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Thread: Starting from nothing...

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  1. #1
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    Starting from nothing...

    So, let's say that we'd like to start trading, everyone knows that you should only risk money that you can 'afford' to lose. For many of us, that is easier said than done, especially when others (i.e. family) are directly impacted by trading with the mortgage payments or weekly supermarket budget.

    In this situation, how can we raise say an additional £500+ to put into a live trading account. Lets add a few conditions to this financing, we want it relatively quickly and earned with minimal expended effort, otherwise we might not be too keen to watch it evaporate in a longer than planned for drawdown. Furthermore, anticipate that we'll have to give around half of this cash to the taxman too... so whatever remains is going to feel pretty difficult to part with especially if obtaining it was particularly challenging or time-consuming in the first place. Apart from that, we have a computer and a couple of hours free most evenings...

    Ok, so with the landscape sketched out what ideas are there for raising a small bit of toy capital?

    Dr T

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    Administrator Jim's Avatar
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    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  3. #3
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    Quote Originally Posted by Jim View Post
    Thanks for the link, please feel free to move this discussion if you feel that would be more appropriate.

    After thinking about the question of how to get some seed capital, I thought that I'd give ebay a go! So, I looked through my 'stuff' and found some car parts for a car that I no longer own (a hub assembly and track rod end if anyone's interested). Anyway, I've listed them and now I can sit and wait to see if anyone bites. These don't necessarily seem like items that many people will be desperate to get their hands on, especially just before Christmas when it is cold and wet. Furthermore, they are unlikely to collect a combined sum of over £30. Nevertheless, I figure that you've got to start somewhere. I'll look through the loft over the weekend to see what other treasures I can find. Failing that, I'll wait until after Christmas...

    Happy Christmas,

    Dr T

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    Administrator Jim's Avatar
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    And a prosperous New Year to you, and all the Trading Gurus Community!

    How's your trading "pot" looking at the moment?

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

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    Hmm, well I made £1 on ebay by selling a track-rod arm. My loft didn't turn up any buried treasure either...

    Now that we're firmly into the new year, I'm planning to seriously build up my trading pot.

    Cheers,
    Dr T

  6. #6
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    Ok, courtesy of zero insertion fees last weekend, I've re-listed another car part on ebay, and it's already reached the reserve price. My trading account looks set to reach the dizzy heights of £16! I've got a few other bits listed, but no bids yet. Still, a few days to go until the auctions close.

    Cheers,

    Dr T

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    Just browsing through the forum over on babypips and came across this one. OK, so this person is starting from $5k rather than nothing... but compared to the stated $1m goal, I think it still fits here.

    Since, this journey has just begun, we can follow from the start over at myfxbook.

    Not sure what to make of it, but I'll keep an eye on the equity curve.

    Cheers,

    Dr T

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    With that in mind, I've been considering how small a deposit is required to fund a live account. A quick google indicates that Oanda might be a good place to start, especially since they seem to offer small lot sizes... or possibly arbitrary lot sizes.

    So... does that mean that we can set a 'trading gurus' £10 - £1m challenge? (OK, we'd need to specify a time-span here... any thoughts?). Regardless, turning £10-£1m by trading FX would seem to me a pretty impressive achievement... or daunting task, depending on your view of things.

    Cheers,

    Dr T

  9. #9
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    I've not updated this for a while, so I thought that I'd post an update! This thread started by asking how an individual could start trading from nothing. Well, I searched my loft and sold a few things on ebay, thus raising just shy of £200 for trading. Then I noticed that Dukascopy will allow their EU clients to open an FX trading account with just USD100. Well I've been playing with dukascopy data for some time now and I have my eclipse IDE setup to connect to the dukas demo servers via their jForex API. Although not a Java junkie, I like the fact that I can code, debug and backtest from an IDE of my choice on any OS of my choice (linux at the moment). Yes I can run MT4 on Linux under WINE, but it is still painful to debug and I haven't found a way to successfully call custom dlls when not in windows. Using Java overcomes these issues, plus, I should be able to turn my humble rasberry pi into currency trader! In addition to this, dukas spreads look attractive too! So, on this basis, I opened an account...

    A note on dukas spreads... their EURUSD spread looks good, consistently advertised below 1 pip. However, in the backtest data I've rarely/never seen this. Also, commissions hit you with around 0.6 pips per trade. Furthermore, dukas charge 2.3% on debit card transfers (plus my bank wants to charge me too) and I'm pretty sure they'll be asking for a fee to give my money back. So, i'm going to need to be rather successful in my trading to recoup these costs. With this in mind, spreads on cable and other majors don't look terribly attractive over UK based spread betting brokers such as GKFX. I might give them a try next when I raise a little more capital.

    But for now, I'm off to the swiss FX marketplace to buy some currency!

    Cheers,
    Pete

  10. #10
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    Quote Originally Posted by Dr_T View Post
    With this in mind, spreads on cable and other majors don't look terribly attractive over UK based spread betting brokers such as GKFX. I might give them a try next when I raise a little more capital.
    Note that MetaQuotes are planning on introducing "object oriented MQL4" in the not too distant future. Might make switching between Dukascopy/Java and GKFX/C++ a bit easier?
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

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