setting up my FX analysis backoffice? Any Ideas?

[forexboy111]

Hello Traders,

Sometimes i feel i am overwealmed with Information and FX charts, and sometimes i dont make the best trading decisions because i dont have enough time to react or dont look at the situation from different angles.

I have this idea from 1 year and the idea is to go to a place like Russia or India where there are hundreds or thousands of very talanted FX traders and where the salaries are like $500-700 and its considered very very good salary, to make a big campaign spend like $10-20k on advertising in local newspapers and make a FX contest and the best 5 people will be hired from my company and work in Moscow office for example!!

Well this sounds like a great idea when you know that for $3-4000 per month you can have 5 very talanted FX traders who can be doing all the research and everything you dont have time to do so fast ( i trade based on 1 or 3 mins charts so sometimes i make 3-10 trades per hour).

BUT THE PROBLEM I HAVE IS .... I DONT KNOW HOW TO STRUCTURE THIS OFFICE AND WHAT THE 5 GUYS SHOULD BE DOING EXACTLY TO HELP ME, SINCE TRADING (SUCCESSFULL TRADING) IS STRICTLY A VERY PERSONAL BUSINESS AND THE TRADER IS USUALLY TRUSTING HIMSELF AND HIS OWN STRATEGY, I WONDER WHAT WILL BE THE BEST WAY TO STRUCTURE THIS BACKOFFICE, WHAT SHOULD I REQUEST FROM THE STAFF AND WHATS THE MOST OPTIMIZED WAY TO GET INFO TO ME IN THE RIGHT MOMENT IN THE RIGHT FORM?

HAS ANYBODY EVER WORKED IN BACKOFFICE LIKE THAT ? CAN YOU SHARE YOUR EXPERIENCE, WHAT IS THE BEST WAY OF COMMUNICATION, WHAT WOULD BE THE BEST SCENARIO, BETWEEN THE TRADER WHO EXECUTES TRADES AND 5 PEOPLE SUPPORT STAFF WHO ARE DOING TECHNICAL ANALYSYS AND TRUSTING THEIR OWN STRATEGY?

IF ANYBODY CAN HELP WITH ADVICE, SUGGESTIONS or REAL EXPERIENCE WILL BE GREAT.

Thanks in advance

Regards,
Steve

[forexboy111]

anybody with any ideas?

[Norman1]

If the traders you hired were proven live performers, why wouldn't you get them to trade for you?

[TRADE]

if you are overwhelmed with information maybe you should look at simplifying your approach, you could simply trade off of a higher time frame giving you that more time you have already identified you require. you are not making trading decisions at this miniscule time frame you are playing with fire in my opinion, open an account with a casino a play roulette, this is what i have understood you to be doing.

your other idea about finding proven successful traders then changing them to trade your way and do the decision making while you trade has gone along the same lines as your first identified problem, proposing an even complicated solutions to an already overcomplicated problem.

just keep it simple, have you tried this yet. trade higher time frames use that extra money as backup to support yourself while you trade. even better protect your investment in this business until you are finally ready to commit it or pull it, dont spend it on wages. running competitions, the marketing and PR you will require is a business venture in and of itself, there are too many things to take into account and go wrong off the bat.

I admire your ambition and enthusiasm and hope for your sake you are not lying to yourself, otherwise only you will unwind your on self doing.

kind regards

[dude836]

Those who are REALLY talented can do well by their own no matter in which country they are living. What makes you think they would trade their talents for marbles? Those days are over wake up or dream on but for your coins you only get wannabes. The nicest thing in fx is that you make your own decisions and if you fail theres no one else to blame but yourself. The only difference between you and them (the really talented ones) is that they have to spend much less to live on the same standard as you do. If you have others to make your analysis what do you do? The final decision? Big deal. Sorry I ddint mean to be offensive but I think its a dead idea and would cost you more than it would ever pay back.

Regards

[MickMason]

Originally Posted by forexboy111

anybody with any ideas?

What a nightmare! 5 traders in the same room arguing about which way is up, jeez, it's bad enough on here let alone having them in the office next door!

If they're "very talanted FX traders" then how about giving them an account each to trade?

[Soul-Trader2004]

you know i love this place. It never ceases to amaze me how naive some threads can be

[MickMason]

Originally Posted by Soul-Trader2004

you know i love this place.

No, really?

Hey, I thought you were on your way to the big apple, was the flight cancelled?