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Any experience or words of advice in the financial industry as an entrepreneur?

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Idea threads

ElDiablo

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Sep 17, 2021
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Hello everyone.

As a brief description of my background, I am a former derivatives trader with a BA in Financial Management. I am currently trading options and equity to keep myself sharp while pursuing a Masters's in Finance.

After reading the three main books from @MJ DeMarco and writing down my "Planasy" I decided that it was enough theory (for the moment), and it was time to put the concepts in practice.

I am biased to offer a product within this industry. Such a product could tackle a problem or need in both the financial markets and the general population.

I would like to know your experience and any advice you could give me as an entrepreneur within the financial industry. Some questions I have are: what are the types of services that you offer? what are some problems that are not being properly addressed by bigger and established institutions? What legal matters should I take into consideration if I want to offer my services?

It is worth noting that I am open to getting involved in other industries where I know I can add up value with my current skills or learn new skills if needed to solve different problems from my area of expertise.

So far, I feel indecisive if I should pursue a business in Finance as a starting point for a beginner or if I should first consider learning other business skills (say marketing, sales, operations, etc.) in other industries that are more approachable?

Thank you in advance! I look forward to discussing any details.
 
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Mathuin

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I am currently trading options
Depending on how much capital you have, MJ has a thread on the INSIDE for his strategy selling options. He has called it the "Fastlane of Finance". Time is your ally as you're benefitting from Theta.

hat are the types of services that you offer?
I'm not in this industry so I can't answer that.

what are some problems that are not being properly addressed by bigger and established institutions?
You've read Unscripted . Go to Chapter 35/ Page 266 and look at the 13 ways of finding ideas. Start searching Trustpilot/ BBB reviews, Financial Twitter, Reddit Finance communities and keep an eye out for the language demonstrating problems, service inefficiencies, overcomplication etc.

In your options trading experience, have you noticed any problems, things that take too long, things you would rather outsource/ automate? Other retail option traders may also be experiencing these and you could provide a solution.

What legal matters should I take into consideration if I want to offer my services?
From what I've heard from people in this industry in the UK, it can cost you a fortune to get registered with the financial regulators. Idk what it is for your country, but the likes of FinTech platforms etc may be out of reach (for now). When you think you may have a potential idea, Google this to find out more and then speak to a lawyer.

Could you look into doing something with your options trading knowledge? I've seen Options channels like InTheMoney & Benjamin get a lot of traction on YouTube.
 
Last edited:

Kevin88660

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Feb 8, 2019
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Hello everyone.

As a brief description of my background, I am a former derivatives trader with a BA in Financial Management. I am currently trading options and equity to keep myself sharp while pursuing a Masters's in Finance.

After reading the three main books from @MJ DeMarco and writing down my "Planasy" I decided that it was enough theory (for the moment), and it was time to put the concepts in practice.

I am biased to offer a product within this industry. Such a product could tackle a problem or need in both the financial markets and the general population.

I would like to know your experience and any advice you could give me as an entrepreneur within the financial industry. Some questions I have are: what are the types of services that you offer? what are some problems that are not being properly addressed by bigger and established institutions? What legal matters should I take into consideration if I want to offer my services?

It is worth noting that I am open to getting involved in other industries where I know I can add up value with my current skills or learn new skills if needed to solve different problems from my area of expertise.

So far, I feel indecisive if I should pursue a business in Finance as a starting point for a beginner or if I should first consider learning other business skills (say marketing, sales, operations, etc.) in other industries that are more approachable?

Thank you in advance! I look forward to discussing any details.
Software oriented: Date service provider (like investing.com) or Compliance tool.

Leads generation tool for institutions to sell credit card, insurance and loans.

Financial institutions are basically trying to comply with the regulators and sell financial products to buyers. That basically sums up their business model.
 

ElDiablo

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Sep 17, 2021
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Depending on how much capital you have, MJ has a thread on the INSIDE for his strategy selling options. He has called it the "Fastlane of Finance". Time is your ally as you're benefitting from Theta.
I can imagine that @MJ DeMarco would mention the advantages of trading options since they can offer a great complement to your overall portfolio. I feel fortunate to start learning with some decent capital.
You've read Unscripted . Go to Chapter 35/ Page 266 and look at the 13 ways of finding ideas. Start searching Trustpilot/ BBB reviews, Financial Twitter, Reddit Finance communities and keep an eye out for the language demonstrating problems, service inefficiencies, overcomplication etc.
I will jump back to that section to take some notes about the principles.
In your options trading experience, have you noticed any problems, things that take too long, things you would rather outsource/ automate? Other retail option traders may also be experiencing these and you could provide a solution.
I am aware of some of them, but I realized that the common denominator are specific features of broker. For example the limits for trading on margin, or the cost of some upgrades like real time quotes are some issues I get to see often.

Although it would be cool to improve in those features, I still feel a trading platform beyond my technical and legal skills hahaha
I guess it would rather follow a tool that is compatible to different trading platforms.
From what I've heard from people in this industry in the UK, it can cost you a fortune to get registered with the financial regulators. Idk what it is for your country, but the likes of FinTech platforms etc may be out of reach (for now). When you think you may have a potential idea, Google this to find out more and then speak to a lawyer.
Yeah, that's same the ol' story with finance, particularly if you are dealing with other people's money directly.

Ironically enough, just as I was finishing my BA I almost launched a platform for the people neglected from the banking system in my home country. Since FinTech and its regulation were gaining traction here, I felt I could ride the trend and take the challenge.

Things have changed, but there might be another opportunity to exploit with the same niche.

Could you look into doing something with your options trading knowledge? I've seen Options channels like InTheMoney & Benjamin get a lot of traction on YouTube.
As a matter of fact, I learned cool strategies and principles from Adam (the guy from InTheMoney). I haven't heard about Benjamin.

I've thought about creating a business unit related to the topic that follows the CENTS framework, but haven't reached an idea that goes beyond just selling informational courses like most non-finance people do.

That's why I was also looking to hear from people in this forum that are involved in the industry as entrepreneurs.

Regardless, thank you for your insights and for taking the time to write an extensive post @Mathuin. I'll take them into consideration.
 
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ElDiablo

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Sep 17, 2021
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Software oriented: Date service provider (like investing.com) or Compliance tool.

Leads generation tool for institutions to sell credit card, insurance and loans.

Financial institutions are basically trying to comply with the regulators and sell financial products to buyers. That basically sums up their business model.
A data service provider seems like the closest area within my programming skills at the moment hahaha

However I didn't think about the lead generation service. I am aware that it is more oriented to marketers, but maybe it helps that I can understand the products better than they do so I can offer a more detailed advice to potential leads.


Thanks for the feedback @Kevin88660
 

Bones81

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Jul 29, 2019
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Develop trading strategies / indicators that people could use in software such as TradingView, ThinkorSwim etc. Market Cipher is a good example of this. Easily scalable and markets itself if you can show it works through backtesting. Appealing to people's greed is a great marketing strategy.
 

ElDiablo

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Sep 17, 2021
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Develop trading strategies / indicators that people could use in software such as TradingView, ThinkorSwim etc. Market Cipher is a good example of this. Easily scalable and markets itself if you can show it works through backtesting. Appealing to people's greed is a great marketing strategy.
I use ThinkorSwim and just realized that they have their built in programming language to develop trading strategies. I used to think people had to use other languages check out if they were compatible with the software.

Hopefully I could develop a software to allow them make better decisions and not just simply incentivize their demise ;)

Thanks for the insight @Bones81
 

Eudaimonium

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Jun 8, 2017
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Interesting, do you mean information about alternative investments or valuing them @E[U]udaimonium[/U]
Both of those, and also the the custodial aspect, insurance aspect, compliance aspect, risk aspect, rating aspect, etc.

How can people gain exposure to non-publicly traded companies? Startups? Commodities? FX? Foreign stocks? Land? Art? P2P lending? Cryptocurrency? etc.
 
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ElDiablo

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Sep 17, 2021
12
9
Both of those, and also the the custodial aspect, insurance aspect, compliance aspect, risk aspect, rating aspect, etc.

How can people gain exposure to non-publicly traded companies? Startups? Commodities? FX? Foreign stocks? Land? Art? P2P lending? Cryptocurrency? etc.
Ok, got it.

I agree that there are definitely several opportunities here, but unfortunately right now they are beyond my current knowledge and experience since they are highly specialized.

I would consider getting involved once I have more experience both as an entrepreneur and as a sophisticated investor.

Thank you for helping me narrow down my ideas @Eudaimonium.
 

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