Can we build a better broker?

[Damon]

Cool

I am into metallurgy, Electro chemistry and chemistry myself, I really enjoy precipitation for some reason, and trans mutation... I have not played with that stuff for awhile now, but I still understand and enjoy it

I will PM you. SWEET! Someone I can nerd out with!

[I can't PM you, either I don't have the option to do so or I am retarded, either way can you PM me?]

 

[seravitae]

I'll try PM'ing you now - i think i had this issue before, something about my account type. either way you can try contacting me on sebp (at) tpg (dot) com (dot) au - this works for email, MSN messenger (preferred medium), skype and facebook. I use skype for chat mainly though, can't really make calls in my workplace.

edit: can't seem to send messages either. try my email..

 

[Damon]

BANG! -BOOM! We did something!

This is an old thread now, but I thought it fitting to announce here that I am creating the brokerage of my dreams "Transparent" and "Trader Regulated" as I discussed in earlier posts. It's fitting because thanks to this discussion my partner in the brokerage found me! Thank you FPA !!!

The brokerage is still 6 weeks to two months away from launch but the wheels are turning, legal is drawing up documents and setting up accounts, design crews are working on logos, web guys on -you get the picture. AND I am brain storming like mad man, I have so many ideas to implement! Most of them in this forum

Just a heads up, I will pop on as I know more, I haven't even been trained in the back office systems yet... EXCITING!

Thanks to all that participated in this forum, it's actually going somewhere!

Best,

Damon

 

[Pharaoh]

Good to hear. How are you handling liquidity? A bad LP can wreck an otherwise good broker.

 

[Damon]

We are using Leverate for liquidity, they have excellent spreads on testing them for 150,000 trades. They are are a technology provider and connect us to 70+ big banks.

I was wondering if anyone had ideas for a forex contest. I was thinking that I could invite robot creators and traders to try out for a spot in a managed account that we would feature. It would be a contest not based on suicidal trading but instead lowest drawdown vs steady gain. what would you like to see in this contest? What would bring out the best traders? Do you think this is a good idea at all?

What I want to is take the top guys (not only the number 1 guy) and mix them into an account that investors could invest with. I have never seen this done.

 

[Pharaoh]

F-man is also working on some competition rules. You can see some of the suggestions for that here:

https://www.forexpeacearmy.com/fore...371-exciting-forex-competition-500-prize.html

 

[Damon]

I went there and left a message a couple weeks ago, no ones talking in there. Got the legal done on the brokerage, now for bank accounts and website.

 

[Pharaoh]

Sometimes it's a little hard getting people's attention. If we're lucky, someone will wander in. If not, I'm always happy to administer a solo interrogation.

Tell me a little more about how this is going to work. ECN? STP? Minimum trade size, etc?

 

[Damon]

Hi Pharoah,

It's ECN, NDD so yes STP. I receive my traning to operate the brokerage and set all the appropriate settings in Nov and can give more details then. Minimum trade size is 0.01, minimum deposit to open an account will be $200

Interrogate away.

 

[Pharaoh]

Someday I'll find an ECN broker that can do nanolots. I like to test thins on a very small scale.

Let's me think:

What commission rate do you plan for round trip on 1 lot?

Any statistics on average and max spreads on major pairs?

Any chance of supporting USDCNY or USDCNH? If so, what's the swap rate long and short?

Speaking of swap rates, do you plan to pad those, or will they come straight through from the LP? Note that I don't think adding a little padding to swap rates to benefit a broker is an evil act, except that some brokers seem to take a loan shark attitude. A clear statement like "we adjust all swap rates by 10% in our favor" would be a transparent method of addressing this issue.

You were talking about having this not be registered with any regulators, but there still would need to be a corporate entity somewhere. Any idea what country that will be in?

Will client money be held in segregated accounts?