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With discretionary trading I agree: as a matter of fact I was in the business
for 18 months in 1974 when I made about $1 Million with a very small stake
(it was in Paris and I don't remember what was the exchange rate at that
time) in six months during a squeeze on sugar: but look at the chart! It was
a once in a life time event.
More recently I made $900,000 of an account of $150,000 in August-September
1998: I was selling every rally on the S&P for a customer with very deep
pocket who was very highly leveraged.
But that the point: to do that (and it's very rare) you have to be extremely
highly leveraged which, in my opinion is not the purpose of a trading system.
If you are so highly leveraged at some point the risk of ruin will catch up
with you.
As for Vic Niederhoffer is track record is excellent but he does not give
this kind of return to his customers.
As a matter of fact I speak with people either from Commodities Corp.,
Mitsui, Caxton or CDC Asset Management, some are friends and, to my knowledge
they still looking for a money manager who would be able to reach half those
returns. As a matter of fact we just had a $1/2 Million allocation this
morning in Switzerland for a new trading program that we are launching and
for what I have been told they would be very, very satisfied with anything
above 30% .
As a matter of fact I am extremely interested by a program with the kind of
return you mentionned. I guess I would just retire and invest my own money
in it :-)
Jean Jacques
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