I apologize if the following request may appear silly but I really wonder whether or not my plan is feasable.
I am not a good trader, I have tried during the last 2 years and lost, both in daytrading stocks and emini futures.
I wonder if there is any profitable futures day-trader, you are aware of, who may want to consider to trade my account according to the following guidelines (aimed to guarantee both sides):
I may open an account with around $10K to $15K for futures trading, with a low commission broker, like IB, or Ffastrade, elocaltrading, etc.
- We may (as a first attempt) start with a short period personal-agreement, signed by both sides, upon which:
- This good soul-trader may trade my account (I provide him account user name + trade pwd)
- he cannot withdraw cash (the broker sets up a 2nd account-pwd, provided to me only; this 2nd pwd is for drawing purposes)
- every day commissions should not exceed $200, (the trader should not be a broker affiliated, interested to over-trade and generate more comms)
- net profit (after comms but before tax) is divided 50%,
This is reasonable to me, since the country I am resident in as enjoys a very favorable income taxations, from financial trading.
After profits are generated, I will routinely send this trader a check (or withdraw money from this account and then send him cash).
- Profitability is monitored week by week: If not profitable, for, say, a certain stated numbers of days, then everything is over.
I understand that this process can only work if there is a high level of trust, but I also can say that I came across some (few) traders, who are doing daytrading for a living, and I felt are moral people, not greedy.
Conclusion
Is this plan reasonable or completely foulish?
What are the weak points?
These ones for sure, right?
A profitable trader will trade with his own money, why should bother to use my $10K...
The risk of fraud is too high...
....
Thanks and again do not bash me for such a question.
I am not a good trader, I have tried during the last 2 years and lost, both in daytrading stocks and emini futures.
I wonder if there is any profitable futures day-trader, you are aware of, who may want to consider to trade my account according to the following guidelines (aimed to guarantee both sides):
I may open an account with around $10K to $15K for futures trading, with a low commission broker, like IB, or Ffastrade, elocaltrading, etc.
- We may (as a first attempt) start with a short period personal-agreement, signed by both sides, upon which:
- This good soul-trader may trade my account (I provide him account user name + trade pwd)
- he cannot withdraw cash (the broker sets up a 2nd account-pwd, provided to me only; this 2nd pwd is for drawing purposes)
- every day commissions should not exceed $200, (the trader should not be a broker affiliated, interested to over-trade and generate more comms)
- net profit (after comms but before tax) is divided 50%,
This is reasonable to me, since the country I am resident in as enjoys a very favorable income taxations, from financial trading.
After profits are generated, I will routinely send this trader a check (or withdraw money from this account and then send him cash).
- Profitability is monitored week by week: If not profitable, for, say, a certain stated numbers of days, then everything is over.
I understand that this process can only work if there is a high level of trust, but I also can say that I came across some (few) traders, who are doing daytrading for a living, and I felt are moral people, not greedy.
Conclusion
Is this plan reasonable or completely foulish?
What are the weak points?
These ones for sure, right?
A profitable trader will trade with his own money, why should bother to use my $10K...
The risk of fraud is too high...
....
Thanks and again do not bash me for such a question.
