Trading Arcades have had their day

[mkyfutures]

Spreader01,

Iam near liverpool st. Ive just had a brainwave if all of us exploited traders get into an office together and combine our lots with an FCM then not only will we pay less for platforms but we´ll prob get our commisions down to the same or less than we are currently paying at arcades!!!

Hi gmarx

I really like this idea too as something needs to be done to reduce these ridiculous costs charged by the arcades.
I am willing to move offices and share with other traders using an FCM if there is any interest.

 

[mkyfutures]

Me and a few other colleagues have been thinking about this sort of thing before. I know we can get services offices in South Quay quite cheaply on a per month basis and if there is enough of us it could be very benificial for all concerned.

 

[weakpunter]

Gmarx,Spreader;Mkyfutures

Iam liking the sound of this , sems everyone´s got their thinking caps on
"the disenfranchised arcadites unite" lol

 

[pboyles]

Gmarx,Spreader;Mkyfutures

Iam liking the sound of this , sems everyone´s got their thinking caps on
"the disenfranchised arcadites unite" lol

Just a suggestion but www.regus.com have a lot of serviced offices that you can get without having to sign a long lease. This might be a decent solution at least in the short term. I think they have one place in Canary Wharf.

 

[just21]

Regus are expensive. A group of us are at http://www.easyoffice.co.uk/our-locations/hanover-street-mayfair.html for about half the cost of regus. There are currently two six, an eight and nine person offices available here. The nine could probably accommodate twelve. As a nine it is £60 a week plus vat, plus £5 a month for internet with 19ms ping time to speedtest.net. Rent is payable six months in advance. We operate as a co-op/not for profit.

 

[meanreversion]

Anyone interested, PM me to arrange a time to see the building and office space. It is without doubt the best value you will get for the location .. we have been here 3 months now and have no complaints.

 

[pboyles]

Regus are expensive. A group of us are at http://www.easyoffice.co.uk/our-locations/hanover-street-mayfair.html for about half the cost of regus. There are currently two six, an eight and nine person offices available here. The nine could probably accommodate twelve. As a nine it is £60 a week plus vat, plus £5 a month for internet with 19ms ping time to speedtest.net. Rent is payable six months in advance. We operate as a co-op/not for profit.

...but do they charge extra if you bring a bag with you?

 

[weakpunter]

I can tell you something for nothing,
I think we are onto something with this thread, Id like to see an Arcade
rep challenge us on here,as you can see theyve got no bottle because
they know we are right

 

[Pitscum]

well done all of you working out the con the arcades have had over everyone since the floors shut...complete boiler houses the lot of them (one in particular based around leadenhall mkt springs to mind whose training for the new recruits was a bloke who blew out every single time on the floor...thats right, he never, ever had a home run!) ran by some very insecure not very nice people. i wish you people the best of luck getting something going...

 

[weakpunter]

well done all of you working out the con the arcades have had over everyone since the floors shut...complete boiler houses the lot of them (one in particular based around leadenhall mkt springs to mind whose training for the new recruits was a bloke who blew out every single time on the floor...thats right, he never, ever had a home run!) ran by some very insecure not very nice people. i wish you people the best of luck getting something going...

Pitscum,

Here here mate!! thanks for your comments, your bang on with what your saying and I know the shop your talking about and the bloke in question, total con the whole arcade structure is. Would be lovely if we all did get something going and stuck it up the arcades khyber passes once for all , Cheers again.
Keep putting the word out chaps!!

 

[meanreversion]

Whilst I don't disagree with some of the sentiment here expressed about arcades, surely they also provided enormous benefits, i.e. capital and technology? I spent 6 months as a self-backed trader at an arcade (before moving to significantly cheaper premises in a better part of town), but during that time was working alongside some fairly talented guys who had come up through the graduate scheme. For them, this arcade in question was the path into full time trading..

 

[weakpunter]

Meanreversion,
In the past maybe, yes I have a lot of friends
that still trade at arcades, but the point you are making
could have been applicable in the past, today like Ive mentioned
in previous posts you can get the same bang for your buck at an FCM.
Like Ive said already I wont comprimize anyone, but what would you say
if you knew for a fact like I do.
1. that there are at least 2 individuals who are mangement at the most repectable
arcades who go out of the office and call brokers to put opposing positions
to the guys theyve trained up once they see them all caught the same way,
what would you say to that?

2. What would you say to me and my friends who have blatantly had arcades
try to steal their money from them when theyve tried to leave, drumming up
bogus costings adding on incorrect commission charges etc.

The point Iam making is maybe in the past things were different ,but not today
most of them are struggling and will do their damdest to try and rob you blind
given half the chance. and so my sympathy for them is gone and they are a spent
force and better deals are to be had elsewhere.
I was on the floor in the 90´s and was one of the first to trade electronic at arcades
and know the truth behind what goes on behind the scenes, and it is a murky place nowadays.

 

[Pitscum]

even worse..what is it with this graduate scheme all these places run? i came to the conclusion it's more to do with the insecurity of the people who run the places who just about got past doing o or gcse's (only 2 - 3 max!). i can think of at least one other trading outfit where an ex floor trader (ex big fish too) runs an arcade who defo never saw life after o levels...but that doesn't mean this man can't trader, nope, just can't make money on screens so he runs an arcade...hang on, need to think about that one....

sorry, but the arcades have never represented a decent 'career' move. the lure of being selected for interview and the false belief you were special getting through the process that reflected little more than the maths questions the bosses could never answer has created this shroud of secrecy over an industry that has become more complicated than it really is!

add to the rediculous 'desk' costs that are demanded month on month along with ott round turn rates and is it a wonder why no one makes the cut. and when you do blow out, I strongly suggets NOT putting on your cv where you have been as the big employers will frown upon it (it says all the wrong things about you such as that was the only job you could get)

if i was starting out my trading career all over again, i'd recommend opening up a cfd account/city index/ similar and trade off that. where to get the capital? do as quite a few of us did all those years ago, get it off a credit card. trade small and see if you like doing it.

there are so many sites on the net, eg, this one, to learn the business slowly with guidance that i feel your chances of getting a foothold on understanding trading are better than if you were getting smashed with 2k costs every month in a boiler, sorry, trading arcade.

and if you insist on being in an office,the advent of cheap broadband packages, cqg packages, office space for as little as 2k a month inc rates, the ability to muck in with a few guys and get something going is massively within every person's reach.

and the next time you are called to interview by the demi-gods.....ask what they did in the 'war'...it might surprise you what they didn't.....yellow jacket anyone????????

 

[pboyles]

I dont know what sort of deal you are getting but without even haggling Velocity offer the following for the bund.

min $5000 account size
500 EURO intraday margin
Free CQG trader
Euro 1.76 commission (reduced for higher vol)

Isnt that pretty competitive? I've recently started looking at some of the Eurex futures and was pleasantly surprised.

 

[just21]

I dont know what sort of deal you are getting but without even haggling Velocity offer the following for the bund.

min $5000 account size
500 EURO intraday margin
Free CQG trader
Euro 1.76 commission (reduced for higher vol)

Isnt that pretty competitive? I've recently started looking at some of the Eurex futures and was pleasantly surprised.

Compare with IB

http://interactivebrokers.com/en/p.php?f=commission

 

[pboyles]

min account size $10,000
Bund intraday margin euro 1169
Commissions starting from 2.10 euros RT
free trading platform

 

[just21]

min account size $10,000
Bund intraday margin euro 1169
Commissions starting from 2.10 euros RT
free trading platform

Ib have unbudled rates that go down with higher volume.

 

[barryb]

well done all of you working out the con the arcades have had over everyone since the floors shut...complete boiler houses the lot of them (one in particular based around leadenhall mkt springs to mind whose training for the new recruits was a bloke who blew out every single time on the floor...thats right, he never, ever had a home run!) ran by some very insecure not very nice people. i wish you people the best of luck getting something going...

I know some of them operated as you've described above, however they weren't/aren't all like that. I traded out of a couple myself, and one in particular was run by 2 former successful floor locals, and a very successful screen local, and was a great place to learn from other experienced traders. It's down to the individual to find the right place to go to, so don't cry if you put pen to paper and you haven't done the proper checks on the company before. Also, there's no reason the success rate should be higher in these places than retail trading success rates. It's down to the individual to find what suits them, and then have the confidence to stay on that path.

 

[just21]

The www.easyoffice.co.uk at Hanover Street will be only 50% occupied soon. Has anyone found cheaper office space than this in central London?

 

[Parky]

This is amazing, anyone would think Trader Clearing Alliance, Griffen etc had never happened.
Simple guys you get what you pay for, you want cheap you get rubbish, the trick is the word professional, a professional trading room as opposed to arcades.
Look back at the threads on this very website about TCA, the "knowledgeable" were falling over themselves to say TCA meant the demise of trading rooms, here was a "non profit" making organisation run by traders for traders. Even then those with a few brain cells were saying in your dreams, by default if you are not making money you cannot build up capital and all you can do is increase risk. we were told, Risk? Risk systems negate risk! To those who do not know there backside from there elbow maybe. Sure enough it imploded doing just what everyone said it would have to, use one traders money to support others, no profits, no capital, no company.
The same questions apply, how big is the balance sheet of the company you have your account with? Are they FSA regulated? What Risk do they have on intraday and overnight, if you do not get good answers and you are with them then basically you deserve what you will get.
As for trading from home? Some can do it some cannot, the usual tendency is to overtrade due to boredom or under trade because of distractions, a professional trading room for decent traders is a good tool and let’s face it, if you worry about £ 500 here or there you hardly qualify as a decent trader anyway.
Have professional trading rooms had their day? No ours has filled over the last 18 months with traders from big Banks and Institutions who earn good money and would laugh at the idea and our biggest two competitors have also been seeing large influxes so I would say the market is healthy.