Building a Track Record to Eventually Manage OPM

A

Arjun1

I want to start building a track record so I can eventually manage OPM.

I only want to manage money for my family. They have offered 500k for a long while and I kept saying no because I knew I wasn't ready. I still feel I'm not ready for it but I probably will by by the end of this year.

I'll post my results here starting 5/1/09.
 
I'm not happy with my discipline on Friday so I am not trading or monitoring the markets today.

I day trade mostly futures but some stocks as well.

I have a very small swing trade account too which I use for swing trades.

So far:

5/1: +600
5/2: 0
 
I'm again not happy with my discipline so I'm taking tomorrow off.
I'm taking days off until I reach 100% discipline because I'm not trading OPM without 100% discipline.

I put on a swing trade today. Short 1 YM (September contract) at 8344


05/01/09 694.75
05/02/09 0
05/05/09 -123.48
 

Attachments

I realize i have the wrong dates so i correct them.
I do not trade today.


05/01/09 694.75
05/04/09 0
05/05/09 -123.48
05/06/09 0
 

Attachments

It's easy to get $500k bp at a prop firm and take 100% of the profits. Why on earth would you trade your family's money other than ego?
 
Quote from Dustin:

It's easy to get $500k bp at a prop firm and take 100% of the profits. Why on earth would you trade your family's money other than ego?
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When I say family - I mean my parents. Others have also offered but I probably won't accept their money.

With parents money, I can charge a 20% incentive fee (no management fee). And I'll eventually get 50% of the rest as an inheritance. That's a pretty good incentive fee.

All their money right now is in CDs, and they are getting killed with 2% yields (but they are obviously doing much better than the 401k to 201k crowd).

And 500k is just a fraction of what they have so even if i lose half, its no big deal.

If I do really well, after a few years I may register. But right now I just want to focus on trading and not fund accounting, admin., or marketing issues.
 
Quote from Arjun1:

When I say family - I mean my parents.
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I don't want to be rude here, but seriously why would your parents want you to manage their money (500k) when you don't have a track record?
 
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