Very good point. A high profile COO works wonders. A very successful hedge fund startup can have zero customers due to lack of internal structure and then a COO walks in the door and suddenly endowment funds, funds of funds, and a whole lot of other people start knocking on the door. But those guys are obviously demanding a hefty paycheck.
hiring and managing traders
- Thread starter Ironplates
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I know this site has many stupid people, but you are the most stupid person I have seen on ET.
handle123 is pulling people's legs, but idiots like you really believe there is such a thing called 10-year contract with dental/vision insurance plus $500k free house to live in.
Ask Paul Tudor Jones or any other successful hedge funder. They give 80% plus away and are among the wealthiest folks in the world.
What's his blog?
I don't have a blog, not selling seminars, mentoring, software, none of that. Don't have the time or desire, hard enough to get on this forum to read a few posters I enjoy and are really passionate about trading.
We are progressing slowly real time so as to fully automate my "Holy Grail" method. Once completed staff will start next system, they will never run out of systems to trade as I am expanding to other instruments and ideas I never had time to consider before I hired all of them. Since January, I been trading med term and day trading Commodity Spreads, I see why BONE has done so well all the years, they been heck easier to trade than outright positions, but one does have to study them much more and comparing seasonals in past helps. Have found ways to get losing percentages extremely low by using Commodity ETFs as a hedge when spread going wrong way.
Since my last post on this topic, we have had two Saturdays going over two of 42 money management rules that I use for day trading. I am very open to them making suggestions for improvements, all have said they are happy that platform does the 42 rules automated. In trading, knowledge is not enough.
Exactly, why make 20% of profits when I can make 100%, but the secret to managing money for others is charging the 6% management fee which is often more than the 20%. I traded for others in the 90s, trading is stressful enough without people calling all the time wasting my time for such a low amount coming back. It is like having a chat room and calling out signals, couldn't pay enough to make it worthwhile for me to sit there for hours.
It is funny, of the 1,100 plus posts I have written, this one has generated the most PMs ever, tells me I must be paying staff too much by all those requesting a job, which I am not hiring any more folks. I don't know what is typical for compensation, when I thought about what I should pay, I thought about it from traders perspective, what would keep me working and not run off. I been hurt twice in the 90s of teaching traders to work for me and they selling the methods to others, unless you have walked in someone else's shoes, tough to criticize.
And if I do close down operations in eight years, I will give each one of the staff copy of platform and they can go at alone or group, as written in contract. I certainly would not want to put in ten years and walk away with no future and be in my 50s.
these people are your slaves, and you are their god. if you loved them as humans, you would pay them exactly what you are paid. but you control them like ants, so the money is all they love. I would call them at 2 a.m. and yell for hours, get them afraid of me and work 100x harder!!! nah, that wouldn't work. i also recommend you give 50% of your money to the church, and 40% to starving kids in the world. but that will not be your legacy. tsk, tsk...
now get your minions on the phone and have them laugh at every joke. the power!!!!
No, because the 2 and 20% they take in is more than what they would make with their own money.
Traders like me trade their own money, like I said, they would have to pay me more than $2M a year to transfer me from trading own account to somebody else account.
For Paul Tudor Jones and others from his crew, they probably exceeded that number. the number that was needed to transfer.