I want to become a forex broker.

[ChaseVarnado]

Can anyone point me in the right direction.

I want to put out all the stop hunting brokers and become the #1 broker. I gone through it all with forex and how brokers work. I will be different. It's not about money for me. Its about us traders.

 

[Magos]

nice dream, are you ready to do the sacrifices.
the reality is really different

 

[options]

I would love own a brokerage. Never looked into it. But most probably would need a few million laying around to start off with.

I see it as one of the top growth industries to be in at any time, let alone in a recession when historically Casino's and betting firms prosper. (Always the chancer and the chaser around).

Leaving any other type of brokerage out of this for the time being. You say you have gone through forex and how brokers work. You manage to set up your own brokerage, and are getting prices feeds through from 4 or 5 central banks and offering prices to your clients.

On company policy there is no dealer intervention, no re quotes, hanging prices, outages of any kind, and dealers are under a very real threat of death by paper cut if they manipulate any prices by manual or physical intervention for any reason whatsoever. (Sorry Sorros. No trade for you today son).

You will still make money. Loads of it.

You will still get stop hunting. You cannot control it.
It is outside of your control. Everything is just too big to be controlled in that way.

There are some bank traders on here and big players, institutional or otherwise. Would love to hear their views and to be told my view is wrong.

It's not about the money?
It's always about the money.

What you would like to do is highly commendable. If you ever get it off the ground, let me know. I would either love to work with you or trade with your company.

Just googled this. Don't know if it's any help. Haven't looked at it.
Learn How To Become Forex Broker Interrelated Roadmap

 

[options]

Apologies for that link. I have just read it and it's a pile of sh*te.

Just another load of cut/paste, write rubbish but click on my links and sign up 'cause I'm really pushing them and get peanuts from 'em.

I'll leave link there though 'cause it'll provide a few minutes fun.

 

[Magos]

Apologies for that link. I have just read it and it's a pile of sh*te.

Just another load of cut/paste, write rubbish but click on my links and sign up 'cause I'm really pushing them and get peanuts from 'em.

I'll leave link there though 'cause it'll provide a few minutes fun.

I liked it, it was a nice quote

People are always concerned with what they want in life.

They are not willing to do the research or the sacrifices to get there.

Working as a broker for instance in an investment bank, you must have the good grades, the relevant degree, the good CV/ covering letter, be able to pass the assessment center and finally succeed in the final interview.

Can you imagine what 2009 will bring!?

For sure competition will be higher since UK is going to recession.

That means that banks/companies will fire more and more people, and will not give a lot of opportunities to newcomers.

If you want to work in an average brokerage is another story. Not my kind of tea.

Please consider all the above.

 

[jeffreyc01]

i thought of this idea too before but i dont have that much money like 20m to register in CFTC-NFA, also if u want to be #1 broker in usa u must be better than hotspot, or u must have the following Customer Disclosure:
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, [MEMBER] DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT.
or u must have the following characteristics: (1) when a retail customer enters an order on the FDM's platform, the FDM automatically (without human intervention and without exception) enters into the same transaction with another counterparty, creating an offsetting position in its own name; (2) the FDM confirms to the retail customer the price at which the order has been executed, which is the same price at which the FDM entered into the offsetting position; (3) the FDM does not profit from any resulting market movement as its offsetting transaction will result in the same profit or loss as the retail customer's transaction; and (4) the FDM's sole manner of compensation is a commission charge on each trade.
National Futures Association | News Center

Can anyone point me in the right direction.

I want to put out all the stop hunting brokers and become the #1 broker. I gone through it all with forex and how brokers work. I will be different. It's not about money for me. Its about us traders.

 

[Magos]

hope to see you soon in 30 under 30 Mr. chasevarnado (number 1)

also a last comment, try join the Goldman’s graduate program, they tend to train the number 1’s

 

[chilltrader]

hey jeff... why are you touting hotspot all over these boards?

please tell us you are not an employee of them?

i thought of this idea too before but i dont have that much money like 20m to register in CFTC-NFA, also if u want to be #1 broker in usa u must be better than hotspot, or u must have the following Customer Disclosure:
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, [MEMBER] DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT.
or u must have the following characteristics: (1) when a retail customer enters an order on the FDM's platform, the FDM automatically (without human intervention and without exception) enters into the same transaction with another counterparty, creating an offsetting position in its own name; (2) the FDM confirms to the retail customer the price at which the order has been executed, which is the same price at which the FDM entered into the offsetting position; (3) the FDM does not profit from any resulting market movement as its offsetting transaction will result in the same profit or loss as the retail customer's transaction; and (4) the FDM's sole manner of compensation is a commission charge on each trade.
National Futures Association | News Center

 

[jeffreyc01]

of course i am not, also if u read my other post carefully u should know my start point is from NFA's stuff and then after a long hard way to find the only FDMA in usa rite now--hotspot,even though it is not the perfect one,like it doesnt have the trailing stop function.

 

[Magos]

I believe you

I am also playing the lottery every week (20m to register in CFTC-NFA)

 

[TakeYourProfits]

Can anyone point me in the right direction.

I want to put out all the stop hunting brokers and become the #1 broker. I gone through it all with forex and how brokers work. I will be different. It's not about money for me. Its about us traders.

look up a company call boston technologies. they have a turn key package where they provide everything from regulation, liquidity providers, and prime brokerage services to inculde front end and back end software.

depending on the country you decide to regulate with will depend on the type of customer you can market to.

the cost will range anywhere from $50,000 (approx) if you decide to register in a no name country like Senegal, for example... to approximately $20,000,000 for the USA...

i looked into it and it is a very feasible business model with lots of money to be made....

check it out let me know what you think

 

[Jamesjohn]

There is also place for individual brokers in Forex trading. you can also become but you should read all the terms and condition in the National Future Association's sites or Financial Services Authority.