Expanding your business

[Nick1984]

Many of you are successfull traders who can make consistent profits. Most are discretionary traders, some have developed various automated systems that can also make profits.

Question is: If you have found your 'holy grail' and are making consistent profits have you ever thought of expanding your business by creating managed discretionary accounts for other people who wouldn't have the expertise or time to devote to trading themselves? i.e: become a private fund manager.

Here in Australia now we are seeing a lot of financial planners who are starting to move more away from the regular: superannuation, insurance, and managed fund investment, retirement income sphere of fund management and are now offering clients access to MDA's (Managed Discretionary Accounts) on a fee for service basis (eg. cost $5,000 per annum to have your funds managed for you).

Has anyone thought of going down this path?

Happy trading guys!

Nick

[walterw]

nsitt : in my case the expanding was on the amount of contracts I trade.... dont like the headachs of working for other people... talking on expansion plans I am planing to get into forex on second half this year thanks to the hability of reading volume on forex... thought now on beta... there are many alternatives on that area.... but certainly if you like to deal with people you can make some plans on taking money and working for them, what I dont like is the regulated frame, wich is very stressing.... like to enjoy life and have time to spend my earned dollars, depends on whats you life filosofy.... cheers Walter.

[torero]

I agree. Some are ambitious in making more money while others seeing it a growth as a trader -> money manager (most celebrity traders went from lone traders to money managers). I think it's a path some seek while others are content being their best managing and growing their own money without the extra pressure from outside (you are your own boss... boy, is my boss an a--hole or what! LOL).

The fact that financial planners managing accounts, not sure since I don't know any financial planner that are good traders unless they work through a trading system vendor.