Well, if you are asking an anonymous message board for advice on starting a fund, then you probably have no chance of making it in a business that is predicated on raising money. As someone else said, if you have a way of making 10% with low draw downs, then all you have to do is add leverage and increase your return. 20% pa will make you insanely wealthy.
You are essentially describing an RIA. The majority of the long/short equity funds in the 8-12% CAGR range have had to drop their fees to attract new capital. Most intermediate to long term long/short funds took a beating in '08 and investors couldn't justify paying a 2/20 anymore. Many of the failed fund managers switched to more of a flat advisory fee structure. In the pooled fund universe, long/short equity is one of the most saturated spaces. Why is someone going to pick you over the other well established names? You'd need better performance AND lower fees to make a go of it. With those returns, in that space you are looking at 1/10 or 0/15 just to attract capital. Then you have the high cost of running the fund. Seems like the better option for you is to forget about the pooled fund and incentive fees. You'll do better with your skill set by going the traditional RIA route. A highly skilled RIA that can hit that 10% fairly consistently can charge 100 bips flat without the cost of running the pooled fund. Far fewer headaches too. If you really want to try to go the pooled fund route, with the attractive fee structure and 10% target returns, you'll need at least $15MM AUM just to keep the lights on. If you go the RIA route, you could bootstrap it while working a second job.
BTW, a good trading program should not be "gambling", regardless of the ave holding period. It should have a demonstrated positive expectancy with well defined risk limits that allow that expectancy to result in quantifiable long term expected returns within the predetermined variance. Good returns aren't a surprise in such a system, but a long term loss is absolutely shocking.