Would you ever consider trading say 1 day a week for a charity?
Or even mirror your trades in another account for a charity fund.
Say you wanted to give something back - you could donate an amount to the charity of your choice, for this exampe let’s say $10k
You could build a portfolio of 25% cash, 25% bonds, 30% blue chip stocks/income stocks and 20% FX that you trade. Then each month 50% of the profits get reinvested into the pot and 50% is taken out in income.
Is there any reason that this wouldn’t work and could eventually be rolled out to all the charities in the world to create a growing source of income for each one?
Whilst this is a most commendable thing to propose, there is enough pressure trading your own account without worrying about also trading to support a charity
When I get consistently profitable it is my intention to create a second account where I would mirror the trades in my personal account. The recipients of my charity fund would be a group of family and friends who don’t know how to trade themselves. The big charities like March of Dimes etc. already get plenty of income through other channels.
Trading Forex for charity purposes sounds like a great idea, maybe if they had a service that would help us do that it would be more comfortable without over thinking where profits are allocated to…
I’m a great believer in ‘ying and yang’… keeps me from murdering my ex wife!
Personally, I trade one account and donate 10% of my ‘high water mark’ funds to charities of my choice.
EDIT: TalonD… I understand completely of course and accepting the old and infirm family members, why not teach the others to trade? ‘Give a man a fish and he’ll eat for a day’… ‘teach him to fish and he’ll feed himself for a lifetime’.
well, I have to get good at it myself first before I can show anyone else how but I think trading is kind of like code slinging… it takes a certain kind of mentality or personality. It’s not for everyone. I don’t think any of my future charity recipients would do it… well just one maybe. Some people are good fishermen and some aren’t. I have a friend who wins fishing trounaments but I could spend all day on a lake and not catch anything but mosquito bites!
I recently started reading some literature about “Kabbalah” and other spiritual books that discuss karma and good faith tithing to family or a local charity weather religious or not and they say 10% of our income usually doesn’t even belong to us and to not have chaos in our life’s we need to give it away to keep a good karma (luck).
I looked up some sites and services on Google and I’ve found this website called Forex4peace, apparently they help you donate $50 for every M traded, and I guess they have a service that allows you to do your tithing too…
Lol… that sounds like a nice way to get away with losses and a good joke,
I think anyone who trades forex should understand the risks involved have a sufisticated strategy and know the broker they trade with in order to make proper profits…
Wow, sounds like a really cool idea. You could do it with Oanda’s FX Manager system (lets you trade multiple accounts from one platform simultaneously). From a tax angle, seems like you could create a nonprofit/tax-exempt to own the other account and you (the trader) are just the manager.
My instinctive response is an amalgam of a couple of previous posters’: there is enough pressure on trading already without trading for a charity as a third party, and I don’t think that many charities would trade on their own behalf, as it takes so many hours’ study to even discover whether you have a shot at making money, that there will be too many other draws on their time. Not to mention the ethics of trading with money that is presumably derived from charitable donations. So I keep it simple, I draw a profit from my trading and then give some of that to charity, while not tying the donations to specific trades. Also means that my donations are always the same (they go automatically from my bank each month) which gives the charities in question an opportunity to plan budgets. If donations are tied to trading, then one month might be great, then the next month nothing.
Good point but what if you trade your account as usual with monthly draw downs and all and out of the profits generated 10% or any other amount you choose will go out to charity automatically, also not to mention the possibilities of having it deducted from the spread you are paying the broker anyways, so whether you win or lose you still have made a donation in the end of the month and you have a Tax write off not as capital losses… I just think its a smart and considerate Idea and you don’t need multi-platforms or one account to control others in this case neither…
I trade and have another couple of businesses, I am fortunate in that drawdowns don’t need to affect what I give to charity each month. I was not rubbishing the idea, just throwing out a couple of complications that I thought needed to be looked at.
You can’t trade for charity, you can donate from the proceeds that you have and feel happy to donate, but just giving sums of money to charities doesn’t help much more than to corrupt, remember the problem Bob Geldof had?
If you want to donate, get involved and understand your objectives, but trading directly for charity - NO NO NO.
