Recruiting : Forex Trader

[hrmanager]

Dear gentelmen

I am sorry to see the answer to our ad.
This company is not looking for clients they do NOT accept traders. It is looking for motivated self taught experienced forex traders to employ on their own trading desk who are willing to prove themselves fly.

To answer your concerns :

1. At the elaboration of the recruitement strategy the idea was that if we offer $5000 USD our own money (which we could very easily) to be traded anybody would sign up lose the money. Also trading demo money is very different trading live money. This is forcing people to put their money where their mouth is. Also having at least 1 trade a day is separating luck actual knowledge.

2. Unfortunately I have to agree with you that the Virtual Dealer plugin did create a miss-understing. However I am very dissapointed to see that our company is blamed for it. I am also dissapointed that none of you gentelmen is willing to pick the phone ask one of our associates concrete questions.

3. last when in doubt I encourage you to come to the interview it will not cost you anything. it is much easier to discuss in person.

I am dissapointed by the general feeling in the Forex industry compared to the Futures Stock. It is in the Brokerage firm advantage to have you trade there for longer not have you lose your money in the 1st month. All the firms doing that will get out of business sooner (natural selection).

Thank you.

[TraderPierre]

Originally Posted by hrmanager

I am dissapointed by the general feeling in the Forex industry

That's because retail forex justifiably has a bad reputation.

I'm sure everyone understs appreciates the demo/live argument obviously no-one would fund an sccount for someone without a proven live track record but Norman1 mentioned rebate it's a good point. Answer me one question can I trade my 5k with any broker I like or does it have to be with a broker you (or the company you represent) nominate?

If the latter please explain why?

[hrmanager]

Dear Sir

I am happy you proposed this idea. We would be more then happy to see you trade this live account with the broker of your choice of course.

Thank you.

[TraderPierre]

Originally Posted by hrmanager

Dear Sir

I am happy you proposed this idea. We would be more then happy to see you trade this live account with the broker of your choice of course.

Thank you.

Ok thanks.

Maybe I was a bit too hasty in dismissing this more or less calling it a scam I might owe you an apology!

I was thrown off by the dealer plug-in with your name on it this quote your intro "to open an account with our company deposit a minimum of 5000$" but if you're saying the trader can have control over his own money use a broker of his own choice that's obviously better.

I must be missing something here because it sounds like an attractive deal depending on the eventual basic salary commission I'm sure there would be a lot of traders interested in such a deal if they're looking for an opportunity to trade funds.

What am I missing what's the catch? Is there some crazy minimum monthly target or is Kansas the earthquake/volcano/flood/tsunami/avalanche/murder capital of the world or something? It all sounds too good to be true that's what worries me.

[Norman1]

Hrmanager

your replies it appears that I owe you an apology also.

I still don't really underst why you have a requirement to trade at least once a day. Could you please explain this further for me?

Norman

[hrmanager]

Dear gentelmen

I really appreciate your answers. As you probably noticed we are a young company that develops distributes already existing software we've been working day night for the last year. It affects us a lot when we get blamed un-fly we will always st behind our actions.

To answer your questions :

1. Our customer is managing 20millions as you know the market is non stop 5PM Sunday to 5PM Friday. Right now he has a team of 3 traders that mostly work 12 hours at a time. He is just looking to exp. as you know it's hard to find good forex traders. We therefore came up with this sort of "competition" to try to discriminate between people who really can trade Forex people who can't.

2. So what we are looking for is "golden boys". yes it is a well paid position but to obtain it you really need to be a good trader. If you are you will be paying for your salary profit share with your own trades as long as the company can provide you with funds to manage. if you are good that won't be a problem neither... Think : Hedge Funds !

3. The 1 trade a day (the customer was pushing for 5 trades a day). Here is an example : I enter the competition with 5k I place a trade for buy EURUSD 1 lot .. then the market goes up 500 pips. I win get hired. But I actually was lucky. The EURUSD could very well have gone down 500 pips .... By placing a trade every day the luck averages out only the good results are kept.

So I look forward to talking to as many traders as possible. We are seriously looking for good forex traders.

[ampris2000]

i'm good golden all that stuff.

BUT WHY would i want to come work in an office ? i'm trading forex to get out of a job not start another one.

why couldn't i just telecommute where - ever i am at ????????

[TraderPierre]

Good point ampris I trade platforms now which are US based without any problems. It would also be cheaper for hrmanager's customer plus he wouldn't be limited to people who want to live in Kansas they could be anywhere in the world.

I can see a few problems here with the way hrmanager's customer expects to select traders. A competition isn't really the best way to find a consistently profitable trader in fact it's going to attract completely the wrong type. Overleverage overtrading are usually the ony way to win these short term trading competitions that's not a strategy which performs well in the long term.

Also with them originally asking for a minimum 5 trades per day probably means they don't underst the market /or trading even asking for 1 trade a day is pointless you can't pressure a trader to find trades when there aren't any it doesn't work that way. It makes me wonder what kind of returns the trader is expected to produce.

As far as I can see nothing springs out to say this is a scam so I apologize to hrmanager for implying it might have been. I'm not sure how realistic his customer is being though.