To make big dollars trading you pretty much have to trade OPM. If you don't have a reputation on the street, you will have to start with friends/family money. Put together a sweet track record and the best pitch you've got, then go milk every connection you have. Even if you only find ten grand this way, it will be a 50% increase on what you've got. You can get a decent chunk of change together and still find ways to get around money manager restrictions as long as you don't get too huge. If you are good at trading and even halfway decent at selling, then unless you come from Ozarks hillbillies you should be able to find six figures of seed capital, especially in this environment where the average joe has no idea where to put his money. From little acorns mighty oak trees grow. Word of mouth gets around, profits increase the size of your stake, you put a legal structure together and presto, you could be living your dream by mid 30's. IF you can truly hack it and survive as well as profit.
Here's some inspiration for you =============== According to Institutional Investor, which probed one of the financial world's most secretive businesses, these astronomical figures are considered "conservative," a "minimum" of what the managers actually made. And because of last year's bear market, the figures are likely mere fractions of what the hedge hogs have paid themselves in the past. The top earner was Soros, who pocketed $700 million even though he only had a 13 percent return on his fund last year. Soros, who manages $7 billion, is said to give away over $500 million a year to charity. So he still had $200 million left over to play with. Among the other top earners are: * Bruce Kovner. With assets estimated at $5.5 billion, the chairman of Juilliard's board of trustees paid himself $500 million, Institutional Investor reports. But his Caxton Corp. fund managed to gain 30 percent. * Edward Lampert. The wunderkind of the markets, Lampert's Greenwich-based ESL Investments, was up by a jaw-dropping 53 percent - justifying his $445 million in earnings. Almost 85 percent of Lampert's $5 billion portfolio is concentrated in fewer than 10 stocks, including AutoZone. Go figure. * Steven Cohen. This day-trader commands exceptionally high fees due to the fact that he hasn't had a return of less than 30 percent in seven years. In 2001, he outdid himself with his $3.7 billion fund and gave himself a $428 million pat on the back. * David Tepper. The New Jersey head of Appaloosa management congratulated himself on 67 percent returns for his $969 million fund by boosting his bank account by $225 million. * Ken Griffin. The CEO of Chicago-based Citadel Investment Group is one of the few who doesn't pay himself 10 percent, settling for a modest 4 percent commission. But Griffin, who manages $7 billion, managed to net $215 million by the end of last year. And watch out: Griffin has hired several former Enron traders to help start up an energy trading business. * James Simon.This Long Islander's Renaissance Technologies Corp. racked up 33 percent in gains - leading to a $200 million payout. And finally, rounding out the club are Richard Perry of Perry Capital, who gave himself a $138 million payout, and Bermuda-based Munroe Trout of Trout Trading management Co., who banked $100 million. =====================
it has been only recently that i've kept very detailed trading records and statistics. i'm not quite ready to trade other people's money. maybe in a few months/years i will pursue that. i only posted about this to get a general idea of what the possibilities are for my situation.