Can we build a better broker?

[Damon]

Support

My model for support goes like this.

Automate as much as possible (faqs, videos, APIs, submittable forms), hire from Odesk, Vworker, etc. non technical assistants. They will receive the non technical training that I receive from BT, links will be available for trading strategies and proper training for the newbies.

This way the team is easily scalable and affordable.

I will also need staff to invite managers that are good from other brokerages, I have many that I will bring in right away but I want to have THE BEST selection of managers at my brokerage, but again all hired help will be easily scalable, this help will be on commission basis.

In the beginning I have 4 people who will help me get things off the ground, they are 100% behind this brokerage and willing to work for naught in the beginning (like me), I am confident I will be able to expand with out to much much growing pains, although not to expect any would be naive. The whole time I plan to keep in touch with the people actually using the brokerage to make sure I stay on top of anything the brokerage might be lacking.

If you like you can invite a broker rep, but I have been to a few brokerages now and questioned the live help myself Because I am thorough that way and would rather hear it from the horses mouth There are different classes of help and the hardest help to get is the highly technical and trained, BT provides that. I think my plan/model for hand holding help is not only smart but a proven method in my talks with other brokerage help.

Please let me know if you disagree or you think this model has any holes.

Thanks guys!

Damon

 

[Pharaoh]

Would support be 24x5.5?

Imagine if a client had large positions that he was about to close when his internet connection fails. The fastest, easiest thing to do would be to call the broker and close the orders by phone. A lot of people wouldn't open an account with a brokerage where this isn't an option.

 

[Damon]

Support 2.0

Yes, non tech support would actually be 24/7 as weekends is a good time to be around when newbies are looking into the brokerage or getting to know the back office.

Tech will be available from market open to close every week. Call in trading will be available, from what I understand my tech trained staff will handle this. I will double check this with Ian, but I have never opened an account that I did need to to supply a telephone password. I am fairly sure is part of standard setup. But I will check and make sure.

I knew you could find a hole

Damon

 

[Pharaoh]

Now that you're looking into hiring some staff instead of handling this with just yourself, it would be a good idea to prepare a business plan of some sort if you don't already have one.

You need to figure out how you'll pay those staff while the brokerage is ramping up. Consider that it could take several months or more before there is any significant amount of money being made. One of the biggest killers of new businesses is insufficient startup capital.

Have you given any thought to how client money will be handled? Having client money segregated from operating funds is the best choice.

 

[Antny]

You have my vote!

Sure, I can use all the help I can get.

I'll PM you. (Or I won't, it seems I can't contact you, you have no contact data)

BT comes with quite a list of symbols including CFDs and major indexes of world markets, each EXTRA one I want after that costs $, So I will only offer BT stock symbols at first, but it is high on my list of things to build out.

As for regulations, I am still researching this, my problem with getting regulated has to with the trend of regulators, the trend is to (albeit eventually) agree with CFTC. So I find a regulator I like and then it decides to agree with CFTC, which I disagree with.

You must understand they are doing these regulations to stop people from piling out of the stock market which is chalk a block with toxic debt, if the US lost it's dumb money (mutual funds, 401k) that is propping up the market it will go bust. It will go bust anyway as the fiat currency always does (check history). But they are trying to stop it happening by keeping markets propped up and deflating the currencies at a mad rate, this only creates the cycle of boom and bust again, it does not solve the problem.

I am trying to create a user regulated brokerage. I find this an advantage because I can confront regulating a brokerage, people who need someone else to blame may not like this. My brokerage will be transparent and I will be known to any users of the brokerage as the owner, I will not hide behind any corporate shielding. I will keep in communication with my clients. You will know of my triumphs and travails, if I **** you or any other client, you will know the name of the head you can put a price on. You see I think the regulators (CFTC, FSA) are as bad as the guys they protect you against. How do we lose them without being eaten by sharks? We become the regulator for our own brokerage. That is the only answer to me. That is why I am creating this brokerage. That is why this thread is here in the first place. I need to have a transparent, real time, 3rd party audit of the brokerage that I can broadcast for usres, that or go with one of the regulators that I agree with and hope to god they do not tighten their grip, that is what I am looking into.

I understand that you run away from non-regulated brokers, most do. But would you run from a brokerage that you regulated?

I am glad someone is setting up a brokerage to take a serious stand against the CFTC. Too much government regulation is ALWAYS a bad thing. History proves me correct.

I am in complete agreement that the prevailing trend of the regulators is to eventually make it so that the FX market is untradeable by the little guys. I personally see it as a controlling factor. Too many "poor" people are able to make a seriously good income trading forex. That takes away their ability to control us by allowing us the ability and the freedom to become wealthy. And who will they have control over, or have to compete with, if the lower class of people are suddenly able to bring themselves up to equals with the rich....without the help of the rich?

Forex has been allowing people to break the economic slavery bonds forced on them. They are fighting to eliminate that problem. Your idea for this brokerage is the best idea I have heard in forex to date. A lack of a regulating government body will insulate you from this "rich vs poor" war in the political world. Regulation by the traders is definitely the way to go.

You have my support.

 

[Damon]

Side tracked

Hi guys,

I have not updated in awhile, so here is what s happening:

I got side tracked into looking at white label and talking to brokers that had started up through BT. I really like the white label aspect in that they handle even more of the day to day operations. But alas it seems I would be under which ever regulations the main broker is under, this is something I cannot accept.

I am having a hell of a time with the financing. I had it all lined up I thought but then I opened my big mouth about some cash flow deals I had found in Florida, my investor likes these deals much more, instant cash flow, and much easier for him to understand, so he has backed out of the forex brokerage. The other thing I wanted to do was make the money myself in the Forex, but trading has been super slow for me, I have made mostly a few scalps and zero trades, and I am trading smaller with the looming Fundamental insecurity which has translated to choppy and tight ranged instability in the market. Mostly I am sitting on my hands.

But I think FPAs work here is done, I have discovered I am not the only one who thinks this idea is good. And I now know that I am officially not a criminal Thank you guys for all your help. I will let you know when I have the financing. As for anything else being nailed down I think that will best be done by me and the traders in the brokerage instead of getting into more "theoretical"s in the forum here, that's how a lean start up is supposed to be played anyway..

Antny: Thanks man! Glad to hear I struck a chord

Best,

Damon

 

[Dispicable]

Well just CRAP!!!!!!!

I new it just HAD to be too good to be true. I"M TICKED OFF!!!!!!!
Everything said by ANTY and Damon echoes my knowledge/thoughts exactly!!! So bottom line is ~ a broker like this that is unregulated so I can trade the way I want to (PROFTABLY!!!!!!!!!) just "cannot" happen.One way or another- it just wont happen. Bummer.
I will also say that up until the "no go" this was the best thread I have ever seen on FPA. I know just by the comments posted that I was reading posts of traders that trade profitably all the time,and I was just amazed. I wish I was as intellegent as you guys appear to me.Dang. I'ld be a millionaire in 5 minutes.As is ,I do turn a very suprizing profit,and have been doing so for years,but the vastness of knowledge here blows me away.Very cool.I feel blessed to have access to this site.Just awesome.
Again I say "Thankyou for ALL that you guys do" your helping all us little guys and were glad!
Also,have the rest of you guys been setting on your hands too??? Guess it proves how dumb I am for being exposed,but I've been cleaning house lately.just wish I had not been trying out automated trading because that cost me a lot of profit.Only one product out of all that I have tried is actually good.Slow but good.(see other threads)But still done real well lately.Weigh in guys!!

Hi guys,

I have not updated in awhile, so here is what s happening:

I got side tracked into looking at white label and talking to brokers that had started up through BT. I really like the white label aspect in that they handle even more of the day to day operations. But alas it seems I would be under which ever regulations the main broker is under, this is something I cannot accept.

I am having a hell of a time with the financing. I had it all lined up I thought but then I opened my big mouth about some cash flow deals I had found in Florida, my investor likes these deals much more, instant cash flow, and much easier for him to understand, so he has backed out of the forex brokerage. The other thing I wanted to do was make the money myself in the Forex, but trading has been super slow for me, I have made mostly a few scalps and zero trades, and I am trading smaller with the looming Fundamental insecurity which has translated to choppy and tight ranged instability in the market. Mostly I am sitting on my hands.

But I think FPAs work here is done, I have discovered I am not the only one who thinks this idea is good. And I now know that I am officially not a criminal Thank you guys for all your help. I will let you know when I have the financing. As for anything else being nailed down I think that will best be done by me and the traders in the brokerage instead of getting into more "theoretical"s in the forum here, that's how a lean start up is supposed to be played anyway..

Antny: Thanks man! Glad to hear I struck a chord

Best,

Damon

 

[Damon]

Goo?

Dispicable: (Despicable is how you spell that.)

Are you spamming??

Well disguised.. I guess, but if you had properly read my post you would see that things are going ahead, just has not "happened" yet.

This has been a successful thread.

Your spam is unsuccessful.

 

[fxFatCat]

Financing?

Hi Damon

Just out of interest, what type of funding are we talking about here?

Cheers
Wayne

 

[nafre]

ufxbank

ufxbank is a good broker and it has very good facilities that able you from doing many kind of transactions