Something does not compute here, right? By now, you should have the connections to find another gig as well as have enough cash to sit on the beach for a while. Of course, the other opposite is yours truly who is stuck in the office at 3 am on Saturday morning.
The previous firms I work for do agree on every of my situation but some terms that I cannot accept. 1) They will give me 10:1 leverages and all risk on me. For example I willgive them 50k and they will give me 500k account. 2) All risk is on me and they want 20% cut. Ok, I think this is a fair deal. 3) On top of that, they will charge me another 8% per annum for 450k. It will be carried forward. 4) They are using some sorts of broker in Hong Kong that the commisions are far worst than IB. Almost double the amount. (I believe they markup some there). By calculation with the charges of 8% per annum and my trading cost expected around 6% per annum, this means I have to extract minimum 14% per annum to consider getting my cut or BE point. I am not in the office and at my home by the way. It is funny that someone questioning my private life rather than asking what track records you have. Anyway I will tell you before someone asking. My track records are fully verifiable with HK brokers or NYMEX, EUREX, ICE, CME through order book and under my own name.
Can you specify what are the markets you need access to? Asian? American? What is your strategy style? Is it some form of statistical arbitrage? Do you have systematic models or is everything purely discretionary. What type of market access and latency do you need for your stratgies?
At last I see someone with more constructive questions. 1) European and US markets. 2) Statistical arbitrage with Synthetic positons 3) Part of discretionary because high rely on volatility movement. 4) I don't need super good market access or latency. 5) Even SmartQuant with IB API works.
if you trade spreads, a 500k account is enough to get started. so you only have 50k after working as a trader, how is it possible, my former assistant in hk has saved more than that? you should just be realistic and go look for a job in singapore, low-level execution-type trading or whatever, save up to at least a quarter mil then rethink if you are any good or just shit material. think about it, average people like you are everywhere in hk and singapore. you are not gonna get anywhere with your lowly junior exp/pocket but poor senior attitude. you are like one of the million of junior actors, dreaming of a hollywood sponsorship.
Yes, primarily systematic. A little similar to AutoCallable Notes and Phoenix Notes types of dynamic hedge but more frequent, not prior market close.
just a side note about AutoCallable Notes! Are they just a covered call? what sort of upside participation/ yield and downside trigger?
Not really just a covered call. What I mean is the type of hedging Callable Notes but with higher frequencies of balancing position. Usually if we write a Phoenix/Phoenix Autocallable, downside trigger risk already diversified to the buyer. Hence, hedging will more focusing with Underlying and Bond position prior to market close. But in this case only trade with exchanges Futures and Options, I have to rebuild the dynamic hedging with higher frequencies to protect downside risk by giving up upside participation. This is part of the reason I am giving up a huge percentage of gain into trading cost to mitigate the risk of market exposure.