Where are the rich private traders?

Discussion in 'Professional Trading' started by Magnum29466, Nov 12, 2009.

  1. Seems like all rich guys in the market are hedge fund guys. You don't really hear about the jesse livermores of today if they even exist. I doing ok so far but I'm no where near the level I want to be. I want to be a great trader and very rich but when I look to other private traders for inspiration im always going back 70 years unless I look at the hedge fund guys.

    personally I'm aganist hedge funds becuase if you're a talented trader why trade for a fee when you can trade your own account for 100% returns. dont get me wrong I understand that hedge some funds managers are talented traders I just think the business is geared to much towards getting rich quick with average results...
  2. why would private traders publicize what they are doing? they are out there.
    the odds that you will become very rich trading are somewhere between slim and none so you probably should be satisfied with just making a very good living.
  3. Most, but not all. It's easier and less consequence for failure trading OPM than one's own purse.

    In other words... when you screw up it's easier to tell your investors (whom you are likely to not know personally)... "sorry I screwed up and lost your money"... than to lose your own money and end up eating from a dumpster and living in a cardboard box under the viaduct.
  4. How much is "very rich"?

  5. in this market you are seriously dreaming, you have a better chance at the lotto
  6. Economies of scale and scope and leverage.
  7. ...and being able to massive risk with other peoples money and then walking away if things don't work out.

    Heads- I win big and take my 2-3% management fee and 20-40% of the profits

    Tails- I blow out and lose all my investors money. Take a few months off to vacation and come back with a new "hedge fund" with all new clients.

    Rinse repeat.
  8. Why are you here then? are you liquid right now?

    and my idea of very rich is in the hundreds of millions...
  9. I'd rather make 15% off 100 million working for a fund, than keeping 100% of my profits from a 100,000 account anyday!.
  10. Not going to happen trading a retail account.
    #10     Nov 12, 2009