Belize licensed MFX Broker is launching an international competition to find traders who will handle proprietary accounts with $100,000 under management. The firm also says that it is giving traders a chance to become one of its top managers, as head of the new team of prop traders.
The selection process will consist of ten steps, including various requirements for risk-management and trading capabilities. For the first six stages, for example, the use of experts advisors is not allowed.
Interestingly, the firm states that instead of the contest selection process, a trader can also just provide a statement of trading on a real account not necessarily opened with MFX Broker. In the case the results correlate with the requirements, the trader becomes a member of the prop team.
Igor Volkov, President of MFX Broker commented: “Frankly speaking we want to create a team of professionals of the highest level to work in close rapport with them further. We believe this cooperation is fruitful and mutually beneficial. Of course, we are not altruists and we are not going to give away hundreds thousands of dollars to everyone.
To select the top, best of the best we worked out a special program ’10 steps to success’. The challenger should be successful in all 10 rounds. But the principal point is that at all stages he risks only company funds. His personal risk is evaluated by $30 which he deposits in the beginning. But after completion of all the steps his profit may be dozens, hundreds, or even millions of dollars.”
Speaking with Finance Magnates, MFX Broker explained that currently only forex trading is included, but in the near future they are planning to launch prop on CFDs and stocks.