Hi, I am considering renting out a desk at a local aracde in London. I know Desk fees are in the range of £1,500 - 2,500 (pc/3 or 4 screens, bloomberg, CQG, sky TV,) Does that include the trading software TT etc? and exhange membership fees? Can anyone suggest what kind of roundtrip costs i should look for on the Eurex, NYSE Liffe, CME, CBOT, ICE and normal stocks. Secondly, as suggested in the title, im not sure what kind of capital to go in with. I was previuosly thinking £20,000 - but then id have to make at least 10% per month to cover desk fees? so maybe in the range of £40,000? I will be doing both spreads in stirs and alot of outrights in index's (bit of FX and commoditoes) Any suggestions for good deals at certain arcades in london by the experianced ones here? PS. Another really important thing i want to do is build a decent track record. regards
Really? So what kind of ballpark fees would you suggest then? Also as i said if i go in with 20k - id have to make a return of 10% just to cover fees but if i go in with 40k - 5% returns will cover fees? can any arcade traders here let me know what kind of figs they would say are a good deal, and any specific firms to look for. Ps. also really need to build a decent track record. Regards
Let me ask you this. Somewhere along the way, you developed the impression that it might be possible to make a go of it while having to return 10% a month on your equity just to cover your fees. You then developed the impression that having to return 5% a month to cover your fees might be quite reasonable. Where did you get this impression? If the people at the shop told you any of this, you may want to consider having nothing further to do with them. Sometimes it's hard to admit these things on a public forum like this, especially after you have made the posts. Don't worry if you have to tell me that they didn't tell you this when they really did. I will understand. I would say that any shop giving you this kind of information does not have your best interests in mind (not that arcades are set up to benefit you in the first place, but this is just misinformation designed to ensnare hapless newbs, in my opinion). If these fees are typical in London, then either guys are routinely going in way undercapitalized or else guys are going in with a hell of a lot more than you're contemplating.
Nick - read your pm - really appreciate it I know what u mean, and ill use it thanks man All the best