Managing Accounts, but how to get started?

Here is a correspondence from GFT Prime on Feb 21 2007. I can say the same for Man and ODL Prime.

"Our compliance department tells me, as soon as you introduce a US customer, you need to be regulated in the US somehow - this is our understanding."

Keep in mind the wording "off-exchange" has just been added to all the disclaimers in the past two months. Which all use to read "Trading foreign exchange on margin carries a high level of risk and is not suitable for all investors"

I got my 3 back in 2001 and it really doesn't make a lot of scene for people to know that a Pork Belly contract size is 40,000 lbs. if your only going to be trading FX. As you can see from above my info is not that old. So the only thing I can suggest is that you contact each broker and compile a list maybe since they added "off-exchange" things have changed.

Sine I have no desire to manage funds I'm going to leave this up to you guys.

Heya

Well basically wasn't trying to point anything out. I was curious and really asking that.
Several reasons:
-of course you wonder whether it's just a) a musing(which is fine, but pointless if you haven't made your first live trade yet) or whether b) there's someone here who really knows what he's doing - which in turn always will make me interested in WHAT he's doing. "To be successful, do what successful people do" and such

If b) = true, then the next thing I wondered was the same reason I wonder about institutional traders: if you are THAT good, why on earth put an extra strain on yourself and risk other people's money?

Not only is it a strain on the psychological side, but it's also not very efficient on the profit side unless you charge hefty profit %s like 20-30% on all winnings. Now that's of course a nice thing and a great boost (an extra 1-2% per 10% made never hurts), but for me it'd not be worth seeing the tenfold amounts traded while personally only getting a fraction of them myself and the added responsibility and time eating client management which could be spent either trading, researching or having a good time with significant or insignificant others, depending on your likes

Wasn't trying to be MEAN exactly, just curious on the one hand and wondering whether someone was asking with substance in the first place and then trying to follow someone's reasoning for the why, as well.

Ah, I see now.

The golfer Bobby Jones was once asked by someone what they needed to do in order to hit the ball like him. His response? He stated, "Simple. Just watch me and do what I am doing!"



In all seriousness though, there are several great resources out there to try to get into the minds of fantastic traders. I think the most important thing to hone is the mental game. Going back to golf, most everyone agrees that it is the mental game that set Tiger Woods apart from the rest of the pack.
I only see it as a strain if you lack confidence and a sense of reality. If you are sober enough about it then it isn't a problem. Some of it is mental and the other part has to do with your ability to trade with a certain detachment from each individual trade outcome(think Monopoly money). That way when you have a losing trade you don't let it affect your decision making process.

In my view it is a way to maximize profits. If I am doing very well then I make money from those accounts. As an added measure, one should be trading their own funds in the same manner they trade someone else's. So when trading several accounts it is preferred to have your account being traded along side it. In essence you are making the profits you normally would make on your own money as well as the payout for being profitable on other people's money.
My view on this aspect of things is to have more than adequate disclosure before and during trading someone's funds. If a client is calling you every other day to discuss their account then that is a client I do not want. I will be marketing high risk/high reward trading, so luckily that will weed out investors who will freak if the account is up 5% one week and down 3% the next.
Hope I was able to answer some of your questions. Happy 4th!