Isn't smart to let someone else trade for you?

Discussion in 'Chit Chat' started by chipmunk, Nov 16, 2008.

  1. I know we all want to be George Soros/ Gordon Gekko etc...

    But the more I think about it as long as do your D.D and find a good trader (who fits your risk criteria etc..) why not let them run your account day to day?

    That means you do not have to spend all day glued to the machine. Take time away. Do other things.

    Sure finding a good trader is not easy and you really have to do your d.d. but isn't this the wise thing to do for 99% of "would be traders" rather then trying to figure it out them-selves?
  2. Boib


    Because no one will look after your money better than you.

    Just ask all the investors that have managed accounts in this downturn.
  3. Not all. And if it a day trade manger better to give a commission to an expert then stay glued to the quote machine all day?

    Why does everyone think they can actually trade?
  4. Boib


    Unlike Medicine or Law anyone can call themselves a trader. I'd have a lot more faith in a self taught trader than I would in a self taught Dr.

    You are deferring to an expert when hiring a "Pro" trader, but at what cost? Being a "Pro" you will be charged a fee for his service. Usually in the nieghborhood of 3 to 10% of capital under management and a share of the profits. 20% is not unusual.

    You still have to manage the "Pro". How much will you allow him to lose before you fire him? Kind of like setting a stop loss.

    Trading is taking responsibilty for your actions. If you can manage a "Pro" then you should be able to manage a trade.
  5. ok so if you do not want a pro to do it and you can't do it or don't want should stick your money under your mattress?
  6. Boib


    It's your money.

    It's your decision.

    It's your responsibility.