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Funding for traders and software
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Funding for traders and software

  #1 (permalink)
San Antonio, TX
 
 
Posts: 10 since May 2019
Thanks: 2 given, 5 received

Funding for traders and software

Iíve just started looking into seeking capital for trading vs, using my own. What are some of the things you wished you knew before you started down that path?

Also, reading this site has been an eye opener for me. I traded off and on since 2000, making decent money in stocks, but, I always used a bundled package. First I remember TD waterhouse , then E-trade, then fidelity, finally TD Ameritrade. But, now Iím looking into other systems, as I closed out my TOS account last week. And I have to admit, Iím behind the times on where to start.

For reference, I built my computer with trading in mind, so I want a smooth system to utilize. Also, I have 100mb up/ down fiber, that I can upgrade to 1gb if needed.

I want reliable, fast, executions.

Any suggestions would be great.

As to why I want to use other peopleís money to start. Simple, Iím retired at 43, have a family of 5 and my parents that I support. Thus, I donít mind making someone else money to limit my risk.

Ps. Wish I found this site sooner.

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  #2 (permalink)
North Carolina
 
Trading Experience: Beginner
Platform: NinjaTrader, Tradestation
Favorite Futures: es
 
Posts: 644 since Nov 2011

You need to produce a real money track record. Sorry with these questions: it doesn't sound like you are ready to trade OPM.

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  #3 (permalink)
San Antonio, TX
 
 
Posts: 10 since May 2019
Thanks: 2 given, 5 received



tpredictor View Post
You need to produce a real money track record. Sorry with these questions: it doesn't sound like you are ready to trade OPM.

You could be correct, however, that’s for me and the fund provider to decide. I’m looking for information, making statements about my abilities is not up for debate, yet.

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  #4 (permalink)
Point Roberts, WA, USA
 
Trading Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,674 since Dec 2010
Thanks: 1,442 given, 2,286 received


jmp470 View Post
I’ve just started looking into seeking capital for trading vs, using my own. What are some of the things you wished you knew before you started down that path?

Any suggestions would be great.

As to why I want to use other people’s money to start. Simple, I’m retired at 43, have a family of 5 and my parents that I support. Thus, I don’t mind making someone else money to limit my risk.

Ps. Wish I found this site sooner.

I have been listening to a number of podcasts (interviews) done with successful traders.
I think it could be a good start to go through them.

https://chatwithtraders.com/podcast-episodes/
and
https://www.youtube.com/channel/UCXtFh3dcGQ1wfORL1tZxKrQ

My observation is that the majority worked in the financial industry first.
I listened to this one last night, and I think it is worth a listen:
https://www.youtube.com/watch?v=ExUR1Ni0Fm4

-------
I understand the funding question and I have come across a term "arcade". This is used to distinguish a funding prop shop to one where you supply the money e.g. $25,000. So in arcades they don't give a hoot about you and push you through charging you higher commissions and don't care if you lose.

In one of the talks was a funding prop shop but they gave no salary.

As you may know there are also companies that charge you to pass through hurdles and eventually if you get through then you get some contracts to trade. Most people trying these entry competitions (about $350 a try) and after a number of tries they give up. Topstep, Onestep, guantlet..



all the best

Keep your mind in the future, in the now.

Last edited by aquarian1; May 4th, 2019 at 07:23 PM.
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  #5 (permalink)
south africa
 
 
Posts: 170 since Dec 2018

At the start of 2018 there were 8,335 hedge funds for an accredited investor to pick from. This is 8000 legit structured and capitalized businesses. That doesn't even touch on thousands of the high net worth advisers to pick from.

Outside of friends and family no one is going to give you money that has money.

" I don’t mind making someone else money to limit my risk. "

You don't say?


Last edited by centaurer; May 5th, 2019 at 09:33 AM.
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  #6 (permalink)
Chicago Illinois
 
 
Posts: 18 since Jun 2019
Thanks: 4 given, 6 received

A few ideas(some in which you have already covered)
-platform/software fees
-commission splits
-trading fees
-tick by tick live data feed fees
-ease of funding/withdrawals/deposits & fees
-understand how you will be taxed and/or how this may affect your current taxes
-customer & technical support
-hardware
-internet connection
-mobile access
-time commitments
-spouse/family expectations and agreements
-if you're using someone else's money you know personally, make sure you set expectations and agreements up front

Be thorough and prepared before taking this step. I am sure you know it is basically a self-employed business. Set your structure and goals, reduce your costs as much as possible, don't cut corners, and be profitable. As we all know, if it were easy everyone would be doing it.


Last edited by TickTick; July 7th, 2019 at 03:41 PM.
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