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Starting an investment business - Page 9

post #121 of 273
1/4/12 at 9:51am
Quote:
Originally Posted by NameBack View Post

We've been trading for 5 weeks, simulating for 10, but I think most of it is on the strength of our backtesting. And we're vary wary of getting shafted, yeah.

Good just make sure your protected; If you guys succeed that'd be great.
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post #122 of 273
1/4/12 at 11:05am
Quote:
Originally Posted by SVS View Post

Question number one for any startup is "how is am I going to get paid to do this?"

If you are asking it like that...you are doomed from the beginning.lol8[1].gif
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post #123 of 273
1/9/12 at 9:47pm
Thread Starter 
Alright everyone -- cross your fingers for us! We go in tomorrow for a meeting with a multinational insurance company's financial advisory division about possibly setting up an RIA under their umbrella and getting our hands on a respectable amount of money to manage. It also looks like a hedge fund in Texas may again be interested in us for a prop trading account with them, and should hopefully be getting in touch with us soon!

Still up about 11% on a 9 position streak -- we're slightly down on our current position (long SPY @ 128.22) with one more day before the cutoff, so hopefully there'll be a rally tomorrow! S&P futures are looking good but this far out from the morning they're often unreliable so...gulp! I have a bad feeling this might be the one that breaks our streak but only time will tell.
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post #124 of 273
1/9/12 at 10:09pm
good luck
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post #125 of 273
1/9/12 at 10:35pm
Quote:
Originally Posted by CYstyle View Post

Good just make sure your protected; If you guys succeed that'd be great.

+1. I dont get the hate for Nameback.
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post #126 of 273
1/10/12 at 1:01am
Quote:
Originally Posted by redcaimen View Post

+1. I dont get the hate for Nameback.

yeah, can't hate someone for trying to do well. spy should be up tomorrow
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post #127 of 273
1/10/12 at 5:21am
Thread Starter 
Thanks for the well wishes guys;

and I don't think anyone hates on me here exactly -- just a lot of people are very skeptical, and there's nothing wrong with that. Always good and healthy to be skeptical when it comes to trading and trading strategies.

Looks like it might just be a good day after all. This is why I don't trade except on my algo -- my gut is rarely right.
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post #128 of 273
1/10/12 at 11:57am
He was pretty lame in CE, but I enjoy this thread and wish him nothing but the best in this or any endeavor that will keep him out of politics smile.gif
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post #129 of 273
1/10/12 at 12:24pm
Quote:
Originally Posted by mordecai View Post

He was pretty lame in CE, but I enjoy this thread and wish him nothing but the best in this or any endeavor that will keep him out of politics smile.gif

Yeah, his politics are execrable, but beside the point. He is going for it and thats what young people should be doing with themselves. He will learn more useful things in a year than most timid sheep will learn during their entire undergraduate and MBA programs combined. I wouldnt be an investor but the kind of guy who would take pleasure in seeing him fail is an asshole, pure and simple.
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post #130 of 273
1/10/12 at 12:54pm
What if he tried to go for it by selling or investing in contemporary art?
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post #131 of 273
1/10/12 at 3:01pm
Thread Starter 
Well, MetLife meeting was a disappointment. We had been led to believe that they were interested in setting us up with an RIA under their umbrella and basically helping us fill it with clients -- instead they pretty much just offered us entry-level money manager jobs. Could be a good way to build up experience and in a couple years could start paying solid (but not extravagant) salary, but it's definitely not an offer to fund the algorithm; it's a job offer, and not necessarily a super appealing one.

Worth keeping on the table, but still short of the ideal scenario, which would be something like prop trading for a hedge fund.
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post #132 of 273
1/10/12 at 3:31pm
I mean this in the nicest way, dude. Nobody is going to offer you a trading job without any experience, any education and a few weeks with an algorithm. That isn't me being a dick, or cutting you down, there are just too many people with experience and track records who have proved that they can stick with it when shit goes bad, and that they can work their asses off. Take the job at Met Life, have a beer, grab a great dinner and celebrate. It is honestly an almost incredible accomplishment to get an offer given what you would present in a traditional resume. If you are good, you can make it up quickly once you start. Nobody starts at the top etc.
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post #133 of 273
1/10/12 at 3:44pm
Thread Starter 
Quote:
Originally Posted by iammatt View Post

I mean this in the nicest way, dude. Nobody is going to offer you a trading job without any experience, any education and a few weeks with an algorithm. That isn't me being a dick, or cutting you down, there are just too many people with experience and track records who have proved that they can stick with it when shit goes bad, and that they can work their asses off. Take the job at Met Life, have a beer, grab a great dinner and celebrate. It is honestly an almost incredible accomplishment to get an offer given what you would present in a traditional resume. If you are good, you can make it up quickly once you start. Nobody starts at the top etc.

Yeah, I am wondering if this is the right take on the situation, or if it really is possible to do better out the gate. We keep getting tantalized with offers of something bigger but which so far have yet to materialize. Do I hold out for the ideal, or do I take the MetLife offer and work my way up a more traditional path, and appreciate it for what it is?

And, in fairness, I was mainly disappointed because we had sort of been led to believe that they were going to offer us more than they did. They pumped up our expectations a bit unfairly, I think, ahead of the meeting. But it is important to re-adjust your relative expectations to be able to measure the opportunity from an absolute frame of reference, which is obviously more in line with what you're saying, so I see where you're coming from, and I think you may very well be right. I'm just trying to adjust my frame of reference and be objective, which is a little hard right now given that I was expecting more from this meeting.
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post #134 of 273
1/10/12 at 3:58pm
Quote:
Originally Posted by NameBack View Post

Yeah, I am wondering if this is the right take on the situation, or if it really is possible to do better out the gate. We keep getting tantalized with offers of something bigger but which so far have yet to materialize. Do I hold out for the ideal, or do I take the MetLife offer and work my way up a more traditional path, and appreciate it for what it is?
And, in fairness, I was mainly disappointed because we had sort of been led to believe that they were going to offer us more than they did. They pumped up our expectations a bit unfairly, I think, ahead of the meeting. But it is important to re-adjust your relative expectations to be able to measure the opportunity from an absolute frame of reference, which is obviously more in line with what you're saying, so I see where you're coming from, and I think you may very well be right. I'm just trying to adjust my frame of reference and be objective, which is a little hard right now given that I was expecting more from this meeting.

You can find prop trading firms elsewhere, their cut into your profits is pretty high too. Plus they won't let you hold overnight, like you do for some positions. It might be better to get a job, you + your partner save all your paychecks and trade with that. I mean even if the first you you scrape together 30k you can leverage that out to like 120k with any retail broker, if you trust your algorithm to produce results you'll be able to create a small fund without all the hassle. With your results and the network you build with metlife and your clients you can always spin-off and start a fund in a few years.
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post #135 of 273
1/10/12 at 9:30pm
Thread Starter 
Quote:
Originally Posted by CYstyle View Post

You can find prop trading firms elsewhere, their cut into your profits is pretty high too. Plus they won't let you hold overnight, like you do for some positions. It might be better to get a job, you + your partner save all your paychecks and trade with that. I mean even if the first you you scrape together 30k you can leverage that out to like 120k with any retail broker, if you trust your algorithm to produce results you'll be able to create a small fund without all the hassle. With your results and the network you build with metlife and your clients you can always spin-off and start a fund in a few years.

Yeah, that would be the basic idea.

I'm a little concerned also though that I wouldn't be that good at it, since such a large part of it would be the client development side. I'm an analysis guy, not a sales guy. It's not a skillset I'm super comfortable with. Although I suppose best way to learn is by doing.
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