Most days I am torn about what to do with my future. Do I trade for my-self and keep the stresses relatively low? Do I enter the idea of trading for other people and all the hassel and returns that can bring? Do I cap my trading at a level where I have enough to make a great living or do I try to trade as a big a capital as possible? Grown my account year on year or start pullnig all proftis out? Each one has pro's and cons. One day I am going to set up a hedge fund and trade many millions. The next I am going to slope off the the Carribean and semi-retire. What are your goals? Do you strive for more or keep the "staus quo" Thank you
The goal of every trader should be to become very very wealthy. This is the only legitimate goal. Bill
I have had the same thoughts. After thinking about it for looong time, I've come to the conclusion that remi-retirement is the right thing for me to pursue. I have a lot of things on my to-do list + other endeavors, so free-time is a priority for me. Of cause, being very wealthy is a requirement for all this to happen
The goal of every trader should be to become very very wealthy. This is the only legitimate goal. --------------------------------------------------------------------------------- Well as Bud fox said to Gordon Gekko "How much is enough Gordon?" What is wealthy? How much? Should this really be the goal in life? You can't take it with you? When on your death bed do you think you will be wishing you had traded more and made a few more million $$'s? I HOPE NOT. Wealth ois good. But I think get to a level where you can then start lving your life to the fullest is the goal. No debt, no mortgage, some savings, a great income....what more do you really ned beyond this? I see no point in becoming the "richest man in the grave yard." I want to travel, expereince as many things, places experiences as possible, etc...Work is good for the soul. But it shouldn't be EVERYTHING. Oh well I seem to have answered my own question...
Chipper, It sounds as though you are on the fence between trading your own funds or starting a hedge fund, or just sitting on a beach somewhere drinking Coronas. You definitely want to take that third choice Kidding aside, if your heart is not in starting a hedge fund don't do it. The leg work, red tape, and paperwork, just to get one off the ground is PHENOMINAL! When I started mine I had to finally throw up my hands and say, "That's it. I'm done with the paperwork and it's going out." I went from doing between 50% and 90% per month to struggling to be a break-even trader until I finished the paperwork. It will completely consume you. Then, you have the issues of keeping your investors happy. If you are a skillful trader this is actually the easy part but there's also a ton of paperwork like monthly statements, amendments to your operating agreement, changes in management style, etc.....that you will run into once your up and running. If market conditions change and you have to change your trading strategy to adapt and that strategy isn't outlined in your operating agreement you have to provide your investors with an amended operating agreement. Little things like that add up to a lot of work. Looking back....I wouldn't change my experience for anything because it's always what I wanted to do. You can't be on the fence about a hedge fund. It has to be all out or nothing. Good Luck with whatever you decide.
went from doing between 50% and 90% per month ------------------------------------------------------------------- good grief are you still doing this? That's amazing. i'll just invest with you and go to the beach every day..
No, that was with my own account before I launched the fund. I take on a lot less risk with the fund, thereby generating less profit but it's still a very profitable venture.
I hope to reach $10 million within 5 years. Maybe a little unrealistic given my current capital but it keeps my focus keen to the larger opportunities that might present themselves to me. I can be happy to just cover my daily expenses and add to my current meager salary but it won't get me anywhere. If anything it presents me with a larger risk of blowing up since my capital will probably not grow much since I'm taking money off that table all the while racking up the number of trades. I'll report back in 5 years and let you know where i stand.
what style of trading do you do? Day/Swing, position? ------------------------------------------------------------------------ No, that was with my own account before I launched the fund. I take on a lot less risk with the fund, thereby generating less profit but it's still a very profitable venture