their jobs/positions there?
Also, how much do you get paid during your training?
and could you elaborate on 'the direction Pyne took', please? thank you

 

[random12345]

random12345, you said you met some of Pyne guys in IBs, what were their jobs/positions there?
Also, how much do you get paid during your training?
and could you elaborate on 'the direction Pyne took', please? thank you

By some. I meant one. He worked in BIS at BarCap. Prop trading is very rarely a way in to IB so I wouldn't draw any conclusions there if you are looking at that route.

Sorry my grammar was a bit poor there - by "paid", I meant they now make trainees pay just like their lowly competition, not that they pay their trainees.

The direction they have taken is to instead of being a dedicated prop house like Optiver etc, they are now apparently a low rent pay to play outfit.

 

[Steakeater]

Meh I can see why there'd be some mutual benefit in the retention of a couple of new guys. You can't just organically grow with your original mob if you're supposed to be a trading firm with a proper floor. Some of the techniques they use certainly have ceilings - very few of them trade outright positions to any kind of big level.

All about volume and and the same old STIR edges generally from what you hear.

Sorry, this might be a stupid question but what did you mean by that highlighted statement. What are STIRs?

I only trade outright so I am a bit clueless in this regard.

 

[sonofcablemonster]

Sorry, this might be a stupid question but what did you mean by that highlighted statement. What are STIRs?

I only trade outright so I am a bit clueless in this regard.

has your google broken :whistling

 

[random12345]

has your google broken :whistling

Indeeeeeeeeeeed.

Short Term Interest Rate (STIR) futures.

Liquid and a bit dull. Perfect for grinding out your miserable take home.

 

[Steakeater]

Indeeeeeeeeeeed.

Short Term Interest Rate (STIR) futures.

Liquid and a bit dull. Perfect for grinding out your miserable take home.

Do they just scalp a few pips out all day from them then?

 

[random12345]

Do they just scalp a few pips out all day from them then?

Depends what you mean by scalping... I suppose calendar spreads are scalping, but not like S&R scalping and then... well... that can be used too...

http://www.amazon.co.uk/STIR-Future...=sr_1_1?s=books&ie=UTF8&qid=1389974418&sr=1-1

 

[888dan]

hi guys, was searching for an old company when this thread popped up so decided to give my two cents on it. i worked at met for about 6 months a few years ago, passed the training, went live and traded euribor, gasoil and oil spreads.

the long and short of it is that its good experience of dma trading oils, gasoil and euribor future spreads, however they dont have a magic formula that will make u rich.

the basic premise of the business is to get traders to rack up large number of trades, which i am assuming went towards some kind of rebate or kickback they were getting off the exchanges.

two huge red herrings in hindsight were that i never saw the guy in charge of training trade live, and one guy who had experience of trading basically quitting a few weeks into training after challenging management on the "cost" structure.

i chose to leave of my own accord, was told i should see out a year, and my profitability was just around the corner, but i had had enough of basically feeling like i was trading for the sake of it, racking up costs while not making any money and seeing my savings hurtle towards 0.

but i guess u could call me lucky, i eventually got a entry level job in a financial institution and the experience helped me to talk to traders at my new comp, one of whom saw the passion in me to work unpaid for 6 months to try and become a trader, and recommended me for a junior trading in the firm from where i progressed to being a salaried trader.

there was definitely an element of quasi-ethical behavour on the part of MET in how they treated traders, but i wouldnt swap the experience since i leveraged that exposure for what it was worth and it contributed to where i am today.

feel free to ask me anything.

 

[joselopezde]

hi guys, was searching for an old company when this thread popped up so decided to give my two cents on it. i worked at met for about 6 months a few years ago, passed the training, went live and traded euribor, gasoil and oil spreads.

the long and short of it is that its good experience of dma trading oils, gasoil and euribor future spreads, however they dont have a magic formula that will make u rich.

the basic premise of the business is to get traders to rack up large number of trades, which i am assuming went towards some kind of rebate or kickback they were getting off the exchanges.

two huge red herrings in hindsight were that i never saw the guy in charge of training trade live, and one guy who had experience of trading basically quitting a few weeks into training after challenging management on the "cost" structure.

i chose to leave of my own accord, was told i should see out a year, and my profitability was just around the corner, but i had had enough of basically feeling like i was trading for the sake of it, racking up costs while not making any money and seeing my savings hurtle towards 0.

but i guess u could call me lucky, i eventually got a entry level job in a financial institution and the experience helped me to talk to traders at my new comp, one of whom saw the passion in me to work unpaid for 6 months to try and become a trader, and recommended me for a junior trading in the firm from where i progressed to being a salaried trader.

there was definitely an element of quasi-ethical behavour on the part of MET in how they treated traders, but i wouldnt swap the experience since i leveraged that exposure for what it was worth and it contributed to where i am today.

feel free to ask me anything.

where are you now?

 

[888dan]

where are you now?

feel free to ask me anything.

should have qualified, ask me anything about met, for sake of anonymity id rather not say where i work atm, its a small bank for context tho.