Trading other people's money | Thread profile

Quote: Originally Posted by grantx JK, ScotchHarry: “We'd be trading FX through a broker rather than spreadbetting”. “you seem to think you are a fountain of knowledge who knows more than everybody else.”. I know more than some, less than others. Grant. “We'd be trading FX through a broker rather than spreadbetting”. Well I am suggesting that doing it through a...

JK, ScotchHarry: “We'd be trading FX through a broker rather than spreadbetting”. “you seem to think you are a fountain of knowledge who knows more than everybody else.”. I know more than some, less than others. Grant.

Hello All, Hopefully this will be my last post on this topic - my inbox is overloaded I think the question ScotchHarrry initally made in post 1 was how he could trade his mates account Legally So if ScotchHarry is proposing to carry out this type of business from the UK - he would need to be regulated by the FSA as Grant pointed out "Since 1995-6 forex/spot speculation in the UK has been regarded as an investment business requiring...

Quote: Originally Posted by Captain Currency What Im saying when I say "may mean" Depending on what country you are in, The Fin Reg for that country may differ from the Fin Reg of another country. So obvisouly you have to comply with the Fin Reg for your own country. Confuse yet? I should have said it more clearly, let me try again: Forex or spot is not classed as an investment instrument by SOME Fin Reg bodies. Therefore,...

Quote: Originally Posted by BSD Still haven't managed to elicit from anyone who runs a hedge fund over here if the costs / hassle in the EU are comparable or not to what is decidedly low cost / low hassle in the USA, also keeping in mind that most hedge funds operated from the USA seem to be based offshore. No EU hedge fund managers on here ? Not like we're trying to get at deep down "secrets" in which I don't...

Quote: Originally Posted by ScotchHarry Hi thanks again for all the replies, I think we're going a bit off-topic as I wasn't necessarily asking for advice on whether or not it was a good idea for me to trade with his money, rather just the procedures to go through to make it legal. Looks like a bit of a mess on that front so this (very hypothetical at this stage anyway) plan will be on the back-burner until we at least know more...

Hi thanks again for all the replies, I think we're going a bit off-topic as I wasn't necessarily asking for advice on whether or not it was a good idea for me to trade with his money, rather just the procedures to go through to make it legal. Looks like a bit of a mess on that front so this (very hypothetical at this stage anyway) plan will be on the back-burner until we at least know more about that side of things. Thanks again!

Depends on the country, surely? And if you're buying actual shares or spreadbetting? I suspect there is a tax issue... Other factors such as how much you intend to return if things go well and if things go badly. Will you stop if you lose 50% of the money he gave you? (Plus show accounts to demonstrate you didn't just blow it on beer.) He is giving you the money because he almost expects you to give him a handsome return (otherwise...

Hello ScotchHarry, From what I have read over the years, managing OPM (other peoples money) has been the downfall of many a good (profitable) private trader. This game is psychologically very difficult without the added burden of worrying about losing your friends and/or relatives savings and having them ask you every couple of days/weeks - " how's my 10k doing, have you doubled my money yet ? " It obviously can be done...

sign up with a broker that has a money managers facility......preferably one which allows your clients to gain real time access to the account for viewing purposes. outline and agree on the profit splits or management fees...... get him to transfer funds into your account and sign over power of attorney for you to trade it. explain the risks involved and the security of his money, get him to sign some sort of disclosure that he accepts this...