A nice 2 bed flat unfurnished 1700sqft is about $40,000 pa rent. You can buy a 4/5 bed villa on the palm for $4mil up to $14 for the larger ones. All traders out here I know back themselves so your payout is 100% after clearer costs and desk fees. If you can afford a good living in London you certainly can here.
Trading in Dubai
- Thread starter Dogfish
- Start date
A nice 2 bed flat unfurnished 1700sqft is about $40,000 pa rent. You can buy a 4/5 bed villa on the palm for $4mil up to $14 for the larger ones. All traders out here I know back themselves so your payout is 100% after clearer costs and desk fees. If you can afford a good living in London you certainly can here.
Because I don't want to fork out for the servers and lines necessary for the speed I need. The leased line is six figures a year alone, a direct connection to the hub would be a bank breaker solo, you get economies of scale on things like cqg, ISVs reuters, bloomberg, squawks and most of all round trip rates.
I have 2 IT gurus at my beck and call, a risk manager to broke me out should things go wrong, a hub connection, as well as VPN and leased line alternatives. The social aspect of not being hermit loser in your own flat... so many reasons. I can't be arsed to go and buy umpteen computers, await delivery, power backup units, 9 screens, brackets to hold them and then spend hours on tech support lines setting up my own accounts being interrupted by phonecalls, having to do admin for those services, back office queries etc etc.
The office here facilitates setting up your Dubai company with the 50yr tax free guarantee as they themselves are half owned by the government. One individual german trader set up his own office and is still not incorporated in the tax free zone after 19 months. I was formally registered in 3 weeks.
I have 2 IT gurus at my beck and call, a risk manager to broke me out should things go wrong, a hub connection, as well as VPN and leased line alternatives. The social aspect of not being hermit loser in your own flat... so many reasons. I can't be arsed to go and buy umpteen computers, await delivery, power backup units, 9 screens, brackets to hold them and then spend hours on tech support lines setting up my own accounts being interrupted by phonecalls, having to do admin for those services, back office queries etc etc.
The office here facilitates setting up your Dubai company with the 50yr tax free guarantee as they themselves are half owned by the government. One individual german trader set up his own office and is still not incorporated in the tax free zone after 19 months. I was formally registered in 3 weeks.
Quote from Dogfish:
Yeah I'm sat in the Dubai office right now. ....................
drink is more expensive but petrol is cheaper.
Petrol may be cheaper but the aftertaste is probably a lot nastier.
Thanks a lot buddy for these updates. Always more useful to read actual first-hand accounts about a new place. BTW, would you know if there is any chance that trading on CME from Dubai may also become a viable option in the near future? I trade both EUREX and CME products.
Good luck to you in UAE.
Yes I trade cme and cbot on leased line but it's about 100ms there and back as cme is a way away. Still quick just enough to scalp oil inventories on WTI outright though.
Yes they take trainess but you need to put down $50k as margin. There's 2 currently and another 6 coming I believe learning spreads.
No you can't trade their capital as they don't back any traders, they purely provide the connections etc
Desk fee is comparable to any other prop shop, maybe a liitle more due to the cable back to europe that needs to be paid for.
Yes it can get very hot 45 I've had so far but the office is cold your flat is cold, the malls and restaurants are cold so the only time you notice it is getting into a parked car.
Petrol is US$0.44c a litre, beer is about US$16 a litre, inflation is running over 20% and currency dollar pegged.
Oh and the standard of women is incredible as is the length of the miniskirts they wear round the malls, I never saw anything that short in London!
Yes they take trainess but you need to put down $50k as margin. There's 2 currently and another 6 coming I believe learning spreads.
No you can't trade their capital as they don't back any traders, they purely provide the connections etc
Desk fee is comparable to any other prop shop, maybe a liitle more due to the cable back to europe that needs to be paid for.
Yes it can get very hot 45 I've had so far but the office is cold your flat is cold, the malls and restaurants are cold so the only time you notice it is getting into a parked car.
Petrol is US$0.44c a litre, beer is about US$16 a litre, inflation is running over 20% and currency dollar pegged.
Oh and the standard of women is incredible as is the length of the miniskirts they wear round the malls, I never saw anything that short in London!
Hi Dogfish,
Who do you clear / execute through? I trade NYBOT / ICE energies (among other things) and execute in Chicago. I have partners looking at going to Dubai and we need some DD on clearing firms for that region.
thanks
CC
Who do you clear / execute through? I trade NYBOT / ICE energies (among other things) and execute in Chicago. I have partners looking at going to Dubai and we need some DD on clearing firms for that region.
thanks
CC
7 tax-free havens right here in the USA:
http://money.cnn.com/galleries/2008/fsb/0803/gallery.no_tax_states.fsb/6.html
Not to mention the possibilities of offshore trading in Grand Cayman,Bermuda etc. etc.
http://money.cnn.com/galleries/2008/fsb/0803/gallery.no_tax_states.fsb/6.html
Not to mention the possibilities of offshore trading in Grand Cayman,Bermuda etc. etc.
Quote from bunds:
Dogfish,
If you come in as a trainee, can you just trade the bunds outright?
Can you trade your own strategy?
Is this prop firm setup for commission turnover or do they want you to survive and be happy with the monthy desk fee?
How many desks are there?
Is it ok to use Sierracharts as charting software platform?
One last questions - is Coyotes still running?
Yes if you have enough money with the clearer for margin
Sure it's your money
They'd prefer you to do round trips but would let you have a desk if you pay for it
35 with another office with room for over 100
You can use whatever software you like
No I don't think so, neither's rattlesnake or cyclone