Im looking into setting up a 24 hour prop style trading house for FX in the Calgary area. Traders would have access to true ECN style execution, deep liquidity with 15+ liquidity providers, where they can bid/offer and get filled before the price moves, where they can play the spread, where 1 pip profit is 1 pip profit, without having to make 2-5 pips before you make a profit. Traders could post margin and keep all or most of their profit, traders could use our money and keep 50% of the profits. I am toying with the idea of having a shared cost type of setup for traders posting margin. Or 50/50 split for traders not posting margin. There would be a strong emphasis on training in proper risk management, position sizing, pshychology, etc. all traders would be given access to the training they need to develop or hone their trading skills and methods. In short, i'd like to set up a dream trading floor for FX. I will post more but please provide feedback on what you would be looking for from such a firm, and any questions you would have. Thanks!
I like your idea. It would nice to trade in a room full of other FX traders, granted they knew how to trade.
Some would know how to trade, sure. The idea would be to filter out the tire kickers from the comitted traders, and train the comitted people to the extreme, teaching them how to trade, and trade well, or adding onto their existing skills making them better traders. I'm not interested in forming a group of half-assed traders where they make a few thousand a month and are content with mediocrity.. I want to create a firm where we take our traders to the their breaking point and then push them beyond what they thought was possible in their own trading. I'm not just posting because i have some far fetched idea, id like to hopefully act on one day. I actually intend to do this and have the capital or access to the capital to pull it off if the right set of ideas can be organized to make it a reality. That's where others might help with their ideas and insight... Give me some ideas! Any thoughts?
And just what are your credentials that you can: "take our traders to the their breaking point and then push them beyond what they thought was possible in their own trading." "train the comitted people to the extreme, teaching them how to trade, and trade well, or adding onto their existing skills making them better traders." You sound like Ben Aflick in Boiler Room "have the capital or access to the capital" = Red Flag Why would you think any real trader would want you holding thier money or would need your money to trade? Here's a good name for this fund - FX Piker Capital Management
I think a pool table, fooseball, ping pong, good food/drink, maybe a hot tub? I didn't say it would be a trader jail... More like a trader paradise where traders would really look forward to coming into the office to trade. Sure we can all trade at home but that can be lonely, and you arent as accountable for your actions as when you have a group of fellow traders around who care about your success. Nobody cares about your success or losses when you are at home by yourself, the retail firm you trade through just cares how much you trade because they make at least a pip per side. I'm not trying to make a killing off of other traders efforts. The costs would be shared for the most part among the traders posting their own risk capital. We would bring new traders in and train them and perhaps make some money from them, but only if they are profitable, and their profitablility could eventually lead into them posting their own risk capital and keeping their profits but sharing costs of operating the floor. I believe it has to be win win all around, not I win most, you win some. Win win means you win I win, we all win together... Sounds like a Sunday School song but seriously.
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?