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My thought is that unless this trader is someone like Richard Dennis, with a
GREAT track record; I'd run, not walk away from this one. What percentages
are customary I'm not sure either but 50% has got to be excessive unless
they are going to pay 50% of the losses as well. It goes without saying that
you should investigate any trader/manager to make sure they are legit with
the right credentials etc.
Brent
-----Original Message-----
From: Bando57@xxxxxxx <Bando57@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, January 01, 1999 12:23 PM
Subject: DAYTRADING PARTNER
>Just to show traders what is out there..here's an offer I received this
>week...
>
>First off I am a position trader using end of day data..and I have been
>thinking of switching to realtime and daytrading..holding positions only to
>end of day....etc...
>
>
>I have been researching different methods...different software
>setups...different data suppliers...and I came across someone who was
looking
>for a partner.
>
>Here's his offer:
>
>share the costs of data supply and software..he claims this would be $350 a
>month..we would have our own accounts but he would do the trading...he
would
>charge me 50 percent of all profits made in my account.
>
>Is it just me but isnt that rather irregular...50 percent???.....if you
factor
>in monthly costs...commissions...one or two months of losses i think would
>severely limit chance of much success...I mean the rate of return would
have
>to be extremely high to make this viable..
>
>what is the going rate for managed accounts of this sort?..
>
>I just throw this experience out as food for thought?
>
>Rick
>
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