Family Money

Discussion in 'Trading' started by Rickd23, Dec 13, 2007.

  1. gobar


    first trade with ur money (50K)

    and if u made like 10 K then put family's money...

    otherwise stay away...
    #11     Dec 13, 2007
  2. Rickd23


    I guess I should make it clear that the family members in question would be going to "Vegas" with this money anyway. It is the definition of high risk money. Trust me when I say if I lost it all tomorrow they wouldn't say a word. They have PLENTY to spare. They came to ME with the idea not the other way around. Thanks for everyone's feedback.
    #12     Dec 13, 2007
  3. lazy9


    For what its worth i would just open an account at Etrade or Ameritrade and set it up as an Investment Club with you as the Manager. I pretty sure Etrade has a set up for this, make sure you dont use Margin..
    #13     Dec 13, 2007
  4. lindq


    Honestly, I don't know why I'm bothering to post again because you aren't listening.

    I don't care if your family has 500 million and you lose $1,000.

    You will NEVER live it down, despite what they may tell you to your face, and despite what future success you may have in your life.

    Trust me, I've been there.
    #14     Dec 13, 2007
  5. anomaly


    Phew! Thank god you made the effort. For you this is like pearls before swine, eh?
    #15     Dec 13, 2007
  6. Galatia


    Been there done that... Never trade with your relative's money. It will be a headache nothing more.

    When you trade with your relative's money, if you lose money, it won't be only money that you'll lose, believe me.

    And one more thing, relatives are the ones that you see or talk everyday. Probably every single day, they'll ask you about the current situation. Everday you'll face questions like "Did you win or lose today?" bla bla. This will put extra stress on you.
    #16     Dec 13, 2007
  7. Rickd23


    well maybe I should just stick to my 50K and leave it at that. That for the feedback.
    #17     Dec 13, 2007
  8. JimyJam


    LOL, fellas, fellas.

    The OP needs to have his own experience.

    Now, we know that the only money you should trade is your own, and if you want to trade money for your relatives, you should setup an account out of your own profits for them.

    This way, even in the worse case scenario, you are at worst a "good guy", and at best, assuming you have skillz, you "da man", a certified hero.

    And this is important, to the people you see every day, to your friends and relatives, and most of all to your wife or loved one.

    But he needs to have his experience and learn these lessons for himself.

    Give'em time.

    He will.

    Good trading,

    Jimmy Jam
    #18     Dec 13, 2007