and last, but not least by any means, if you really feel sorry or compassion for cashmoney69 - God, what a misnomer - breakout your Wizetrade kit and teach him to trade!.
All I can say right now is "Wow"!. I just love all the encouraging and positive posts I have read on this thread, it has been a blast . Whenever I read a post about someone making fun of the fact that I go to a Community College, and not some Ivy league school just made me want to read the next post and the next (JimmyJam, I love you man, lets go out for coffee sometime ). People on this forum can take a person's negative traits and really emphasize them. Of course people would not know these things about me unless I made them public, which I did, and people exploit that...oh well. Well hey, I got good news. I talked to several friends and family members, and they said that after 2-4 years of consistently being profitable, they would help me open the fund. I told them that this money has to be risk capital and so they understand the risk.
I love you too Cash. I'm just trying to make you do the work that will save your ass ... and I mean it. The markets wil rip you a new one worse than anyone on any of these threads could do if you are not prepared for it! It takes an enormous amount of effort to accomplish even the simplest of goals ... and being a successfull trader, while very doable, is just going to take more work than what you've shown (maybe you really aren't showing what you can do, but then I have to ask, why post? I mean for Pete's sake, you're complaining about Community College, while you're going to be competing against some of the best/brightest/well educated minds out there). We see that getting the money together is going to be the easy part for you. Now just learn how to trade. There are plenty of good threads here on ET. Stop creating your own bogus, attention seeking threads, and go to some of them and actually learn something. http://www.elitetrader.com/vb/showthread.php?s=&threadid=74212&perpage=6&pagenumber=2 Bye. Jimmy Jam
This will be true in a real job as well. There will always be someone with a sharper resume, higher gpa..or whatever, you just got to do what you can, but I see what you're saying.
This is a "real job". The only difference is that in this world, incompetency means everyone else taking your money. You can get by with ignorance and laziness in most other jobs. That just doesn't work in the markets. You ever watch the "Real World"? It time to "Start Getting Real" Nathan.
Weekend homework assignment. Read through this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=25425&perpage=6&pagenumber=1 Identify 5 Key ideas that would enhance your trading. Write descriptions of how you would use each idea in a practical fashion (give the example using a security). Practice using these 5 ideas for the next 3 months, make them the core of your trading methodology ... make them your own. Come back and tell us about the experience and what you have learned in this time. ... and see, I didn't charge you a thing! Later, Jimmy
Gentlemen/Ladies (and whoever that nameless idiot was) IF you want to MANAGE A FUND, well it is not about short term trading I assure you. You need a number of skills in addition, including understanding of tax law, understanding of how to use options, as well as an in-depth knowledge of bond market(s), international markets, and currencies. Finally you need to have a risk management program that is pretty sophisticated if you want to succeed over the longer term. Thats if you want to manage a HEDGE fund. IF you had some idea of how complex this undertaking is, you would understand why I view the OP's first comment as both comical and unrealistic, to the point of being childlike. It is highly unlikely that a person, even an intelligent well meaning, hard working person would be able to make it work without getting a significant amount of training first. Sorry, but that is reality. Don't believe me? There have been some other fund managers here at ET. PM Aaron Schindler for instance. Ask the guy to give you a condensed "day at work" scenario. So am I a mean spirited guy making fun of the poor OP. Well maybe, but from my point of view I am just shaking my head and thinking "Oh my god, not another of these guys". Hey look maybe I am wrong. If Bush can be president, I guess anything is possible.
I'm not gonna tell you that its impossible to do but most of the successful Hedge Fund managers I know have their CFA and PhD. Doesn't mean you HAVE TO have that but check out these job listings for some Hedge Funds and pay attention to what they are looking for: http://www.hedgefundcenter.com/employment/job_list.cfm If you think you have what it takes, good luck!
You won't have any FRIENDS or FAMILY left after you LOSE their money. They will all hate you and disown you. They might even SUE you. It's best not trade your friends and family members hard earned money.
He's right, you know. At the most on the upside, they can do OK and will blow-up your EGO, making you feel like you are "the man" ... but at the first market downturn (or drawdown in the portfolio as the case may be) you will catch it, and good. At least one of the relationships will not survive the experience. If you think you're so good, put money in the trust and give them a percentage of your gains, but don't screw around with their money. More positve feedback. Later, JJ