Who here manages other people's money?

For nearly 3 years I manage a managed account with a 1.200.000.$ margin.

My broker is whselfinvest.com
They are as well a telephonic as internet broker.
I find it important to work with a broker that can execute my orders very quickly by phone (in case something goes wrong with the electronic platform)

My trading on the forex is done true cme currency futures (because of the 1pip spread)

I trade YM, ES, Daxxetra, European bund and T-Bond, and FX market (true cme).

I work on a no cure no pay commision. No entry nore maintenance fee.

I do not take any personall trades. Only for the managed account.

I do not accept any people as new client true the internet or personal topics that I have on forums.

friendly regards..iGoR

JFX81,

Contact [email protected] He will point you in the right direction.

Andy

In the meantime, I know that efxgroup has functionality for fund managers (allocation actions). Also, depending on the volume, rebates are availabe on their commission. They are not a deal desk, so the spreads are real time bids and offers, not THEIR spreads.

Hope that helps.

Andy

Has anyone used this...

http://www.greencompany.com/HedgeFun...Services.shtml

I think(not completely sure) this is the website of "Trader Tax" that used to post on FF

Either way, do you think its worth paying someone to get all the legalities set up or just do it yourself?

What are you guys who are managing charging your customers? What is the industry average?

I have serious difficulties of the same sort at the moment. I have lost last year serious sums and now I am playing with pocket money but it seems that I am consistently profitable. I will see what will happen in the future when I could build my account to a serious amount.

No idea what the industry average is but I take a percentage of the profit that starts at a minimum of 20% and builds to a maximum of 50%.

There are no other charges and I cover all losses beneath the initial starting capital so it is a risk free investment.

Anyone here uses ACM? What are your experiences with them?..They have an allocation program that seems very nice..

I charge 25% performance fee and 2% management fee. The performance fee is the 25% of all the net profit generated on the month and the management fee is a 2% a year of your account balance (is charged every month, .0016%)

Most forex funds charge from 25% to 35% performance fee plus 2% management fee.

FXOne

I only charge a 28% performance fee on new net profits once a month. I don't charge any annual management fees and I don't receive any pip rebates on trades either. I believe that I should only be compensated when I perform.

Industry average varies from 20-35%. It really depends on the manager, some can be higher or lower. Some managers also charge annual management fees and also receive pip rebates on trades. Industry average for annual management fees are around the 2% a year range, prorated monthly.

There is quite a standard - 20% incentive fee and 2% management fee. However I don't charge management fee at all.

OANDA FXManager allows to do both of these fees.

Not only did they state that, but we were also told there was a contingency plan in place if they firm did file for BK that the accounts would roll to FXCM (from RefcoFX) and they all monies would be accessible... This of course was not true either.

On top of that, my clients (myself included) all filed for w/d before the BK was announced, we should not have been included in it but were... I received enough of my trading account to go out and buy one of those really expensive rolls of toilete paper... you know the double quilted stuff the bears use... I'm not bitter

Oh, I don't manage funds any more... what I have found (at least for me) being a one man band is very difficult. To many admin bottlenecks (Cust Serv, Account Setup, Fund Raising, Reprting etc) and outside demands made trading and proper R&D very difficult.

I'd like to work my way into a pool or two and trade the model directly for a larger institution... but that is gonna be a tough road (been there before). If it happens I'll let ya know!!!

Can anyone recommend a good study book for Series 3 Exam?

I have seen some on Amazon but seems the reviewers did not have a very positive feedback.

Thanks in advance!

I sent You PM.

Regards,

Hands Down Use Dukascopy if going international. Or MB Trading if US. Dont get caught up in a unholy demon of a market maker. Only go ECB

I think that LAMM or PAMM might be quite broker specific.
I have traded managed accounts with a couple of foreign brokers, and I have my own US account that I trade and have never been asked about LAMM PAMM. Is this in regard to contract size or execution?

and thirdly if you are trading a managed account and you are not getting IB rebates you are unfortunately missing the boat bigtime!!!

1. Several brokers.
2. I pay 5% per month to my clients.
3. -
4. -
5. Client referrals

I knew Mr X for sometime. Also saw some of his post here in FF. A few months ago he PMed and told me about a trader Mr C of South American origin residing abroad. Seems Mr C showed some impresive statements. Mr A was convinced to let Mr C trade his account.
Two weeks ago Mr C desperately contacted me. His initial account of £50'000 has dropped to a balance of $13'000 though the virtual balance is still around £45'000
After some screen shots, the picture was clear. Mr C has been trying to hide the losses by hedging the negative positions - that is a few pairs with bad short positions also have the same amount opened long.
Let me say one thing. Statement of performance are no proofs. You can create a live statement where all the floating losses are unseen.
My advice to anyone, is learn to trade yourself. Trusting someone ( other than REAL well known investment firms ) are risky. You are depending on ONE person's emotional and psychology of that moment. Let's say -- it's at the end of the month and trader X, who is trading for you, needs to pay a lot of expenses, he might take extra risk, trading more hoping to get a bigger commision to cover his expenses. He is not risking his money !!! Nothing to lose for him. !!!
With Mr A, I told him to close all the opened trades on Thursday - EJ long. Lucky he did.
Let me voice out my opinion :
Best learn and trade yourself.
If you want someone to trade for you, go to some of the websites like zulutrade or similar kinds where the one trading for you is being nakedly observed by the whole community. It is open and no hidden stuff. And those trader are being rated daily.
My best recomendation, I believe, is to gather your own group of traders doing the same system from different time zomes. So trades can be taken 24 hrs and each one can have a "life" and not be needed full time in from of a PC. Gather together and open a joint account at a Swiss bank - all signatures required to withdraw or deposit money. Then open a trading account at Dukascopy with the previledge to keep your funds in your bank - That means, no matter what happens to your broker, your money is safe - not like Refco. ---- Security of your funds is TOP priority
Having a same system and having two or three traders to confim an entry /exit following your system rules - will give you a much higher probability of success.

I already have a group trading together. If I meet again people with the same vision about life, I might consider forming another one more. My first goal and vision is not money. If that is yours, you will likely not fit in.

Investors lose 68 million in Forex scam, could you be next?

When you get a chance please read the Forbes article below about a New York "forex money manager" who just got arrested.

http://www.forbes.com/reuters/feeds/reuters/2008/01/15/2008-01-16T000324Z_01_N15548853_RTRIDST_0_RAZORFX-ARREST-UPDATE-1.html
http://www.reuters.com/article/domesticNews/idUSN1541232620080115

Those investors that lost had their greed goggles on and did not ask any serious questions like, "Why don't I have to pay capital gain
taxes?" Or, "How can all the funds be under one name and you not be a registered hedge fund?" Many of the guys went so far as to invest
their retirement funds and some mortgaged their houses? Can you believe it? If it's too good to be true, it's not true. Do you know
how many forex money managers I had to go through to find the ones I represent now? Over 75. That is why I am an expert at spotting
scams. The main three things to watch out for are:

1. Guarantees. It's illegal to make any guarantees. If you need a guarantee don't buy a house, invest in mutual funds or do
just about anything. Instead sit on all your cash or get a CD and you are guaranteed to have your money get eaten away by inflation.
Any forex money manager who is offering a guarantee is breaking the law. I don't care how much sense it makes just read the CFTC and
NFA websites and research the laws yourself, it is illegal.

2. Accepting money in their own name. It's illegal. That is why I will never ask you to write me a check. All funds must go to a
registered FCM (Futures Commission Merchant like PFG). That is the way ALL real managed account programs work period.

3. No real trade report verification. Out of all my research less than 10 could give me real FCM trade reports and a couple of them
were from FCM's in the Bahamas and Latvia! I won't beat a dead horse because you can read about all this on my homepage but if you can't
see at least 6 months of real trade reports then don't take their pestering hard sale phone calls because they are a scam.

Just to give you a short list of the excuses I've heard so you know what to watch out for here are a few:

"It's private." No it's not if they want my hard earned money.

Or "The old broker went out of business." All real traders keep detailed records and reports, so if they never made copies they are
incompetent. It's more likely they don't have any reports.

Or "We already have millions under management and no one else needed to see the reports." So if I jump off a bridge with no water below
will you follow me? Just because everyone else is an idiot doesn't mean I am. Besides, they can't even verify "millions" so maybe they
only have 2-3 amateur investors.

Or "We only have 1 month because the old head trader left, but it's the same system." First off, 1 month is way to short and secondly,
if that's the truth, I want to be with the old trader not you because it's really not the same system without the same trader.

Lastly, the one which makes me literally hang up the phone is when I hear this one, "None of the clients will let us share them" or "We
don't share client's information." So they are really saying we have lots of people making lots of money, but none of them like us enough
to share! Or, we are such good traders, but we don't even have a personal account because we really don't believe in ourselves. Or,
we are so stupid that we don't know how to cross out a name and account number. How about you just tell the truth because you don't
have any real FCM trade reports.

Here's a tip on how to test if the report they show you is real. Open a demo account with the FCM they say the report came
from and see if it looks the same. Many times it won't line up.

This short list is not even counting the other tricks and games played, like using compiled CPA reports (not audits), hiding
floating losses for months at a time because they only show the realized profit/loss. Showing back test results or a demo account as
if they are real money accounts or other unscrupulous tricks. Please just take my word when I say I have looked at over 75 forex
traders/money managers and only what's on my site lines up with my real due diligence acid test. If you want to have a chance in
alternative investments let me help you and connect you with one of my traders. They don't have any hype and most likely you won't make
50% a month, but I do believe they will all still be going strong in 10-20 years. That's where the real compounding advantages come in
over the years.

Guys who do have verifiable returns of 20-30% per month also have unacceptable volatility, 40, 50 even 80% floating and realized draw
downs. That's unacceptable because from my experience those guys will never be around for the long haul, which is exactly why I don't
promote them. Plus, they usually only have a 1-2 month track record. They're just looking for the quick buck and don't have your long
term interest at heart. I'm personally invested in each of my traders and wouldn't be if they resembled any of the scam or shady
characteristics listed above.


Thank you,
Robert Aguilar




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