Hey all, My trading is going better than I would have expected. I do just swing trading. I continue to learn from my mistakes and I think I've got a decent edge now. The problem is that my account isn't big enough for me to quit my day job. So one serious question, and one-semi serious question. I think I'd be good at day trading, but I have a day job. So I was wondering about the feasibility of doing "day" trading on an Asian Exchange. Can it be done from the U.S. without paying huge fees per transaction? My swing trading principles would apply, and I think I'd make money faster. Here's the semi-serious question. I think I can make a pretty decent return for my friends. I think I could get them 10% a month. Is there a good way that I could run a fund for them? Like would it be legal for me to have them all buy into an LLC, and then use the funds to invest, and distribute profits that way? Would I need a Series 7 license? Don't know a lot about the legalities of trading with other people's money...how can I do that without a lot of fuss? Thanks, SM
Hey, SmartMoney: There is Australian trader that runs a trading room for the Australian and UK markets. Which you can trade before work. They have been sending me their results for the past month which are phenomenal. Although I have not used the service as of yet. Let me know if you would like a link to the website.
Smartmoney, just saw your last question about managing other peoples money. Really don't think you are ready to do that yet. In my opinion, you need to build up enough capital to do this full time, then look at managing for other people. Take it one step at a time.
They won't be your friends for very long, stick with the day job, and trade YOUR OWN money, until you have a track record and are more confident.
don't trade others peoples money esp. if they are friends and or family: no good thing can ever come off that ...
OK, I'm abandoning that idea completely. But what about the other question? The Australian thing sounds great but I'm a night person, not a morning perions. Any groups or info on trading at night? TIA, SM
Do you follow ALL advice you get on this forum? Bro, you need to have some independant thought! Lemme' let you in on a little secret, less than 10% of the posters here even trade a live account. Try a few of the Fx forums for more "expert trading advice". e p
Yeah, you're right, but now if I follow your advice, am I truly being independent? Kidding, but I just wanted to stop the avalanche of naysaying...it wasn't an idea I was married to. But I'm very interested in trading at night. Especially if I can trade ETFs at night where I can go short. If anyone can help, let me know. Steve