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Lol. No train wrecks this morning that I saw. Looked pretty good to me.

You can't beat the system by hiding behind an entity. But the new JOBS act is totally rewriting the rules in terms of what non-accredited investors can invest in. So wait 3-6 months and the SEC will tell us what's possible. As far as why these rules exist... I subscribe to the CFTC/SEC...

The point is to gain exemption from the investment adviser's act. Previously, the SEC allowed such an exemption for anyone with less than 15 clients, and didn't hold themselves out as an investment advisors to the public (thus, friends and family). But that rule has actually changed very...

Tomorrow will be interesting! Glad pit will be open, even though I wasn't counting on it originally.

LLC. Limited liability issue aside, you don't have to give out your personal social security number when people start having you fill out a W9.

Yes. But spreads suck (not IBs fault, obviously).

So far at least, this is what I've done for almost 3 years now. I've never been challenged or had my numbers audited yet... but my third-party admin (whom primarily works with SEC-regulated hedge funds) also generates performance numbers this way.

Not quite. I for one don't charge a management fee. Anything going to the salesman comes out of the tail, performance-only fees I take out end of quarter.

I would have that as: Jan: 1.16% Feb: 7.62% Mar: 6.96% Apr: -13.23% May: 15.37% You might want to double my math, especially on May.. but you get the idea.

There's a link in my post to their website. It's the Chinese government body which handles foreign exchange... deciding how foreign currency enter and leave China. http://www.safe.gov.cn/model_safe_en/whjjs_en/whjjs_detail_en.jsp?id=1&ID=30202000000000000

This sounds like it would be up the alley for these guys I talked about last year: http://www.elitetrader.com/vb/showthread.php?threadid=214586 It's basically leverage. You get 10x1 your current leverage, don't pay interest, and only get 50% of your gains. I dont really like the model...

Equity markets are FIFO on orders. This is why HFT play so many games with order cancellation. They want to be first-in at every price level... but not if prices are actually moving.

The problem isn't if the person is a citizen of the PRC. The US certainly doesn't care. And the PRC doesn't care whether you have overseas assets. The difficulty would be getting RMB assets out of mainland China. Converting RMB assets into any other currency, technically, requires...

No exemptions apply to you, even though you're just starting out? 1) Trade off-shore money only. 2) Trade non-securities.. like futures! In terms of what you're doing though, sounds like you'll have to jump through the regulatory stuff eventually. (And I believe you'll have to do...

I'd really love to be Barry Bonds, power and average. Of course, if there was such a thing as steroids in the fund management business... we'd be popping them like mints. Anyways. I just don't know if I want to start 'engineering' my return distribution... but you know, why not? If...

I just lightened up my portfolio quite a bit after the moves this morning... so that gives me time to post musings, and get some feedback from people. After a big move like the one we saw in crude recently (15%+ over the past month, 5%+ over the past few days).... I end up with decent gains...

No, and that's generally because (given enough time) peak -> trough numbers will look like what you see in month/month draw-down, anyways. This actually depends very much on the specific trading strategy... if it's any kind of option-based, average-down, martingale strategy, then a...

"USDA releases the monthly and quarterly reports at 7:30 a.m. CDT (1230 GMT), so the earlier open would give pit traders 10 minutes to review the data before the start of trading." Huh!? Either the reporter didn't understand this correctly... Or I didnt. Does anyone know what this does...

I'm not sure how you differentiate between "gross" vs marked to market. Is the former supposed to exclude unrealized losses/gains? Seems like the only useful number is marked to market, including trading commissions and expenses.

PM. The PM is the architect, the trader is his subcontractor.