Quote from mabenn:
How is having the capital or access to the capital a red flag?
I didn't post this to hear negative criticisms, if you're going to do that there's plenty of forums and people on here that like the bitch, it helps them feel important and involved.
By pooling our resources, brains, and ideas... We can be more profitable, receive better pricing and execution then by sitting at home by ourselves trying to figure everything out for ourselves.
It won't be a fund. Or a boiler room operation. Just a group of highly motivated and commited traders not a bunch of bums sitting at home in their underwear.
It's an idea, or vision, which takes work and I'm prepared to do the work to put it into action... If I decide it is feesable after weighing out the pros and cons. Sure I can sit at home and trade too.
I'm simply looking to create an environment where success is normal, where the traders, as a group an thrive.
How about no name for the group?
Quote from bigmrfrank:
The "access to" is the red flag. From were? Thousands? Millions?
Bitch to feel important? Not in this case. I'll put that ball in your court Mr Guru.
I posed legitimate questions that any succesful trader will ask you. You can't answer them?
Bottom line is it'll never happen so do yourself a favor and just focus on trading your own account and making tons of $$$.
Quote from mabenn:
Anyway, perhaps a trading group would be a better idea, less hassle and startup/rent plus we can write off a portion of our house expenses etc.
I do think that there's some potential to the idea of a forex prop shop. Pretty much all the prop shops are equities futures, etc. There's just a handful (that i've found) of forex prop shops around the world.
My idea was to pool funds together to get better execution/fee structure for trades. Also human interaction and having an office to go to would be nice. Anyway sorry to come off as an ASS but i didn't see your comment as constructive at first. Now I realize it was.
I've worked for a prop shop and the training was horrible. It was basically put as many guys in front of screens as possible and see if they can figure it out. Not really any money managment position sizing training, their edge was only in having zero execution fees and getting pass through fees for adding liquidity.
Are there other Forex traders in the Calgary area that would like to perhaps start a group where we meet once a week and stay in contact on trades etc? I work for a corporate foreign exchange firm but i'm the only one that spec trades, nobody else has a clue how to spec trade, its like talking to a wall. PM Me if anyone is interested in FX in calgary.
Sorry for the disrespect and being a bitch myself haha.
Quote from bigmrfrank:
I was trying to be constructive - tactless but constructive.
Anyway, your current description is far more accurate and professional.
In theory the idea is good but it's been attempted many times and no one has been able to pull it off.
About a block from my office is a restaurant location that has changed hands at least 10 times in three years. Each never lasted more than 3 - 4 months. Each had to have lost money. I always wonder when driving by "What makes each new renter think that they can make it work in that doomed location where every other has failed". Get my point? There's an underlying reason.
Quote from fluttrader:
Mabenn,
What 15 liquidity providers you had in mind ?
I would strongly advise against Dukascopy. I just had a 6 month stint with them and the inside volume was universally terrible. I go into further detail here, whatever they are doing, they are certainly not aggregating Lava & FXi straight up..Quote from mabenn:
Plan on using currenex, hotspotFXi, maybe Lava, going through Dukascopy, MF Global FX Clear, and/or GFT Prime. Not sure exactly but the more size/volume traded the better the comission.
Must be some advantageous tax policies up in Canada. Unfortunately for us yanks down south, this idea would get us into a bit of a tussle..
I like the idea of using Dukascopy because of having my money in a swiss brokerage I can can claim what i want for taxes. Send myself a nominal salary and let the rest grow.
Quote from Trader KGB:
I would strongly advise against Dukascopy. I just had a 6 month stint with them and the inside volume was universally terrible. I go into further detail here, whatever they are doing, they are certainly not aggregating Lava & FXi straight up..
Speaking of which, HotSpot now offers FXi prime via Knight at $20 per mio. You probably won't be able to beat that going through most other prime brokers unless you're doing huge volume (over a yard a month).
Currenex is just a front-end, there's a wide variety of quality depending on which underlying bank hub you're connecting to.
Must be some advantageous tax policies up in Canada. Unfortunately for us yanks down south, this idea would get us into a bit of a tussle..