Hi Folks,
I would like to introduce myself as trader in forex (spot currency trading, particularly GBPUSD, EuroUsd, AudJpy, GbpJpy pairs) for more than 2 years. Overall, I am satisfied with journey this far.
I am dropout from IIT Kanpur, BTech Civil Engineering ( dropped this year)
Myself and one of my friend, will open forex brokerage firm particularly targeted towards Indian Forex Traders.
Our competitors are Reliance Money(middleman) and Alpari (US company) and of course outside forex firms.
In 2006, daily retail trading volume from Indian clients was $250 million.
In the year 2009, this value is $1.2 billion. Our objective is to tap this market and grow bigger and financially stable before our competitors sight it as a "sector" or opportunity.
Our strategic edges are -
1) 1.4 pips to 1.9 pips spread on EuroUsd IN ALL MARKET CONDITIONS. Similar competitive spreads in other currency pairs as well.
2) All brokers charge $20-$30 fees for deposits. We will charge either $5 or charge nothing.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!:clap:
4) No requotes.
Expenses would be $38,500 (initial) + $27,500 (first 18 months marketing and sales)
Also, $7,000 would be monthly expenses.
Totaling to $150,000 for first 18 months of our business.
Profit potentials are -
First 6 months - $0
7th to 9th month - $10,000
9th to 12th month - $15,000
13th month onwards - $10,000 monthly + $300,000 semiannually.
Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our team and can bring financial and/or strategic advantage to our team.
We don't want more than 7 partners in total (I hope that's good enough number of partners for a firm of this size). Also, all the partners will be automatically board members and hence, all decisions( including office location) will be make by collective mutual agreement with equal weight to each one's opinion and total transparency.
So, if you can come up with $20,000 minimum backing and preferably a strategic value( like having IT or Accounting or Securities Law experience etc. For example, my partner have over 5 years of experience and Insurance advisory and a sound financial position to back our firm. I have significant trading experience and managed $115,000-$150,000 as managed accounts for past 13 months before trading for myself and being profitable in 11 of these months. So I can take charge of dealing desk) , then you are welcome to contact me at navneetpandeyiitk (at) gmail (dot) com
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Partners required for starting Forex Brokerage firm in India
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