Letting a profitable futures day-trader trade my account: feasable?

Discussion in 'Index Futures' started by paul66, Apr 4, 2003.

  1. paul66


    I apologize if the following request may appear silly but I really wonder whether or not my plan is feasable.

    I am not a good trader, I have tried during the last 2 years and lost, both in daytrading stocks and emini futures.

    I wonder if there is any profitable futures day-trader, you are aware of, who may want to consider to trade my account according to the following guidelines (aimed to guarantee both sides):

    I may open an account with around $10K to $15K for futures trading, with a low commission broker, like IB, or Ffastrade, elocaltrading, etc.

    - We may (as a first attempt) start with a short period personal-agreement, signed by both sides, upon which:

    - This good soul-trader may trade my account (I provide him account user name + trade pwd)

    - he cannot withdraw cash (the broker sets up a 2nd account-pwd, provided to me only; this 2nd pwd is for drawing purposes)

    - every day commissions should not exceed $200, (the trader should not be a broker affiliated, interested to over-trade and generate more comms)

    - net profit (after comms but before tax) is divided 50%,

    This is reasonable to me, since the country I am resident in as enjoys a very favorable income taxations, from financial trading.

    After profits are generated, I will routinely send this trader a check (or withdraw money from this account and then send him cash).

    - Profitability is monitored week by week: If not profitable, for, say, a certain stated numbers of days, then everything is over.

    I understand that this process can only work if there is a high level of trust, but I also can say that I came across some (few) traders, who are doing daytrading for a living, and I felt are moral people, not greedy.

    Is this plan reasonable or completely foulish?
    What are the weak points?

    These ones for sure, right?
    A profitable trader will trade with his own money, why should bother to use my $10K...

    The risk of fraud is too high...

    Thanks and again do not bash me for such a question.
  2. nkhoi

    nkhoi Moderator

    there are plenty broker offer this service, I think they call it 'trader assistant' account. Infinity, LW and others.
  3. Ditch


    Ask yourself this, if you could trade futures profitably, would you be interested in trading a $7.5 k account?
  4. Ditch


    By the way, are you from Holland?
  5. Ebo


    Dream on!
    Put your money in an a aggressive Managed Futures Hedge Fund.
    Giving your money to a NON-Family member is way too risky.
    I have money is a avery aggressive fund and trade my own E Minis on a daily basis. Aaron Schindler looks like an option. Talk to him about this. He runs a fund, and posts frequently here. DO NOT give your money in an account with a password. Smells like trouble. There are many fund type situations that will either make you a rich man...............(Or lose all your money......HE HE HE)
  6. paul66


    Please EBO,
    share some more words about this Aaron and these Managed Futures Hedge Fund'

  7. paul66


    Hi Ditch

    No, my official residence is in HK

    Thanks anyway for your warning
  8. Paul,
    How much do you want to make ? Do you want to have a say in what markets to trade and what method will be used ?
  9. paul66


    Thanks Walter for your question


    1. daytrading only: no overnigh position

    2. futures (I do not reach $25K): emini, Eurex, ace-cbot

    which strategy I do not care, just not overnight position, since I take all the risk

    3. monitoring activity and results 2-3 times per week


    You may want to email or PM me
  10. Aaron


    I'd recommend the CBOT booklet "Managed Futures -- Portfolio Diversification Opportunities" to learn more about managed futures. It is free online at http://www.cbot.com/cbot/docs/29062.pdf

    Check out our website to learn more about Schindler Trading. Email me for the password to the Investing section and if you have further questions. Our website is at www.SchindlerTrading.com and my email is Aaron@SchindlerTrading.com. Our minimum required investment is $20,000.
    #10     Apr 4, 2003