AxiCorp, the group behind the retail online forex trading broker AxiTrader, has officially announced a new initiative, a seed funding program created to “help launch the next generation of trading superstars.”
Called AxiSelect, the incubation program is meant to provide an opportunity for traders to gain financial backing and start on a path towards a career in trading.
Run by a partnership with live market commentary firm FXWW, AxiSelect is a standalone project for AxiCorp that will reach out to retail traders it judges have the skills and knowledge to succeed in the market as a professional, but who may not have the independent means to fulfil their potential.
Following an initial assessment period, AxiSelect says traders with proven success may be offered funding from AxiCorp to expand their portfolio and further their trading skills. Successful traders can also be offered the opportunity to gain an Australian Managed Discretionary Account (MDA) license and further access to capital.
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The criteria for the selection by AxiSelect are a proven track record over a period of time, demonstrated ability to manage drawdowns to predicted outcomes, proven record of managing different market conditions, and an ethical business practice and compliance record.
Alex MacKinnon, general manager of AxiCorp, commented, “Opportunities for aspiring career traders have reduced over the past decade as banks and other financial institutions have scaled back their internal trading operations. The next generation of leading traders will therefore come from the retail trading space and we see AxiSelect as an important way of supporting and nurturing that talent.”
While AxiSelect is primarily aimed at traders with some experience in the market, it will also be of interest to novice traders. Experienced traders with a successful and fully audited record can apply for immediate consideration to the program.
The program has been in development for quite a while according to Sean Lee, program director at FXWW, “We’ve been working with AxiCorp on AxiSelect for several years so it’s great to be able to officially go live with the project and start welcoming aspiring traders on board.”