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 and experienced forex traders to employ on their own trading desk and who are willing to prove themselves fairly.

To answer your concerns :

1. At the elaboration of the recruitement strategy the idea was that if we offer $5000 USD from our own money (which we could very easily) to be traded anybody would sign up and lose the money. Also, trading demo money is very different from 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 from actual knowledge.

2. Unfortunately I have to agree with you that the Virtual Dealer plugin did create a miss-understanding. 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 and ask one of our associates concrete questions.

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

I am dissapointed by the general feeling in the Forex industry compared to the Futures and Stock. It is in the Brokerage firm advantage to have you trade there for longer and 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 understands and appreciates the demo/live argument, and obviously no-one would fund an sccount for someone without a proven live track record but Norman1 mentioned rebate and 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 and 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 and this quote from your intro "to open an account with our company and deposit a minimum of 5000$", but if you're saying the trader can have control over his own money and 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 and 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, and that's what worries me.

[Norman1]

Hrmanager,

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

I still don't really understand 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 and distributes already existing software and we've been working day and night for the last year. It affects us a lot when we get blamed un-fairly and we will always stand behind our actions.

To answer your questions :

1. Our customer is managing 20millions and as you know the market is non stop from 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 expand. And 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 and people who can't.

2. So what we are looking for is "golden boys". And 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 and profit share with your own trades as long as the company can provide you with funds to manage. And 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 .. and then the market goes up 500 pips. I win and 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 and 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, and 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 from 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 and overtrading are usually the ony way to win these short term trading competitions, and 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 understand the market and/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.