Building a Track Record to Eventually Manage OPM

Discussion in 'Journals' started by Arjun1, May 4, 2009.

  1. Arjun1


    I want to start building a track record so I can eventually manage OPM.

    I only want to manage money for my family. They have offered 500k for a long while and I kept saying no because I knew I wasn't ready. I still feel I'm not ready for it but I probably will by by the end of this year.

    I'll post my results here starting 5/1/09.
  2. Arjun1


    You can see the blotter for 5/1 attached to this post.

    I made around 600.
  3. Arjun1


    I'm not happy with my discipline on Friday so I am not trading or monitoring the markets today.

    I day trade mostly futures but some stocks as well.

    I have a very small swing trade account too which I use for swing trades.

    So far:

    5/1: +600
    5/2: 0
  4. Arjun1


    I'm again not happy with my discipline so I'm taking tomorrow off.
    I'm taking days off until I reach 100% discipline because I'm not trading OPM without 100% discipline.

    I put on a swing trade today. Short 1 YM (September contract) at 8344

    05/01/09 694.75
    05/02/09 0
    05/05/09 -123.48
  5. Arjun1


    I realize i have the wrong dates so i correct them.
    I do not trade today.

    05/01/09 694.75
    05/04/09 0
    05/05/09 -123.48
    05/06/09 0
  6. Dustin


    It's easy to get $500k bp at a prop firm and take 100% of the profits. Why on earth would you trade your family's money other than ego?
  7. Arjun1


    When I say family - I mean my parents. Others have also offered but I probably won't accept their money.

    With parents money, I can charge a 20% incentive fee (no management fee). And I'll eventually get 50% of the rest as an inheritance. That's a pretty good incentive fee.

    All their money right now is in CDs, and they are getting killed with 2% yields (but they are obviously doing much better than the 401k to 201k crowd).

    And 500k is just a fraction of what they have so even if i lose half, its no big deal.

    If I do really well, after a few years I may register. But right now I just want to focus on trading and not fund accounting, admin., or marketing issues.
  8. rickty


    I don't want to be rude here, but seriously why would your parents want you to manage their money (500k) when you don't have a track record?