Day Trading & Forex Forum

FXGiant

Hi Folks,

I would like to introduce myself as trader in forex (spot currency trading, particularly GBPUSD, EuroUsd, AudJpy, GbpJpy pairs) for more than 2 years. Overall, I am satisfied with journey this far.
I am dropout from IIT Kanpur, BTech Civil Engineering ( dropped this year)

Myself and one of my friend, will open forex brokerage firm particularly targeted towards Indian Forex Traders.
Our competitors are Reliance Money(middleman) and Alpari (US company) and of course outside forex firms.

In 2006, daily retail trading volume from Indian clients was $250 million.
In the year 2009, this value is $1.2 billion. Our objective is to tap this market and grow bigger and financially stable before our competitors sight it as a "sector" or opportunity.

Our strategic edges are -
1) 1.4 pips to 1.9 pips spread on EuroUsd IN ALL MARKET CONDITIONS. Similar competitive spreads in other currency pairs as well.
2) All brokers charge $20-$30 fees for deposits. We will charge either $5 or charge nothing.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!
4) No dealing desk.

Expenses would be $38,500 (initial) + $27,500 (first 18 months marketing and sales)
Also, $7,000 would be monthly expenses.
Totaling to $150,000 for first 18 months of our business.

Profit potentials are -
First 6 months - $0
7th to 9th month - $10,000
9th to 12th month - $15,000
13th month onwards - $10,000 monthly + $300,000 semiannually.

Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our time and can bring financial and/or strategic advantage to our team.

We don't want more than 7 partners in total (I hope that's good enough number of partners for a firm of this size). Also, all the partners will be automatically board members and hence, all decisions will be make by collective mutual agreement and total transparency.

So, if you can come up with $20,000 minimum backing and preferably a strategic value, then you are welcome to contact me at navneetpandey1989@gmail.com.

ha0dho

I would try Duncan Bannatyne or Peter Jones they might beable to help you.

Tenapenny

FXGiant.................I don't think so!

everyonerich

thats not gonna happen pal.. even if you use institutional trading platform. spreads varies & depend on market condition.

want to start a brokerage firm aint the same journey as trader..

__________________
try making "a million dollars on a million trades, not a million dollars on one trade."

FXGiant

Actually with the specific setting of liquidity providers depending on market condition, it would be a shift between the variable spreads to fixed spreads. Dukascopy will be one of the liquidity providers during initial stage.
This implies that during the news time, we will shift to Dukascopy, else, we would continue to work with most tight spread provider.

I agree that starting a brokerage firm is not the same as a trader, but homework is done and it took me last 4 months of work during weekends to figure out everything

Regards,
FxGiant.

*Small information, At the moment, we have raised $70,000 up till now, and total three partners now. So figure now is $80,000 left

everyonerich

generally, wannabe brokerage would get white labels to second tier/third tier solutions from big institution, do u know who has the biggest player share of fx market currently? ( assume your brokerage dealing in fx pair only thou) & u have to know the answer before trying to create your 'brokerage' firm..

__________________
try making "a million dollars on a million trades, not a million dollars on one trade."

FXGiant

DB, followed by UBS.

More than 20 pro traders( those who not only trade for themselves but trade for others) in India are my direct friends. 2 of them are already whitelables of AvaFx and FxSolutions. None of them are my partners though.

White lables don't have -
a) Direct control on the funds.
b) Cannot decide the spreads themselves.
c) Limited scope of progress.
d) Depend on the broker to whom they are white labled for clearing of the orders.


I am getting into this business because of $120bln daily retail trading volume, at the very least $1.2 bln comes from India.
Considering very conservative 0.6 pips gain for the broker, it generates a daily commission revenue of $72,000.

And, There are only 2 significant competitors at the moment. One is an subsidiary of a billion $ company which is nothing but an IB for CMSForex, other is Alpari's India office.

Others are international. If you can go through our strategic edge, the proposed firm is beating all the participants.

This far I have made good money from my trading on my own funds as well as for my clients. Only reason for leaving it I don't want to miss such market opportunities.

everyonerich

20 pro traders of 'your' friends hope doesnt have conflicting strategy or you all trade the same?

__________________
try making "a million dollars on a million trades, not a million dollars on one trade."