Using OPM as a Speculative Trader

OPM - Other People's Money
or OPR - Other People's Resources

If one should choose to use OPM to leverage their time in this market how would you go about doing it?

S Class Corporation? LLC? General Partnership?

I have a couple of high net worth friends that are willing to let me play with a small sum of their money in the forex world and I wanted to get the forum's input on how to go about doing this.

Yes I am going to consult an attorney. Yes this is money they can afford to lose. They view it as gambling. But they have agreed to let me keep half of any profits at the end of each month.

Have any of you ever done this?

You could set up a PAMM account, this is possible with many MT4 brokers.

Oanda has a great tool, called FxManager (which I heavily use): http://fxtrade.oanda.com/forex_tradi...er/index.shtml

You could check out my page as well, where I track several account managers with real money: http://www.fxmanagers.info

Kind regards - Martin

Perfect. I use OANDA so I will be sure to check that out.

Thank you for the info.

Does anyone know if there are requirements needed to trade other's funds? A license or something of that sort? I am located in the US.

As far as I know, if the quantity of accounts is small (don't know the limit though, maybe you can find this on the NFA site) the only requirement for Oanda is that every client signs a POA (Power of Attorney) which they send to Oanda.

http://fxtrade.oanda.com/forex_tradi..._fxtrade.shtml

Yes, in the US it's not that hard. I don't know the exact numbers but I've heard something about managing about 300k max and 25 clients. But I don't know if that is true. Here in Germany it's almost impossible to manage OPM.