I think most of you are children playing with daddy's computer while the babysitter watches tv, but if any of you can actually trade, prove it to me with "only" 6 months of profitable statements on a live account (no photoshop results, please, and low SandP correlation) and I will let you trade funds in an account via LPOA.
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Where are the rich private traders?
- Thread starter Magnum29466
- Start date
I think it's the kind of thing where once you have a million, you *want* 10. Once you have 10, you want 100. And if you have 100, you really want that billion.Quote from Magnum29466:
I understand what running a fund does for your income but I just assumed that maybe some would trade there own account in order to not have to answer to investors when things go bad. I mean after I collected 100 mil in fees I could really just close the fund and run that 100 mil privately. I mean how much more leverage do you need?
And in all cases, managing OPM will get you there faster.
No kidding. The Swiss made a statement that Indian nationals have $1.45 TRILLION
in cash stashed in Swiss banks. Next are Russians and Chinese.
I doubt any of these people are on the Forbes 500 list. Neither are many of the Arabs Sheiks that are each worth more than a $Billion.
Is it possible to make that type of net worth trading like the average ET trader? No. You'll have to have a few Billion AUM for a decade to reach that level of wealth. Most ET traders are piking for a ES tick or scalping stocks for pennies.
Most successful ET traders who make 7 figures a year don't have the pedigree to sell themselves to accumulate billions in AUM.
For most sane individuals, making consistent 7 figures with the paid off house and unlimited vacation time is payoff enough.
in cash stashed in Swiss banks. Next are Russians and Chinese.
I doubt any of these people are on the Forbes 500 list. Neither are many of the Arabs Sheiks that are each worth more than a $Billion.
Is it possible to make that type of net worth trading like the average ET trader? No. You'll have to have a few Billion AUM for a decade to reach that level of wealth. Most ET traders are piking for a ES tick or scalping stocks for pennies.
Most successful ET traders who make 7 figures a year don't have the pedigree to sell themselves to accumulate billions in AUM.
For most sane individuals, making consistent 7 figures with the paid off house and unlimited vacation time is payoff enough.
Quote from market_mapper:
..the fact is there are thousands of very wealthy people in the world. .
Quote from Magnum29466:
Seems like all rich guys in the market are hedge fund guys. You don't really hear about the jesse livermores of today if they even exist. I doing ok so far but I'm no where near the level I want to be. I want to be a great trader and very rich but when I look to other private traders for inspiration im always going back 70 years unless I look at the hedge fund guys.
personally I'm aganist hedge funds becuase if you're a talented trader why trade for a fee when you can trade your own account for 100% returns. dont get me wrong I understand that hedge some funds managers are talented traders I just think the business is geared to much towards getting rich quick with average results...
Livermore used OPM it's called margin, leverage,loans ..whatever you want to call it.
Also your missing the fact that many hedge funds contain a high % assets owned by the managers themselves.
Well said. The downsides of having other's aware of true net worth (or even approximate net worth) totally overwhelm the benefits imho.Quote from munnyhunny:
First, the theoretical "absence" of something or inability to prove it's existence, does not preclude it's existence.
Second, if you think about all the liabilities of exposure, such as additional taxes and/or attention from federal authorities, security risks, etc., then you realize that there is very little impetus for exposure.
I know several people who have personal fortunes in the hundreds of millions (not from trading) and they keep a VERY low profile. No lists or big parties, attention drawing houses, etc. They want to enjoy their money quietly and peacefully.
My above comments are part of the reason and the other part is the OP in OPM. Other people are a PITA.Quote from lasner:
Most hedge fund guys have all of their money in their own hedge funds....so they not only trade their own money but others and make additional money. If you're a great trader why not have a hedge fund make the additional profit off of everyone else's capital.
R
I have invested with a managed forex company that has been paying upto 2.8% per trading day for past 18 months. So it seems Ed Seykota's return of 250,000 % in 16 years is possible.Quote from puretruth:
Ed Seykota did a return of 250,000 % in 16 years , running a few hundred bucks into millions with his own account