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Travails of a Money/Fund Manager

  • #41
  • Jun 8, 2010 12:23pm Jun 8, 2010 12:23pm
As a trader- i ensure that i am taxed for any profit withdrawals for a calender year. (Business Income is how my Auditor advised me to file it as). I have not had audits yet (Neither have any of my peers here)
I suppose there is no comparision between IRS and my country Income Tax dept. in the aggressive approach to track ppl, but it sure does not make any sense in risking "forgetting" to declare gains.Especially since the whole forex trading aspect itself is a grey area and we all are waiting eagerly for clarifications.

As a money manager, i ve been advised to incorporate offshore (both the company and the bank account)-and set up a subsidiary in India as a back-office to which portions of revenue can be transferred (which would be taxed).
  • #42
  • Jun 8, 2010 1:03pm Jun 8, 2010 1:03pm
Quoting Scalperforex
It was only around 2004 then that the Reserve Bank of India increased the r
This still remains as a grey area. why would Reserve Bank of India or the government worry about trading in overseas exchanges?
Is it to ensure that the domestic exchanges thrive (domestic commodity exchanges are just 6-7 years old) or is it to ensure that people don't lose money to overseas counterparties? or was it broadly to protect investors from Refco like debacles.
Likely, the primary reason would be that if the investor lost his/her money, it would be siphoned out of the country for good.
Protecting the domestic exchanges and investors would also be of concern, of course, but your government probably takes a dim view of money leaving the country when no real goods or services are being exchanged in return. There is the lure of money possibly being made and brought into the country (also for no goods or services exchanged), but the Reserve Bank and government would be hard to convince given your country's conservative view on investing. The recent global meltdowns may not encourage high risk, aggressive investing in your country anytime soon.

Just my own speculation based on what you and the OP have written about the public's lack of risk appetite in India, which I'm not faulting by the way.
  • #43
  • Jun 8, 2010 1:15pm Jun 8, 2010 1:15pm
@Scalperforex:

Your mature and informative posts are a welcome breath of fresh air around here. Thanks.... and stick around!!
  • #44
  • Jun 8, 2010 1:30pm Jun 8, 2010 1:30pm
good to see some valuable info being shared, thanks to scalper...but as promised, i will refrain from posting any useful info on this thread for the apparent lack of respect shown in here...
  • #45
  • Jun 8, 2010 2:02pm Jun 8, 2010 2:02pm
@billflet-
>>Likely, the primary reason would be that if the investor lost his/her money, it would be siphoned out of the country for good.<<

I agree.Most likely.I would also assume that to be the primary concern.

@Price
I have to confess that i had shot back a rather unflattering reply to Sim, but thanks to my "junior" membership status, my message was pending moderator's approval.After a lil while i had calmed down enough to delete that message.I am not so mature after all

@Karthik
I can't tell you what to do, but i can tell you this. Nobody (including yourself) can gain out of silence.On the other hand, if we continue discussing,maybe,just maybe, an old hand who is successfully running a fund might give some pointers.

After all,not everybody who come here chant i don't care, i don t care.
  • #46
  • Jun 8, 2010 2:44pm Jun 8, 2010 2:44pm
I'm curious - where are you licensed to be a money/fund manager?
  • #47
  • Jun 8, 2010 3:32pm Jun 8, 2010 3:32pm
@several members around here

Sometimes it's best to listen. Sure, there was a question about the OP that was asked. But, that question was asked in a respectful and professional manner.

And then begins the shark feed.

I think it is in the best interest of the entire community to conduct ourselves in a professional way. I am sure that if we were all in the same room together, we would not be so rude.
  • #48
  • Jun 8, 2010 3:47pm Jun 8, 2010 3:47pm
Quoting Price
@several members around here

Sometimes it's best to listen. Sure, there was a question about the OP that was asked. But, that question was asked in a respectful and professional manner.

And then begins the shark feed.

I think it is in the best interest of the entire community to conduct ourselves in a professional way. I am sure that if we were all in the same room together, we would not be so rude.
You raise some good points and to an extent I agree...but the concluding hypothetical you left us with sorta has room to swing both ways.. would you agree? It is assumed best that we all act professional, but sometimes fighting fire with fire, i.e. belittling the scammers who are so common here, really does work, not completely of course but certainly as a deterrent
  • #49
  • Jun 8, 2010 4:00pm Jun 8, 2010 4:00pm
Quoting Price

I am sure that if we were all in the same room together, we would not be so rude.
lol, I bet they weren't too polite on trading floors around the world during the recent crash!
  • #50
  • Jun 8, 2010 4:21pm Jun 8, 2010 4:21pm
Quoting ns_karthik
Hi All,
For old timers in FF, they would have seen me around here for quite...
sir, i'm not yet read all this thread but i have question (so if there any same question already asked so sorry, and please give me link in what page )

i still wondering if i could be like you (trade for some client), so please sir would you like to share the rule for your client and you suck how big is profit sharing, or what about if it lose, and how big is your target/year (or month).. anything about your activity as a hedge found i would like to hear sir, please tell me more... what should i do to be like that?
I will be the number one Manager.
  • #51
  • Jun 8, 2010 4:46pm Jun 8, 2010 4:46pm
Quoting pipmutt
lol, I bet they weren't too polite on trading floors around the world during the recent crash!
pipmutt !! Where ya been ??

True dat. I was watching the Wall Street Wizards recently and it is quite clear that they are at each others throats... literally.

It's a little bit different, here they were just discussing the business. I'm cool with all the shit talk, it's kinda entertaining sometimes.

I do think that some good minds have been run out of here because of it, though.
  • #52
  • Jun 8, 2010 4:59pm Jun 8, 2010 4:59pm
Quoting Sim
You raise some good points and to an extent I agree...but the concluding hypothetical you left us with sorta has room to swing both ways.. would you agree?
Sim.

Are you all the way ready to label the guy a scammer ?? That is totally uncalled for. The guy didn't just sign up yesterday.

This thread has been thoroughly hi-jacked.

Maybe twee can go through and delete this as well as many other worthless posts.
  • #53
  • Jun 8, 2010 11:32pm Jun 8, 2010 11:32pm
Quoting Kas1
it is unfortunate that very little respect is shown to people who come to this forum and try and give what they know to other traders who are struggling...
maybe its because the vast majority of them don't know much to begin with (no disrespect to anyone) and the stuggling/newbie traders wouldn't know any better

this is the internet where everyone drives a ferrari and has a hot super model waiting for them when they get home.

  • #54
  • Jun 9, 2010 1:09am Jun 9, 2010 1:09am
Of all the people here, i think the most immature acting is karthik.

1)A simple challenge was thrown out.
2)He did not reply satisfactorily.
3)People discredit him.
4)He felt offended.

Those who believes in him tried to salvage the thread by gave him a chance to redeem himself.

He says "since I'm offended, I won't prove myself"

Bottomline: He won't prove himself. So no point trying to ask him to share his knowledge. He has an ego problem. Am I wrong to say so?

We all bicker. I've had my fair share of bickering with some of the FF members. I don't like that people trash talk or belittle me. But I know after that bickering, I can learn something new. Either I am proven wrong, or I prove someone else wrong. There is progress. I don't like it, but I can move on.

Right now, he doesn't even give any useful information. After the bickering, I don't learn anything new. There is no value to find after people calm down and think rationally. If he wants to earn some respect, get off the high horse. Or if you are really that good, stay on your horse and belittle us with your almighty knowledge. Heck, right now, I believe scalperforex is more knowledgeable than karthik.

And... this will be my last post in this thread. I don't want to feed karthik's ego... unless something constructive comes out.
  • #55
  • Jun 9, 2010 1:30am Jun 9, 2010 1:30am
we all make mistakes and exaggerate one time or the other all through the life (consciously/unconsciously) , and laugh at others expense . none is immune.

lets us not forget the above, if possible and carry on rather than forcing admittance.

regards and respect to all :-)
  • #56
  • Jun 9, 2010 2:31am Jun 9, 2010 2:31am
Quoting Price
pipmutt !! Where ya been ??
Lurking!


Quoting Price
It's a little bit different, here they were just discussing the business. I'm cool with all the shit talk, it's kinda entertaining sometimes.

I do think that some good minds have been run out of here because of it, though.
I agree, just not sure the OP comes in the 'good mind' category, he seems more interested in arguing than anything else! scalperforex on the other hand posted some interesting info, I didn't realise India were such control freaks when it comes to people's money, S.Africa is/was the same, mind you traders and investors there always seemed to find ways around it so I imagine India's traders and investors are just as resourceful!
  • #57
  • Jun 9, 2010 5:05am Jun 9, 2010 5:05am
Quoting pipmutt
I didn't realise India were such control freaks when it comes to people's money
Same here mate, strange isn't it.. but I know a couple traders from India who just utilise ignorance in a positive manner haha
  • #58
  • Jun 26, 2010 6:52pm Jun 26, 2010 6:52pm
uh, total 4 year 6 month plus a couple of days, this can be easily caculated. it seems a lot argument after this post, i don't know what the result of these argument, since i lost interest in reading them. if one double his experience in public representation, this seems scary.

you are good, man, good due dilligence


Quoting billflet
I was really hoping you would explain a bit.

Maybe I worded my question wrong. I was asking this:

If on May 27, 2006 you had been "into Forex" for about 6 months, as per your first post on FF, how can you now have 9 years of experience, with 7 years of those nine being your learning phase?

I knew that as a Money/Fund Manager, you must like to see things add up.
  • #59
  • Jun 27, 2010 12:21pm Jun 27, 2010 12:21pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
It is not without good reason said, that he who has not a good memory should never take upon him the trade of lying. ~Michel de Montaigne, translated

The truth is more important than the facts. ~Frank Lloyd Wright

When you stretch the truth, watch out for the snapback. ~Bill Copeland


Some rare gems... about being truthful.
I have seen the enemy, and it is me.
  • #60
  • Jun 27, 2010 12:22pm Jun 27, 2010 12:22pm
some good quotes jey, thanks
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