Just make sure to not fudge your numbers or your trading prowess. Just do a search on Franz Shoar to see the outcome. The guys here and elsewhere will catch on if you do and you will have every regulator there is coming down on you. If you suck just say so and move on. If you turn out to be great everyone will shell out the bucks to hear what you have to say. Good Luck, Gary
Doesn't this fall under "financial advice", and therefor, wouldn't I need to be licensed to have a monthly news letter? like these guys http://www.hotstix.com/public/
No you don't need a license but you are still regulated. You can't lie and say you are trading 1000 contracts on the ES when you are trading 2. You can't say you make 100K a day when you might make 100 bucks. That is stuff that will get you in trouble. Make sure you know every detail of the laws pertaing to giving financial advice before you enter into this. You better know as much about it as your lawyer does. And you better have a damn good lawyer by your side. If you do this don't do it half ass. Do it right or don't do it.
I'd never lie about something like that. And yes, I do have an lawyer...my uncle, and he's a good one too . I need to start making money consistantly before thinking about a news letter.
It is different in the way that your broker will close your trades before it cuts into his money and if it does cut into his money you have already signed a contract saying tha you are responsible to pay it back. Or Guido will come knocking at your door. But I do think it is the best idea considering the fact that CM is probably trying to get a bankroll together. Borrowing is better than screwing up a healthy family relationship. Not to metion trying please other people is crazy.
There are regs for just about everything and what everything costs. You have a public track record over a year long and maybe you are subscribing to data based on some representation you made to the provider. You are also obliged to keep them up to date on your status at all times. The regulators monitor you through the brokerages you are using and it is done through the filings the brokers are required to make periodically. You fill in a form the brokers send to you and they send information to the regulators. Consistency among all parties is something people expect. So what is your status now among the regulators? From an evidence point of view and as I look at the questions on the form, you do not make the cut. Others have sort of told you this already. What paths are left? The POA route is one where the recipient of the paper will verify with the submitter just who you are and the basis for the submitter's judgement that allowed them to complete the POA and forward it. It is a no go for most brokers who are, then, in part, responsible for letting the paper slip through the system. They have E &Q cut offs that are corporate policy and often they require that a person present himself at the time of the POA signing (you have to sign it too). This is adult stuff for people, brokers and for those who take on stewardship roles on behalf of others. Review the last 5 or 6 versions of your business plans and see where most of the detailed expansions have occured. Pull down the last 1,000 pages of your logs and personal debriefing comments and find out why they have grown more and more comprehensive. I monitor you as an example. You will notice that I have not commented to you at frequent intervals. We all are going to be watching Ripley in a while. He is going to burn 50K during the early part of 2007. You might want to read the B1S2 journal for the last week to find out what it is like for a collective group to crush itself in the face of a telegraphed setting in the ES. Look at the ES journal to see the parallel path there. read the chat room commentary for the last week or more; get the picture from that setting of how the participants have been hanging and twisting in the wind. Finally, humor yourself reading the SURFER journal for another Ripleyesque character's logging. If anything, you need to use the remaining time left in this year to get a plan together so you can commence learning how to learn about every inch of the financial industry over the next few years. If you learn how to learn; then you can turn to the markets and trading to learn markets and learn trading. Try doing all the work assignments in Larry Harris's Trading and Exchanges between now and the New Year.
If I signed up for one of these news letters, it might actually help my trading by watching what the "professional" traders do. Seeing what setups they play, what time frame, what risk/ reward they aim for, and so on.
Now wait a second here. You were going to take family members money to trade and then looking into starting a newsletter. But yet you are still experimenting on your own method. Now I refer you back to the advice Romik gave you. Go out and scrape together your initial grub stake. Don't borrow and certainly don't start advising others. Have patience and put your years in. If you end up doing well others will listen.