I’m now a little stuck on the next step. It’s like learning a new skill when it comes to getting people on board.
Anyone have any websites or information on the best next step for me
Thanks
What’s your track record? Anyone wanting to invest with you will ask this. Also, are you compliant with the various regulatory bodies? Managing other people’s money requires all kinds of licenses etc.
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You’re creating a fund. Why ask such a question on a forum dominated by beginners?
You could be better off just googling it.
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What is your fund for? Is it your own benevolent fund for yourself?
I’m sure we could all do with one of them - let us know how you get on. 
From some of the responses you’re probably right…
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Yup. We’re mostly beginners here, just trying to trade well.
I suggest you find a forum where institutional traders hang out.
Actually, you might wanna visit some fund offices, and offer to take someone to lunch. At lunch you can pick his brain.
If you do that a few times, you’ll probably find the right direction.
Or pay them for a videocall. I don’t know…
Actually, you just need to find out what is necessary to trade other people’s money legally—depending on where you live.
You don’t need to create a platform or anything like that. You just need a broker that allows you to solicit 3rd party funds—or maybe you can find a way around that.
If 10 people gave you money, and you opened a business account with XYZ broker, why couldn’t that work?
I say forget about soliciting to strangers. You’re gonna have to convince people in your social circle.
If you provide good returns, they’ll tell their friends, and they’ll tell their friends. You’ll need to draft your own contract.
As far as CONVINCING people to give you their money, that’s sales. A trip to the library can solve that for you.
There’s also the shortcut: prop firms.
How much capital are you looking to raise?
Good response. IMHO, the most important attribute a person can have is integrity. Integrity is not just something you talk about - it is earned. And the only way to earn integrity is to be tested through all circumstances, not just the ones you wish to happen. My wife assisted family members in business more times than I can think of in the past, one in particular twice, on two failed business ideas. When it came to the third idea, I reminded her that the family member had had two failed businesses, ignored advice from others, had a power point presentation about earnings growth and future profit that had no basis of fact - just Hopium - so I refused to agree a third round of funding. Other family members, even one of our staff, put money into that venture, and it was out of business after less than a year.
In hoping to fund your business by using OPM (hopium or other people’s money) is a fast track to the poor house, and a fast track to never be trusted again. Are you prepared to cause misery, even to the closest who wish you to succeed, just to satisfy an ego that you can be a successful trader?
It is not about account size, it is about learning how NOT to lose money, and you can do that with a demo account, for free. Without putting anyone else’s funds at risk.
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Well, hedge funds and investment banks got started somehow. So, why not @danjbax?
Always aim high!
However, you have to be willing to put in the work. It’s not a joke; it’s not a game. If you lose people’s savings, some of them could get so angry they’ll threaten your life.
You’d better be confident in your abilities and have proof of your results to show to people.
It’s no small task. For now, why not just trade for a prop firm?
It’s the same exact thing, except your only risk is what you pay to take their test. Which is a very small liability.
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Hi @danjbax, I am a bit confused with term or rising capital.
If you are confident with your skill you can go directly to a prop firm.
If you are looking for investor, you just tell them your portfolio. When you can show them yours, at least 1 year (best is 3 years), they will possible to put money on yours.
If you want to joint an institution, you will be interviewed and showing your past trading records. After all, your first step is build your portfolio first. Don’t think to much, you are are really good, you will get your opportunities when the time comes.
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Starting a fund is a lofty and grand idea. That said, there are many hurdles to setting up your fund some of which (may) include necessary qualifications and certification, fund managing skills, credibility, and performance. It is not just enough to desire to start a fund; you must see to it you are well-equipped to start one so that it is not born premature.
Your trading track record should speak more for you especially in a career path that is flooded with fake and cluless traders who sell dreams and promises such that the real is hardly distinguishable from the imitation. That should be your priority—gaining people’s trust with your trading performance.
Another thing is that we often make visible efforts to pursue a course of action but rarely consider what to do or the result of failure. Every plan is a coin with two sides. I am not saying you should plan towards failure but that you should also consider how to protect or insure yourself against ruin in the event all does not go according to plan. A good plan, like a good trade, has a stoploss of some sort. I believe Dushimes and others already gave practical suggestions on how you should go about putting flesh to your dream. Good luck in your endeavour.
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