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Trader with side business of managing seperate accounts
- Thread starter Sagacity1
- Start date
.... So, you want to manage other people's hard earned money, you go one an internet forum and ask for advice how to do so; some one tells you that you are probably not qualified and it's a very complex business; you disagree (oh no! someone on the internet disagrees with you!!) - gets angry, and ... well, I'm not sure how this joe pesci/goodfellas reference actually work; am I joe pesci's character? I'm not exactly threatening to harm you; or are you the joe pesci character... in which case you are making a (obviously jokingly, I hope), death threat?
Yeah... like I said, you are clearly mature enough to manage other people's hard earned money
Yeah... like I said, you are clearly mature enough to manage other people's hard earned money
Quote from Sagacity1:
Dude, you are a dumb knutfck.
You amuse me like Joe Pesci from Goodfellas, you know that?
Quote from sjfan:
.... So, you want to manage other people's hard earned money, you go one an internet forum and ask for advice how to do so; some one tells you that you are probably not qualified and it's a very complex business; you disagree (oh no! someone on the internet disagrees with you!!) - gets angry, and ... well, I'm not sure how this joe pesci/goodfellas reference actually work; am I joe pesci's character? I'm not exactly threatening to harm you; or are you the joe pesci character... in which case you are making a (obviously jokingly, I hope), death threat?
Yeah... like I said, you are clearly mature enough to manage other people's hard earned money
Reading comprehension is fundamental. Lets review class the errors of his ways:
1. Going into a "respected" internet forum on trading and the stock market for knowledge does not mean I SOLELY rely on that info.
2. On the contrary, I never said the business of managing money was not a complex business. I am simply trying to pick intelligent minds on this forum from different perspectives and experiences on the subject.
3. And whoever said I was angry, but I am amused.
4. It was evident from your first message who is really more mature between the two of us.
I do not ask for a lot, just some suggestions from the inquiry besides the typical suggestion of running off to pay an hour's advice to a lawyer without flushing out some knowledge on the internet maybe first.
I guess that is too much to ask on here.
Quote from Sagacity1:
Quote from sjfan:
Okay. So does this mean I need to register with an agency like the SEC or something? What if I am only giving stock market advice and managing trading accounts for a few clients at first?
No, it means that you have to get a lawyer that will guide you through all the requirements needed to open the business. But a lawyer at $200 - $300 per hr. not too many folks are willing to spend the money and instead try to figure things out on their own and run the risk of getting whacked by a lawsuit.
See, that's where you went wrong; perhaps you should have said that instead call other people names when they pointed out it's pretty irresponsible for you to manage other people's money at this stage. - or, just ignore them if you think they are wrong and add no value
But instead, you went nuts..., with goodfellas references no less; I'm going to guess you probably work outdoors?
But instead, you went nuts..., with goodfellas references no less; I'm going to guess you probably work outdoors?
Quote from Sagacity1:
I do not ask for a lot, just some suggestions from the inquiry besides the typical suggestion of running off to pay an hour's advice to a lawyer without flushing out some knowledge on the internet maybe first.
I guess that is too much to ask on here.
Sagacity, Im curious...
What qualifications (schooling and/or market experience) do you have that would be of value to a potential client?
I presently manage 9 accts for other ppl for S&P contract trading(big and small contract). Been doing it for a lil over 2 yrs. But giving advice is something i have neither the time or inclination to partake in.
You either trade for other ppl or just give advice..usually not both.
So again...your qualifications are?..
Joe, those are good questions/points.
1. I do not have any licenses currently. That is why I was looking into the Series 65. But just like you, if managing only 9 accounts, you do not need the license correct?
2 I am running into opportunities from network where maybe I can bring more income in by giving advice to some of the customers while trading in a seperate managed type account for the others.
For you, you have seperately managed accounts and that is it? What licenses do you have?
What qualifications (schooling and/or market experience) do you have that would be of value to a potential client?
I presently manage 9 accts for other ppl for S&P contract trading(big and small contract). Been doing it for a lil over 2 yrs. But giving advice is something i have neither the time or inclination to partake in.
You either trade for other ppl or just give advice..usually not both.
So again...your qualifications are?..
Joe, those are good questions/points.
1. I do not have any licenses currently. That is why I was looking into the Series 65. But just like you, if managing only 9 accounts, you do not need the license correct?
2 I am running into opportunities from network where maybe I can bring more income in by giving advice to some of the customers while trading in a seperate managed type account for the others.
For you, you have seperately managed accounts and that is it? What licenses do you have?
Quote from Corelio:
No, it means that you have to get a lawyer that will guide you through all the requirements needed to open the business. But a lawyer at $200 - $300 per hr. not too many folks are willing to spend the money and instead try to figure things out on their own and run the risk of getting whacked by a lawsuit.
True Corelio. And that is the point. I probably will at some future point. But lawyers fees are expensive so I want to make sure I know what I am paying for without any b.s. Risk/reward as in many endevours is not worth it not to seek out that advice if not properly planned in advance.
Just trying to comb for anyone with prior experience/knowledge on subject to know what I should be paying for and what I shouldn't.
For starters, you can read their articles to get some ideas, http://www.greencompany.com/
Quote from MGB:
For starters, you can read their articles to get some ideas, http://www.greencompany.com/
Thanks MGB. I actually checked out their website a while back. Their services seem intriguing.