I have a buddy who makes consistent gains daytrading. He's built up around 300k since late 2015 from less than a k. I met up with him recently, because I was learning about trading on my own and saw his facebok posts about his gains, and reached out to him since I was curious. He's been teaching me all kinds of shit lately, and trying to help me get on track to becoming a successful daytrader.
I've been working hard on my own to digest all the material thats necessary for daytrading, but he had this idea that in the meantime while Im learning, he wanted me to put down like 7-8k in a TDameritrade account and trade for me, to build up a decent amount of capital by the time Im ready to trade on my own. He said he wanted to get it to 50k or so. I pretty much refused at first, because I don't want to take the easy way out and wanted to produce results on my own, but he insisted since I would be missing out on gains and it wouldn't be too much of an inconvenience for him.
He wanted to make this official, by getting a contract signed with a notary public so we can take each other to court if anything fishy happened. I would think that I would be taking a bigger risk, since he can transfer my money whenever and run off with it, but he explained that one of his buddies did the same thing. The story was that my buddies buddy was trading on his buddies account, starting out with 200 dollars. He got the account to 200k, but then lost a majority of the gains and gave the account back with 22k left. Thats still a huge gain from 200 dollars initially, but the guy who owned the account sued the guy for the money lost from 200k to 22k, stating that he should owe him the 178k that he lost. That is pure greed imo. So thats why my buddy wants to get a contract signed, so I dont fuck him over in a situation like that. He also said that he wanted to take a percentage on the gains as well.
I don't know much about TDameritrade, hes gonna be using thinkorswim. What are the things that I need to put in the contract to protect myself?
Submitted August 22, 2017 at 12:45PM by spacexjunk http://ift.tt/2v2XaTj
