Self Funding Start up Trader here - Help!

[zuke]

Hi there, Ive only just joined these boards but would be very grateful of some advice. I was made redundant from my job at one of the big Swiss IB's where I was an exotic options structurer. I now have a good sum of money (over 20k) that I will use trade as a self funded futures trader. However, although I have a good list of arcades (thanks twalker, the lik really helped) I was wondering if they are willing to train self funded people? Although I have good quant analysis skills, I am honest enough to consider myself a novice trader.

If so is there a fee? I know that they would most likely still want to have self funded people due to the comissions that they make on the lot spreads, however I wasnt sure where training was reserved for their grad intakes?

Your help would be very much appreciated!

 

[BBB]

Arcades are businesses. If theres money in it somewhere for them, of course they will take you on. Why dont you approach some of them and see what they say???

 

[minx]

Most of them will back you so you dont need to risk your own capital- personally I'd advise this until youlearn how to trade their way, its nothing like trading at a bank, your risk is usually 1-2 ticks per trade at most, its very tight.....

 

[zuke]

Most of them will back you so you dont need to risk your own capital- personally I'd advise this until youlearn how to trade their way, its nothing like trading at a bank, your risk is usually 1-2 ticks per trade at most, its very tight.....

Thanks for the info..I have a couple of interviews later this week

 

[alpha_monkey]

Thanks for the info..I have a couple of interviews later this week

Who with?

 

[minx]

Arcades I can think of off hand :
Mac Futures
Saxon Financials
Schnider Trading Associates
Liquid Capital
Atlas Trading
LCP
FCT
GHF

There are many more but this should be a decent start for you....

 

[PAINTACE]

zuke

Have you considered training yourself, going on a few courses, reading books etc. There is a huge mountain of free help and information within T2W.
You have a starting bank that is considered too small by some people around here, but there are also people who happily trade using a quarter of what you have available. It's all about style of trading, risk/reward, turnover.
Look at all the options available, life may have just given you a golden opportunity to change direction, even if only slighty.
(don't jump out of the frying pan and into the fire!)

happy trading

pa

 

[minx]

Really depends what type of trading you're trying to learn, if you'll be holding positions then I'd suggest opening an SB account and spending a few months placing small bets based on your trading plan. Dont forget to backtest your plan over and over again.
If you're interested in scalping then you should go with one of the arcades as it's quite a difficult and intense process and you may as well let someone else pay the tuition for you...
Definately read adn learn what you can wherever you can and keep and open mind with everything- its surprising where inspiration comes from.

 

[Pat494]

Perhaps Mr Charts would recommend a trading analysis book if requested

 

[zuke]

Thanks Guys, the info is invaluable. I have got an interview at Saxon and FCT. I actually have a much larger pot available (around 80k) but will only start trading with 20k and use 30k for a years worth of living expenses (thankfully I have a very, very low mortgage and no loans). As for trading style, well my life has been spent volatility trading and building arb models to pinpoint arb opportunities. However, as I want to trade futures and not options, I will be looking to use a trading style that will best suit myself and lends itself well to the futures instrument.

 

[PAINTACE]

Living expenses sorted so no outside pressures - good
20k trading bank - good and not so good

Put 15k out of reach and start with 'just' 5k. Think in terms of percentages of that smaller bank.
If you screw up and lose 50%, thats 2.5k and not 10k.

When you have your style of trading showing regular profits, bring in your reserve money

Have you considered forex trading?

happy trading

pa

 

[minx]

You still really need to decide what type of trading you're interested in, at saxon you'll be scalping most probably and I'd imagine the same at FCT. If you are putting down your own money then the advice paintace provided should be written in stone, pay your tuition on the smallest size possible.......
If you're going to try and position trade then you may need to look elsewhere but unfortunately I dont know anywhere that provides facilities for this- probably going through a broker from home. Are you trying to trade equities/futures/commodities/FX??

 

[zuke]

Living expenses sorted so no outside pressures - good
20k trading bank - good and not so good

Put 15k out of reach and start with 'just' 5k. Think in terms of percentages of that smaller bank.
If you screw up and lose 50%, thats 2.5k and not 10k.

When you have your style of trading showing regular profits, bring in your reserve money

Have you considered forex trading?

happy trading

pa

Sounds like excellent advice pa. Thanx. I have considered FX...why were you asking. To be honest, I am deliberately trying to trade anything BUT options. Confused? The reason is, I've spent all of my working life structuring them and fear that this knowledge could get in the way of me becoming a good trader. I'd rather trade an instrument that is totally new to me and hence avoid any arrogance or "know it all" on my part. I feel I'd be able to relly srart from scratch this way and build my trading skills bottom up, particularly as I am in this for the long term (hopefully, successfully!). Futures is still probably what I will end up trading. Unless there's a pertinent reason for trading FX

 

[zuke]

You still really need to decide what type of trading you're interested in, at saxon you'll be scalping most probably and I'd imagine the same at FCT. If you are putting down your own money then the advice paintace provided should be written in stone, pay your tuition on the smallest size possible.......
If you're going to try and position trade then you may need to look elsewhere but unfortunately I dont know anywhere that provides facilities for this- probably going through a broker from home. Are you trying to trade equities/futures/commodities/FX??

Minx, Im open, but my initial trading style is more suited to scalping and I believe that this is where I'll be more successful. I intend to take the advice (offered by pa and a few others) and start with a small pot (5k). FYI, I am trying to trade futures (probably commodities futures)

 

[PAINTACE]

zuke

'I have considered FX...why were you asking'
My opinion is now biased towards forex trading, I see lot of benefits within it.
Reading through the forex section on T2W, noticed comments from experienced traders that moving to forex was more profitable then they expected. They found it easier to trade.

'To be honest, I am deliberately trying to trade anything BUT options.'
I've been looking into forex trading for a few months now and options have not been mentioned as the way to trade. Opinions yes, options no. Is price trending up or down?, keep it simple.

happy trading

pa