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Those who trade for other people...

  • #21
  • Feb 12, 2008 3:25am Feb 12, 2008 3:25am
Trading other people's money does give some benefits. Your actions is laid out for everyone. (similar to keeping a journal)
Makes you more disciplined to follow through your trading plan. As if you have to answer to your 'shareholders'.

But it will take time to get rid of this 'pressure' feeling. Especially when the account is down (say -10% to -20%), that's when you REALLY feel it.

it's definitely a phase that you must go through if you manage other accounts.
  • #22
  • Edited 3:36am Feb 12, 2008 3:34am | Edited 3:36am
Quote
Especially when the account is down (say -10% to -20%), that's when you REALLY feel it.
If you are disciplined enough, or have someone watching/helping you, you should set yourself simple "safety stops".

For example. If you drawdown more than say 8% on last months closing equity balance. You withdraw your own trading privileges. Stop trading for the month, go back to demo, and start fresh again next month.

It's a killer to do at first, and even harder to stick to. Especially if you have stopped yourself trading, and then make a killing on demo .
But you will thank yourself, trust me, when you{your clients} look back at the account, and see a small'ish controlled loss/drawdown, and the fact that you had the discipline to stop when it occured to Protect Precious Capital, their capital.

Easier said than done, I know! But you will go back and rip it up the next month I promise you. Fresh eyes on the charts 'n all that.
It also keeps the emotions in check, and stops the whole revenge trade syndrome.
Carpe Divitiae
  • #23
  • Jan 28, 2009 9:57pm Jan 28, 2009 9:57pm
I'm glad I came across this thread, its one of the few that discusses the certifying exams.

FWIW, I'm in California and just finished my research on starting my own fund. I basically just need to pass the Series 65 and that allows me to register as an RIA with my state. After that, I'm free & clear to manage funds for other people and charge for the service. I won't have to register with the SEC until I reach $30,000,000 in managed assets . . . another year or two
  • #24
  • Jan 29, 2009 1:11pm Jan 29, 2009 1:11pm
Quoting Ilunore
It appears that the Series 65 examination does not require sponsorship. I am going to do some research regarding this exam to see if it matches what I need or at least the start of the endeavor. I will post more information on it soon.

I am sorry if these posts seem off topic for this thread. xD
the series three doesnt either. you can register on your own without a company backing you.

also a good one to look into is the new series 34. it's the forex version of the series 3.
  • #25
  • Jan 29, 2009 1:13pm Jan 29, 2009 1:13pm
Quoting Ilunore
I read that the Series 65 is one of the toughest exams... Small chance of success? I'm up for it!

I am going to purchase exam preparatory material soon. Thanks for the heads up on this.

lol that's an understatement. i'm studying for it right now. a TON of information to remember. it makes the series 3 look like a third grade math test lol. i have heard that the series 7 is the hardest though. that's the big one right there.
  • #26
  • Jan 29, 2009 4:38pm Jan 29, 2009 4:38pm
Quoting blacksun1
lol that's an understatement. i'm studying for it right now. a TON of information to remember. it makes the series 3 look like a third grade math test lol. i have heard that the series 7 is the hardest though. that's the big one right there.
Which materials are you using to study for the 65? There's not a ton of good stuff out there. I'm considering the Kaplan live course but its almost $300 for live instruction. I used Kaplan for my RE, so I know they'll get me to pass, but trying to find other materials out there.
  • #27
  • Last Post: Jan 30, 2009 10:24am Jan 30, 2009 10:24am
Quoting LongToBeFree
Which materials are you using to study for the 65? There's not a ton of good stuff out there. I'm considering the Kaplan live course but its almost $300 for live instruction. I used Kaplan for my RE, so I know they'll get me to pass, but trying to find other materials out there.
it's a book that my boss provided me. he got it off of some website. i think this might be it, but i dont have it with me so im not sure:

http://www.securitiesexam.com/products/series65.html

im pretty sure that it's that one. but again, the book is at work and i'm at home so i can't be too sure.
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