I have a friend that is much better at hand trading than I am. I want to learn and get better, but I don’t want to wait months or even years to start seeing a little profit.
I was thinking of having two accounts. One with a small balance that I trade on and while I’m trading teach myself about hand trading. I realize this could take months or years to be confident enough to start trading larger sums.
I was thinking of having another account with my funds, but having my friend do the trading, and him taking a commission on the profits. This way I could have someone who has been doing this for years earn me a little money while I’m still learning the ropes.
This is a person I’ve known for quite a while, is very honest and trust worthy, and I’d have no problem turning over $500 or $1,000 to let him start working with.
I was trying to research, but didn’t come up with much, for what a standard fee would be for a managed forex account. Should he get 2%? 5%? 10%? 50%? Would that be just on net or the gross account balance? Would it be end of the month or every time there’s a positive trade? What about negative trades?
Any help or insight here would be much appreciated.