What do you need to do to setup a currency trading firm providing forex products to businesses?

Hi there,

Well first of all I opened up my own firm 2 years ago so I can offer you some incite on this matter. I do everything from stock, bonds, mutual funds, insurance, annuities, wealth management, options, futures etc you get the point.

You are going to need several things.

1.) clients,
2.) e/o insurance
3.) you need to produce at least 200k in gross commission to even be looked at if your opening up a firm.
4) compliance officer
5) clearing company to clear you trades.
6) series 7 license (allows you to trade equities)
7) series 63 license ( allows you to practice in your state)
futures license
9) Insurance License
10) series 66 or 65 license allows you to charge for your advise and time.
11) and you need experience.

Those are just a few things you need along with marketing etc.

I got to run I saw your post and thought I would give you a little info.

I am interested in trading currency. I attended a Premiere Trade work shop and know that there are much better, less expensive, systems out there. I also know that there is no such thing as "get rich quick" but i understand that you have to spend money to make money. Please give me a realistic answer.

I wish you would email me and tell me of the systems you've found that are better than PremiereTrade (PT).

But then, I'm not sure what you mean by "better." I've seen quite a few with more indicators and others with better trading platforms, but there are many things the outsider doesn't see.

They give you direct access to their traders, via phone, via the Message Board, and via a Live Commentary. They not only keep you well informed of what's going on and what's moving the markets and which pairs are doing what, they have 6 hrs a day of classes, help shops, commentaries, and a slew of worksheets, data sheets, trading systems, etc., it's endless.

The Green Light, Red Light thing is fairly simplified so almost anyone can trade it, but they are adding stuff all the time, and you can almost get as complex as other systems now. But I'm a nuts and bolts kinda guy, and I like to use lots of technical stuff, so I have a backup system to trade currency futures, and a very powerful charting package and trading platform called RealTick, from TerraNovaOnline. I can trade Forex spot or futures through them. It's always a good idea to have a backup datafeed and trade desk anyway.

I've been trading stock index futures for 17 years, and I write my own systems and indicators, but I'm real surprised how well the signals work in PT. Green Light/Red Light, yeah it's simple, but it works.

Hi guys i wanna ask ur advices.I wanna choose trading(Options,Forex,Stocks) as my full time profession and ofcourse am doing lots of research on trading and learing the tricks but i haven't started trading coz am learning the basics still.

I will start with less amount till i understand the Markets and trading technique's and i want to go on further by saving some amount and trading the other amount? I am ready to take down the risks also coz there is nothing in the world which is gained with out pain,am i rite?

Actually i wanna be entrepreneur in future and am not born wealthy,to become wealthy and get money to establish my dreams i think i am decided the right path.

Please feel free to judge what ever the way u think…Thanq So much for ur time and advice.

From your post, it sounds like you might be under estimating what is involved. I don't know anyone who starts with Forex, Options and Stocks. They are each different, requiring different skills sets and knowledge.

My suggestion would be to start with stocks. Forex is "sexy" and you'll hear a lot about 24 hour markets, etc. It's tough place to make money, though. Much of what you learn from trading stocks will apply to Forex.

Options are complex and will require a good deal of time and effort to understand. I trade options routinely, and can tell you that I lost money consistently when I first started with them. It was not until I had a solid understand of what options were, how they worked, and how to manage them that I was able to pare my losses and get profitable.

Now, if you want to trade full-time you will need sufficient capital for trading. You will experience losses, so you need enough money to cover expected draw downs and still leave you adequately capitalized to continue trading unimpeded. The net between your profits and losses need to be sufficient to pay your overhead and living expenses, plus grow your account.

I was also confused by your post because you opened by saying that you want to choose trading as your profession. You later tell us that you actually want to be an entrepreneur. Which is it? Full time trader or entrepreneur?

I suppose you can be both, but if you do honestly want to trade full-time you really need to dedicate yourself to it. It's sort of like someone saying "I want to be a full-time surgeon, but I actually want to be an entrepreneur…" You're going to spend a lot of time in school and training to be a surgeon. The same is true with trading, except your "school" will be less formal. Nonetheless, you have a great deal to learn and you will struggle in the market until you do learn the important lessons. If you are only partially committed, you would be better off doing something else and save yourself the frustration.

Trading can be a fantastic skill once properly developed. Take the time to learn the fundamentals properly, focus on one market for starters, and keep an eye on your risk.

Good luck!

There is no low risk way to DAY TRADE!

Some people don't know what a "trading platform" is, and offer a broker. Others think they know better than you what you should do. Here is the best trading platform for the buck. Here is the best bang for the buck, and a darn good broker too.

Whether you want to trade stocks, commodities, futures, options, forex or all of these, TerraNova is the only one that you can trade everything, real time, online, direct access. A lot of online brokerages claim to give you direct access, but if they take more than a second to execute your trade, it aint direct.

Find the articles online that have evaluated and compared online brokerages. I found a good one online in Barron's, but you'll find others in the trading magazines.

This is worth putting a little time and effort into, because it's a pain to switch, so once you choose, you're kinda stuck with it.

Townsend Electronics, the Parent company of TerraNova, is the one that digitized and electronified the Nasdaq. They are technological industry leaders and have a powerful and well built trading system.

I use RealTick at TerraNovaOnline, but it costs $275/mo. I think the Investor package is free to use, and just uses one screen.

What you should try is a free trial of their Investor platform. You only get one window to trade from. Their rates are good also, but of course, it depends on how often you trade. It will take you months to learn all the bells and whistles of what this program can do.

The other top-of-the line program is TradeStation, but it costs big bucks to join and operate. Some people consider it the Cadillac of trading and technical analysis.

TerraNova is the home of the Day Trader, so they think nothing of you making several hundred trades a day. You don't have to do that, but it's okay here if you do.

hi, can anyone tell from where i can download forex and treasury banking related technical documents or books…

it is very important to me pl give some solution.don't give solutions like search in google or yahoo…coz i have tried all those and fed up with search engines…

Bsmtprediction provides Forex Traders with FREE access to daily AUD/USD, EUR/GBP, GBP/USD, EUR/USD, NZD/USD, USD/CAD, USD/CHF & USD/JPY forecasts through this website. At Any Time / Any Day (we'll straight away post the signals here in real-time if there's any triggered) 1 hour, 4 hours & daily forecasts are published on this site. The predictions are good from the moment they are published until either it reached the take profit target, hitted the stop loss or another new prediction of the same currency & timeframe unveils on the same / following day. Essentially, the prices shown are for an unknown period.. That's why we encourage you to subscribe our FREE Google Groups newsletter to get the latest signal updates sent to your e-mail from the very 1st minute it was published..

What is automated forex, and can it produce even better returns than a person trading?

http://www.ez2fx.com/automated-forex-trends.html

Thanks in advance

I don't know about others but I find it hard to totally let some forex trading software do all the trading for me on autopilot.

What I prefer is to use them to generate signals for me and I decide on the actual trades.

That's why I prefer to use Forex Killer instead of Forex Autopilot. I have made some money from this way of trading using Forex Killer just as an aid.

I don't think I'll go for full forex autopilot. Maybe the software can make more money but I'm still uneasy.

Hi

I have been testing out the Ninja Trader platform for Indices, forex eminis and futures, it seems fast and I like the on chart trading and audible trade alerts features, Has anyone had any problems using Ninja trader and hoe do you rate it, are there better platforms out there?

Thanks

I was at the first webinar today on the ATM feature. It looks great! I’ll be using it for equities and perhaps FX with IB. ThinkOrSwim is my favorite broker… but for day trading Ninja/IB combo seems hard to beat.

There is of course RealTick…… this seems to be the category superstar. But the fees are much higher than NT. Brian Shannon of AlphaTrends swears by it. But…. for me NT seems to have what I need now….. I love the “break-even” stop feature, where it will continue to increase the stop to protect your profits (this is 1000 times better than a trailing stop)……………………..

I’m sending you an email…… since we’re both on the same search… maybe we can assist each other.

Real people, lets talk business.

Real prices > mrsolo_88@yahoo.com

Yes, they are frauds who behave fraudulently. I m totally broke now after bad experiences with them. Thanks for the 'real price', i m going to get you soon.