Looking to trade but have no funds

[NoRhino]

I just quit trading at a prop house in London with good results after 9 months. I paid over 17,000 euros in costs during those 9 months and still profited... anyway I am unprepared to pay so much just for a little bit of leverage and I.T support that I could do myself.

I studed at Uni of Bath in comp sci, I played poker during it, I took no loan, just got myself an interest free overdraft incase... I never needed it and did well enough at poker to sustain a basic living style throughout uni (1/4-1/2 million hands played)

Now I am looking to trade from home and have been offered very cheap comissions and free platforms with reasonable volume, the costs would be so much cheaper relative to where I was. Unforuntately I don't have the money to self back myself. So what are my options? I won't go back to an arcarde as they make the line between success and failure far to fine. FYI I am just 24 and find myself only suited to pushing an edge in some kind of game or challenging environment and therefore I don't think working in software for 4 years to generate money to then go back into trading is such a good idea.

PMs welcome.

Cheers,

NoRhino

 

[Jaime.Oreffa]

You know what there are lots of options to have a fund.There are many company that are offering credit or loans for people who wants to have a fund to start a business. You can search in the net the company's that were offering such access and also that are available in your area.

 

[gedward3]

I just quit trading at a prop house in London with good results after 9 months. I paid over 19,000 euros in costs during those 9 months and still profited... anyway I am unprepared to pay so much just for a little bit of leverage and I.T support that I could do myself.

I studed at Uni of Bath in comp sci, I played poker during it, I took no loan, just got myself an interest free overdraft incase... I never needed it and did well enough at poker to sustain a basic living style throughout uni (1/4-1/2 million hands played)

Now I am looking to trade from home and have been offered very cheap comissions and free platforms with reasonable volume, the costs would be so much cheaper relative to where I was. Unforuntately I don't have the money to self back myself. So what are my options? I won't go back to an arcarde as they make the line between success and failure far to fine. FYI I am just 24 and find myself only suited to pushing an edge in some kind of game or challenging environment and therefore I don't think working in software for 4 years to generate money to then go back into trading is such a good idea.

PMs welcome.

Cheers,

NoRhino

NR,

Put a listing on here and see what people say.

http://uk.zopa.com/ZopaWeb/Listings/

They may lend if they think you have a chance and can show a record.

Its not related to trading but takes out "computer says no' attitude.

Ged

 

[NoRhino]

Thanks again Gedward and thanks Jaime, will look into it.

 

[just21]

Apply for some credit cards, get a cash advance and open an account.

 

[Mr. Charts]

Whatever you do, do NOT borrow money to trade. You will feel huge pressure and if you fail you are in serious trouble.
Better to sell your mother

 

[kimo'sabby]

I just quit trading at a prop house in London with good results after 9 months. I paid over 17,000 euros in costs during those 9 months and still profited... anyway I am unprepared to pay so much just for a little bit of leverage and I.T support that I could do myself.

I studed at Uni of Bath in comp sci, I played poker during it, I took no loan, just got myself an interest free overdraft incase... I never needed it and did well enough at poker to sustain a basic living style throughout uni (1/4-1/2 million hands played)

Now I am looking to trade from home and have been offered very cheap comissions and free platforms with reasonable volume, the costs would be so much cheaper relative to where I was. Unforuntately I don't have the money to self back myself. So what are my options? I won't go back to an arcarde as they make the line between success and failure far to fine. FYI I am just 24 and find myself only suited to pushing an edge in some kind of game or challenging environment and therefore I don't think working in software for 4 years to generate money to then go back into trading is such a good idea.

PMs welcome.

Cheers,

NoRhino

You sound nervous about your trading ability. Let it go mate, it's a bad idea.

 

[NoRhino]

Lol Kimo I think you missed the point of my post.. it's somewhat detailed for a reason.

And anyway "let it go" is pretty terrible advice considering I was profiting whilst covering my ~£3000 costs a month and have put a lot of effort into switching from poker to trading. I quit the prop house to make more money not to completely quit.. "lol"

 

[shadowninja]

Well, if you feel you can do it, then take out a loan. I'd rather get a job and build up funds that way. Can you live with your parents for a year to really maximise your fund building? I suppose you could try putting together money from your friends and family if you can prove to them that you can do it.

 

[Citizen2007]

I don't really see a big problem at all. You have experience and have proven that you are profitable.

You have earnings from your job at the prop-house. Why not trade small and grow steadily. This way you will be building a trading record in case you want to raise funds or you may just make enough in that time to keep trading your own money.

From experience I have only come across traders who want money at two ends of the spectrum. The guy at one end is experienced, disciplined, planned and knows what he is in the game for.

The second type is one who has had a good run, built up some confidence but is still not ready to lose his own money, or put his money where his mouth is.

I am not saying that this applies to you, but if you quit after nine months without getting yourself into a position to trade, surely it raises some questions? Were you still earning after all costs ? Are you earning anything now?

Sorry to come across in this way.

 

[NoRhino]

I earnt very little after all costs, but like I said I paid 17,000 euros in costs over 9 months. If I trade something like 10,000 lots or more the platform will be free and I will only be paying comissions and living with family.

Real work bores me and I think it will take a few years at least to build up enough money. Also because I plan to spread trade all the margins add up and I need to put down so much money just to make say 200 euros a day.

I was up £6k net profit, then I got ill abroad with no travel insurance, girl broke up with me, had my landlord steal ALL my things whilst I was away. Had my step dad shout abuse at me and my mum who is too nice to shout at.. then I blew £5k in a week in the markets and I got caught in almost every bobl and bund stop, virtually reacting milliseconds after I entered the bund or bobl, about 1/4 of it was on stops.. I quit firstly because I spent my money on hospital bills (was very ill) so couldn't really afford rent and also to take time off to regroup myself and now I realised how badly I was getting ripped off paying £1900 desk fee. I am just really eager to trade now and feeling good about things again. I am pretty used to unfortunate events, I got stopped out of a gold at 1049 (low was 1042) having bought at 1098 and I leveraged 6 months of work pay into the bet.. cause I just always wanted to take a risky bet once in my life "lol" but this one was soo likely to work out I was so negative the economy recoving then was very against bail outs and cash injections. So yeh I got stopped out and now its at 1400 lol, profit target was 1200. Oh god so many stories I could tell ya... anyway I am quite risk adverse, built up in poker gradually and moved down stakes when running bad, something a lot of players found hard to do.

Gonna start small in trading regardless of it's my own money or not... I will update here what I decide to do

 

[NoRhino]

Oh my area sucks for internet... I didn't realise I could only get up to 3.5mb tho.. that's way too little to trade Bund Bobl Schatz right?

 

[arabianights]

Mate to be honest you should have done better, 6k in profits... or 23k in gross profits just isn't enough...

 

[Masquerade]

How about the poker, what happened with that?

 

[arabianights]

Mate to be honest you should have done better, 6k in profits... or 23k in gross profits just isn't enough...

(That's not to say you won't get anywhere with it eventually of course; indeed given you did make money and have been hit by quite a string of bad luck I'm sure you will... I'm just saying it's hard to see why anyone would give you money - basically it would be charity)

 

[Citizen2007]

Sorry to hear about the bad luck you have had. I understand it must have been a tough time for you. It can be tough trading when everything around you is taking your up all your energy.

Good to hear you are focused again. Trading small might be the first step to building that confidence back up again.

Good luck.

 

[ToddW]

I think he said he is 24? Not doing badly for that age though... You never know sometimes youth and risk pay off. Tough Gambling only pays off for the house I think your choice to change is smart. So many people losing their money to gambling and lotto...

 

[88bluegt]

Let me say this first, I am NOT an experienced trader so take my advice for what it is. I don't think that borrowing capital to trade with is such a great idea. Like posted above, it automatically puts you in that "have" to win state of mind. Emotionally, its probably not the best place you want to be while making trades. The pressure is already enough, you don't need to have a loan hanging over your head. Sounds like risky, bad decision making will come out of that.

Why not go back to another firm until you can raise the money to be on your own? Sounds like quitting was a premature decision.

 

[hasanzehn]

Do NOT trade with money borrowed from any financial institution. If you are able to get a job or have one already, then build up some capital using your own salary and start trading small and build up. You've got some good experience it seems - so use it.

I started trading mid last year, having studied it for 1.5 yrs prior to that. I'm no genius, but I know the strict rules I trade by - i live by them as they help to eliminate emotional decisions. I still have my full time job, I trade whenever I can but when I do I aim to preserve what I have and make money on top. Yes, i have made losses - but minised them by minising risk.

I'm thinking it will be years (5/6??) of learning before I can consider trading more full-time. I'm 32, have a 4 dependants so would never risk that. Like stated before, you're young and perhaps can take more risk - but even you have a limit.

Better off trying to raise capital through family members/friends who know/trust in your ability. Heck, you may be better of playing poker to raise that seed capital(!)

 

[scose-no-doubt]

Whats that remote company that Nicola was going on about that backs remote traders if they pass teh tests?

Send a PM to elitejets, rhino.

Good luck.