After you lose another 50% and go down to $ 250,000 feel free to give me management control and I will bring it back up to $ 1 million with standard hedge fund rule of 25% of profits go to me.
Thanks I don't have a million either(anymore). Right now I've been very busy. I've decided to start my own private equity company. I'm in the process of negotiating with some banks for an unsecured loan as start-up capital hopefully in the 75-150K range. My company is going to be called **** **** Equity. I won't mention it here until I have it reserved with my state. I decided I was tired of the limed trading available to qualified accounts. I want the freedom to short , sell options (naked) and use margin: not particularly in that order. Yeah besides my day job is not terribly compatible with trading but I'll still need it til I hit about 1.5-2mil in assets.
Honestly the 50% drawdown is quite possible, but YOU (or for that matter anyone else) getting 2/20 or 25% from me : not a snowflake's chance in hell.
massively down week, unable to post firm numbers due to holiday. was down 8-10% as of thursday's close but market has not reflected fridays huge losses in s&p500 futures. overnight session s&p was up 3 closed down 15.25 apx 8:15 am I expect another 20% drop when this is reflected at market open.
An expert driver in an average car will blow away an average driver in a fast car, if the average driver doesn't spin out and crash! You, the professional, know that the tires are the most important thing on the car. They must be changed regularly. And get this - an average driver with a fast car and poor tires is almost guaranteed to have an uphappy ending. So too, the average trader with leverage..........
My system has been in rather uncharted territory since I implemented it. Gut feeling wise I've wanted to get flat for the past 2 weeks, however that is tinged by hindsight bias. My indicators have not given me a clear signal to change: therefore i'm continuing to stick to the plan. I have no intention of trading on gut feeling. I value discipline above short term gains and losses. If my system is invalid then either my account will adapt or die. This is a learning process and I will treat it as such.
Things have been a little rough the past two weeks. 5% loss over the last two weeks. Open position is just barely positive, here's to a positive s&p 500 next week. Side stepping some of the losses both tuesday and today was just luck.
4/20 six percent gain this week. kinda nervous about leaving an open position this weekend french election on sunday. sarkosy is expected to lose to socialist hollende. hollende could spell the demise of all that was negotiated on the pan European debt crisis. My intent to create an llc has been put on hold pending conference with my CPA for best structure to use for "trader in securities " status. Loans from banks are quite disappointing because I have no debt and i paid off my house last year so ironically my credit score is pretty good but since they see no revolving credit i'm kinda getting low line of credit offers. So far it looks like I have 67k in loans lined up . I plan to trade this in a personal account (not opened yet) until 1/1/2013 then trade it within a business account (mark to market status ). 1/1/2013 I plan an early withdrawal from this ira (anything over 600k) to help fund the business. hopefully I'll continue to have a good year