Hi all, As a propective (hopefully) fund manager, I have a perhaps silly question. This applies only to funds with just 1 manager who trades at least once a week/day. What happens when you go on vacation? (Can you do that) And I'm talking about something where your family won't allow you to do work while on vacation. Do you just close out your positions into cash and re-open them once your back? If so, wouldn't the investors get mad especially if you really need 2 - 4 weeks off? Another thought I had is for systems traders at least you potentially could either have 1) the computer make trades for you or 2) have the computer email / send orders to a trading desk that you establish a relationship with. I'm just wondering if this is commonly done. The other thing I can think of is find someone you really really trust like a close friend and give them keys to the trading account and have them act like a sort of trading desk for you while you are gone (this only works for system traders where a computer tells them exactly what and when to buy/sell etc.) I'm just curious.. -Taric
good questions. you just brought me into my summer vacation mood. can't wait now. still three months to go.
You don't need a vacation. You need to work more... And more....!!!!!!! Seriously though, I suggest you shut shop down for a while. Otherwise you won't be able to sleep at night. And imagine what will happen to your friendship if your friends accidently screws up, goes short instead of long 100,000 shares instead of 100.... Or you can take, what I call a part-time vacation: After the market close - leave work to a hotel with a pool. And commute back and forth. And if you are working from home, rent two hotel rooms, one in which you and your family will be vacationing, and the other with your setup.
That reminds me of me when I go on vacation. I usually go on a cruise and im out in the middle of the ocean and I bought this expensive sat phone and i must look like the craziest guy in the world sitting with my phone dish pointed up into the sky out on the sun deck and talking to someone at my office and my floor broker at $3.00 per minute. I just get a little bored on vacation for a full week. the trading breaks up the day a bit. I love it.
All Mutual Fund companies that I know have several fund managers that they employ. When one needs some time off, the others will generally cover. Maybe you can work a deal with another fund manager that will do the same with you. Good luck.
Ok-- thanks for the info. Pat, it's funny you mention cruise.. my fiancee and I are getting married and going on a short 4-day cruise for the honeymoon in April. But she would probably be offended I'm guessing if I did any work at all at the cruise. That is pretty cool with the satellite link, though. Also on my last cruise they had 6 or so internet-access rental terminals. The other issue is even if she doesn't mind it might be a good idea mentally to take a little time off. Regarding multiple fund managers, I can see how that would help. But for me I'm not sure if that is the route I want to go-- I do my own programming too so right now haven't needed to give away the system to anyone. And I've heard stories about programmers for hire at big hedge funds leaving and starting up their own successful funds-- in some cases based on proprietary knowledge they got at their last job.. kind of scary from the point of view of the fund manager. Obviously this can be true for sharing the system with new fund managers as well-- I know there are legal documents you can make people sign for intellectual property protection but there are always some cheaters unfortunately. -Taric
taric, there is a difference. ive been married 28 years and your just getting married. leave the work home this time.
I second what progers82 said. I have been married for 1.5 years and my wife gets really annoyed at me for spending my afternoons and nights trading. She lets me do it but it frustrates her that I spend so much time trading. Granted I am not a fund manager, I am a beginner that still has to hold down a day job and I would highly advise you to leave trading alone for your honeymoon unless you want to start off in the dog house.
Like the old man said (Livermore), it is good for your head, and your trading, to get completely out of the markets once in awhile and take a vacation. Of course, when arriving at a vacation spot, the first thing Livermore would do would be to look for the nearest brokerage office, and probably put a new position on...often a big one. Is trading an addiction? Surely it can't be confused with gambling. saxon
No-- I definitely won't be doing any work on the honeymoon whatsoever-- totally agree there. Heh - I just asked my fiancee what about a year later if it would be ok if I brought my "job" with me to work for part of the vacation, and got on the internet and/or satellite phone. She said basically in general that is ok-- as long as it doesn't come as a surprise. Like if we were getting ready for dinner and then I get a call, that kind of thing, she said would be really aggravating.. My system doesn't do day trades though, it trades at most one position per day and is fine even if I do a market order the previous night or a Buy at Open order or that kind of thing--- so it isn't really too time sensitive luckily. (And it is a purely technical mechanical system so I don't have to watch for news, etc). So it looks like I'd be fine.. then of course there is the question on whether maybe a break from trading is good every once in a while but sounds like at least I have that choice. I still will need to make arrangements for a backup in case I get really sick or something like that though. -Taric