Joining the Fixi Select Program
Who can enter the programme?
Anyone can enter the program however it is designed for experienced traders who have some degree of trading success and would like to become professional traders. It is not suitable for traders with little experience.
Although the program is not designed for inexperienced traders there can be exceptions! For example; a mathematician might have designed a neural artificial intelligent trading algorithm which he wants to prove in real-time.
If I join the program what are my obligations?
There is no cost to join the program other than the normal costs of trading during the process of establishing a trading record. There is of course the risk that the trader loses some or all of his funds from trading.
Traders can leave or return to the program at any time.
Qualifying for Funding
How you determine who will receive funding?
When you open your account your performance profile will be monitored and available under a PsyQuation account. From this account you will be able to monitor your own performance against the performance of others in the program. This report will also provide information about the results that potential professional investors are considering when deciding where to allocate capital
We understand that there are numerous wide ranging trading strategies with different risk reward ratios and as a result we avoid applying regimented assessment criteria. However because traders are operating in a highly leveraged market we do look at drawdowns and measure the risk-adjusted return using the Sharp ratio
Only the best traders qualify for funding.
How quickly can I become eligible for funding?
If you have no previous auditable track record, then we would usually monitor your trading performance for a minimum of 6 months. Because every trading style has a different risk/reward characteristic it is not possible to provide a prescriptive time scale.
We are actively seeking talented traders and will provide seed funding quickly for those traders with exceptional performance.
What are the chances of becoming a professional trader?
It is very difficult to become a professional trader. It is a skill few people have and most who try will fail. That is why the rewards for successful traders are so high.
There are also regulatory hurdles to jump and, following seed money being allocated, the trader is required to be classified as Professional. This mean 2 of the following criteria needs to be met – 1. Client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters; (2) Size of the clients financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000 and (3) Client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services.
Can I use an existing account to prove my trading ability?
Usually this is not possible because we have no way of knowing how many accounts a trader might have and perhaps we are only being showed the most successful account. On rare occasions we might consider a fully audited account. We will however, in the case of exceptional trading performance, consider fast tracking funding for a trader on the basis of his performance elsewhere
All traders joining the program are required to open a new account which we can monitor in real-time.
Can I use a demo account to prove my trading ability?
No because trading on paper is very different to trading with real money. The psychology of trading when you have nothing to lose is very different to being in the real market risking your own funds.
What size account do I need to open to prove my trading ability?
We would normally expect a trader to open an account of $5,000 to $20,000
Am I liable If I lose money trading with the seed capital?
No, any losses made on trades using seed funding are the liability of Fixi only. We do reserve the right however, to remove seed capital if trading performance is not maintained.
Am I liable for losses on my own trading account?
Yes. If you open an account to demonstrate your trading ability under the Fixi Select Program you are responsible for any losses.
How much funding could I receive and how much do I earn?
If a trader meets our trading performance criteria they can receive $500,000 in seed capital. In some situations, a trader might be more comfortable moving at a different pace and in those cases we might provide $100,000 or less as a starting base.
Traders earn 25% on fresh profits which is paid quarterly and can be withdrawn on demand. Seed capital cannot be withdrawn.