Hi bobcathy, Your case possibly confirms Harry's view on the subject: "Maybe for the girl [guy] who feels "she's a poor lonesome trader" Good luck, nononsense
Hey lazybones, I always kept on reading about those juicy pit deals. Are you trading for marbles now with the neighborhood kids?
I think you guys are not understanding my question/thinking on this issue. What if you pooled resources/accounts into 1 and treated the group as a business/partnership? It would then be in the benefit of everyone to *really* help each other out. Let's say 1 person is responsible market analysis, 1 in computer maintenance, 1-2 in research, all in order input. Trading as a *real unit*. That's what I'm getting at. Make sense?
It sounds like an n-legged sack race. It is hard to make ventures work out with more than one entrepeneur. Everybody has their own ideas. That there is success or failure at stake just makes people argue harder for their own ideas. What works best is one boss, and the rest employees. Been there, done that, got the t-shirt (and scars).
The idea would be perfect if you could replicate yourself instead of having some other people trade with the pool money. I mean if I could for example trade different timeframes, different instruments (stocks, bonds, forex, futures, derivatives) I would probably have a higher profit factor because I would be able to exploit more opportunities. But I can't do that alone, at least not yet You could however look at the other traders in your partnership as investments. But are you that good at valuing people as you are good at trading?... May be you won't be able to treat people the way you treat stocks - let your winners run and dump the losers I think however that even when you are trading stocks you are actually trading yourself, you are betting that you are better than the others and can make money. So may be such partnership is an idea worth considering
Exactly. .Hire a set of employees that follow direction but are able to colaborate with the other employees to optimize solutions and still come up with creative ideas - an environment that you need to set up as the boss. However make no mistake: There ultimately needs to be a single decision maker with a vision and plan moving the venture forward.
Doesn't make sense to me. Mixing $$$ from multiple traders is a recipe for disaster IMO. If a trade heads south people get emotional over lost $$$. So who would be blamed? The trader? The market analysis guy? The guy doing research and/or TA? I've traded in a room with anywhere from 5 to 10 traders. It wasn't for me but it took a year and a half to figure that out. Trading alone I am more focused and not influenced by outside "noise" (i.e. other traders trades that may get mentioned in the room). Others need the social interaction to trade well I suppose. But mixing $$$ I think is likely to create problems at some point in time.
Maybe a 'multi level marketing' approach could work. Senior traders would mentor junior members and get an increased share of the net profits... Payouts of net profits would reflect contribution to the group's goals. The group could reset 'payout percentages' once a week or month by each individual's performance and role. Not for me however, I like trading because I am anti-social enough to enjoy not working with people for commercial purposes! It is a perk of trading....
I can see it now. The trader, the market analysis guy, and the guy doing research, in a room together. One of them says, "Good gravy, man! If we don't get out of this trade now, we're... doomed!" "Doomed!! DOOMED!!" chorus the other two guys.