setting up my FX analysis backoffice? Any Ideas?

[Soul-Trader2004]

been and back now Mick pete eric joe steve arthur

had a good time tho

[MickMason]

ok bert fred jim tim tom

By the way, what's with all the snowflakes?

[Soul-Trader2004]

fecked if i know lol

[mart_hart]

Snowflakes ??

Is that what the little red X's are I have floating on my screen



Mart

[MickMason]

Originally Posted by mart_hart

Snowflakes ??

Is that what the little red X's are I have floating on my screen



Mart

Yup, that's the ones, they're supposed to look like this.....

[Atomised]

Originally Posted by MickMason

Yup, that's the ones, they're supposed to look like this.....

Sorry folks it's actually the highly contagious "snowflake virus", surely you've heard about it on the news ?

http://www.strategybuilderfx.com/sho...d=1#post176216

[MickMason]

Originally Posted by Atomised

Sorry folks it's actually the highly contagious "snowflake virus", surely you've heard about it on the news ?

http://www.strategybuilderfx.com/sho...d=1#post176216

Oh well then, no wonder I'm sneezing and coughing! Better get me thermal underwear out when I come here

[mishak]

Originally Posted by 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

Hello Steve
To give you a short answer:
- you do not need backoffice if they all are trading for you - you are the single client, not much paperwork
- if traders are supposed to trade intraday, then everyone is on his own, they may have discussions about "today's direction" but then everyone makes his own decisions to open and close
- they may trade differency ccy pairs
- the major decision is risk/money management. every trader MUST have his daily-monthly loss limit and stay out of trading after reaching it.
- you need someone fulltime to monitor the whole position of the shop in real-time. every deal must hit the Risk Control computer etc...
- daily/weekly performance analysis with reasoning, monthly capital reallocation between traders.

- fetch winners of a trading contest is a nice idea, but past results do not guarantee future ... you know