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Trade at home or at the office?

  • #1
  • First Post: May 12, 2010 7:06am May 12, 2010 7:06am
I have a question to pose to the FF community, if you were running a business trading forex, would you have an office set up to go to every day to do your trading? Or would you trade from your home?
  • #2
  • May 12, 2010 7:31am May 12, 2010 7:31am
my theory is i already have the room at home why spend more money renting a room if i already have it?

regards damien
i pull the trigger when others are fearful---me
  • #3
  • May 12, 2010 7:32am May 12, 2010 7:32am
Trading in an office hands down. Trading from home is ok for the first 6 months but after a while you can feel a bit like a hermit living in the virtual world of the internet. I'm still trading from home at the mo but when i can justify an office space I think I will make the shift.

Would still keep a set up at home in any case for after hours etc.
Want what the market wants
  • #4
  • May 12, 2010 7:47am May 12, 2010 7:47am
I have both. In the beginning I kept my trading in a spare bedroom turned into an office so that I could claim tax deduction home office space.

There was a time I was doing business with trading professionals and didn't want to hold business at my home so I looked into getting an office for my trading business. Nothing huge or expensive, just something big enough for me to trade in and hold meetings in. Now I have 3 employees so I had to get a big enough office to accommodate everyone comfortably. I haven't looked back since. For days like yesterday or today I work out of my home office and communicate with my employees by Skype video chat, AIM (the most used app in the office and away. In fact we use AIM when we are in the office together.) and corporate email.

We rent office space out of Regus, BTW pretty expensive if you use the total package. Instead of using their mail/telephone service, I have a Skype Business acct of all my employees plus myself and use a PO Box for mail address. Little things like that can cut business expenses down tremendously.

If you want to test the water, they do have Virtual Offices which are like parttime shared office space. This is what I did to determine if I really wanted an off.
  • #5
  • May 12, 2010 8:05am May 12, 2010 8:05am
I trade fulltime. I tried trading from home and it did not work for me for a variety of reasons. I now have an office which i can bike to.

I typically trade H4 timeframe so I also check the H4 close at home. When I can't see an H4 trade then I will look at M15. On M15 I definitely need to be at the office.

The ideal situation for me is to trade exclusively the H4 and D1 timeframes and not need an office. That will be a while before I hit that goal. I trade and make a living from it but I am still learning. I do not want employees or to trade other people's money.
  • #6
  • Jun 10, 2010 1:39am Jun 10, 2010 1:39am
Hi AlgoFX,

Interestingly, I have been contemplating about the same for the last year or so. I trade forex for a living. (For myself as well as on behalf of clients).

I did not feel the need to set up an office initially because.
1.All my clients knew my track record or knew me from before.They do not care if i trade from home or if i have a fancy office.
2.In India-The rates for residential telephone, internet, electricity connection etc is way lesser than what is charged for commercial/office rates.
This really helps in cutting overheads. (by almost 50%).
3.I did not really think that there was a compulsion to have an office for me to take trading seriously.I also did not have to do any marketing to source new clients and hence could not justify a need to have an office space and the inevitable spike in overheads.

But in case you are looking to expand-
i.e source new investors/ recruit new traders to handle the new accounts, it might not be possible to do so in a home office set up.
Prospective clients or potential recruits tend to gauge the seriousness of the business by infrastructure. (Can't blame them there.)

I am currently at a cusp-I am on the verge of expanding,but would like to do so slowly.

I hope this helps and wish you the best of luck for your trading career.

Regards.
  • #7
  • Edited 2:35am Jun 10, 2010 2:24am | Edited 2:35am
Trading at office is better cos so u see it as a real job, as it is if u want to trading for living, from office u can focus on your work and then when u have done go out do other things, like on any other job.

From home you are prompted to stay all day on your charts and tends to the isolation etc.. and perhaps to overtrading.

Anyway depends also on how much money u have, and if you can afford an office (if u can't may u haven't enough money to do this job).

Lubo.
If I know how, I tell You!! Few but Good!!
  • #8
  • Jun 10, 2010 12:05pm Jun 10, 2010 12:05pm
I trade in an office area in my home. So far it's working out really well for me. My office area is an exclusive area that I can concentrate on my trading and not be distracted. But it's inside my home so I am close to everything that I need and comfortable.

I took up trading because I hated the compulsory daily commuting especially in bad weather and then getting yelled at when you are late. So not sure if I ever want to get an office to trade. I think I am too traumatized from my corporate-working experience.
Make your losses in demo. Earn your profits live.
  • #9
  • Jun 10, 2010 12:32pm Jun 10, 2010 12:32pm
Quoting Forexia
I took up trading because I hated the compulsory daily commuting especially in bad weather and then getting yelled at when you are late. So not sure if I ever want to get an office to trade. I think I am too traumatized from my corporate-working experience.
Welcome to my world! I don't miss the corporate life, not even a little.
  • #10
  • Jun 10, 2010 1:58pm Jun 10, 2010 1:58pm
If you have a nagging wife at home, then office!!
  • #11
  • Jun 10, 2010 7:10pm Jun 10, 2010 7:10pm
Quoting LuboLabo
from office u can focus on your work and then when u have done go out do other things, like on any other job.
I don't want it to be "like any other job". Lifestyle and flexibility is one of the reasons I trade.

Quoting AlgoFX
would you have an office set up to go to every day to do your trading? Or would you trade from your home?
Neither. I position trade from a laptop, so the world is my office.
  • #12
  • Jun 11, 2010 6:01am Jun 11, 2010 6:01am
Quoting 2+2=4ex
If you have a nagging wife at home, then office!!
If you have a wife like in your avatar, then Home.
It never gets easier, you just get better
  • #13
  • Jun 11, 2010 6:58am Jun 11, 2010 6:58am
Quoting Shabs19
If you have a wife like in your avatar, then Home.
I like that
-happyTrading-myFx.
  • #14
  • Jun 11, 2010 5:36pm Jun 11, 2010 5:36pm
Quoting Shabs19
If you have a wife like in your avatar, then Home.
With a wife like that, you should definitely go get an office to trade. I don't know if you can concentrate on your trading much.
Make your losses in demo. Earn your profits live.
  • #15
  • Jun 11, 2010 6:17pm Jun 11, 2010 6:17pm
I don't know though, I don't need to be at my screen all day - Get a Life !!
It never gets easier, you just get better
  • #16
  • Jun 12, 2010 8:02pm Jun 12, 2010 8:02pm
You can get more distractions in home than in office. I say to have both so you can trade more and possibly get more money (or lose)
  • #17
  • Jun 13, 2010 9:38am Jun 13, 2010 9:38am
Glad to see there is some opinion on this topic!

I trade at home, but I am contemplating the idea of bringing on two programmers full time. I know I could have them work remotely, even from another country, but I feel that I would get more useful productivity with having a group at an office setting.

At traders, we all know this can be a full time job if we so choose, but I would expect anyone that I am paying money to not treat the position as just part time or "When I get to it" time.

I know there is additional overhead with making such a move. Has anyone found that productivity has gone upward with such a change? Also, has anyone found that their trading discipline has changed at all with making a change of venue?

Additionally, with such a move, has anyone feared or encountered employees stealing any intellectual property from you?

Thanks for the feedback.
  • #18
  • Edited 9:20pm Jun 20, 2010 9:19pm | Edited 9:20pm
Quoting DangerBoy
Trading in an office hands down. Trading from home is ok for the first 6 months but after a while you can feel a bit like a hermit living in the virtual world of the internet. I'm still trading from home at the mo but when i can justify an office space I think I will make the shift.

Would still keep a set up at home in any case for after hours etc.
Agreed. I have been trading from home for 8 years now in a studio apartment. I can't still justify the cost ( am still learning, I guess ) - but, I must say that sitting at home 24 hours a day for 8 years makes you really long to go elsewhere sometimes.

Now, my goal is to get a 1-bedroom apartment within 1 year or so. Not much, I know, but that is my goal. At least I would be having a living room to walk into and a very small office besides the bed-room.
Anyway, keeping clear trading goals and re-writing them every day keeps me focused (it is the best advise I ever learned though most people shake their heads )

Could be wrong but every time I go out among people - then I often get sick - maybe it is because of lack of foregin bacteria on a daily basis?
Hmm, better get back to tradning now.
  • #19
  • Jun 20, 2010 10:04pm Jun 20, 2010 10:04pm
Quoting AlgoFX
I have a question to pose to the FF community, if you were running a business trading forex, would you have an office set up to go to every day to do your trading? Or would you trade from your home?

i use pending (limit or stop) order and also give SL and TP in trading, all i need to know is whether my entry been hit or not, so with that i trade in anywhere, bedroom, balcony, city garden, mall, coffee shop, while breakfast, while sleeping ( ), while anything to throw away "boring" in trading.
need office?? this world is my office (and my playground).


ps: don't think to much about the small thing, see the bigest one and. enjoy your life
I will be the number one Manager.
  • #20
  • Edited 12:49am Jun 21, 2010 12:33am | Edited 12:49am
Quoting Forexia
With a wife like that, you should definitely go get an office to trade. I don't know if you can concentrate on your trading much.
then concentrate on both
best idea is to have a dedicated trading room at home connected to your bedroom.

seriously,
trade at home or office?
it depends.
personally... dedicated trading room at home (with wi-fi so u can have a laptop & trade anywhere at home)
u can design it in such a way that u feel like being in an office (without the accompanying expense).

sometimes, u dont need a physical office, u just need a psychological office (office-like mindset &/or work ethic).
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