I agree - that contracts need to be set up - If OP is on the square, that may be done relatively easily,. The other points you make whilst very valid, seem to have been addressed, with the exception of OPM.
“Buzzy Schwartz” - “Pit Bull” couldn’t cope with that aspect. Neither could I - but my Uncle, was fine with OPM - but would not risk his own !
He was very successful with OPM tho’ 
Hi mate
What you are trying to ask is “He is looking for a data stream that comes directly from the interbank network”
Now… is there such a thing YES
Will he get his hands on that NOT A CHANCE
Look at like buying an Apple from the Grocery store for $1
me and you are not going to get it for the same price that the farmer sells it to the Grocery store for.
simple as that.
He can tap into the Data Feed from the broker, say by setting up a database or External Data Sources in Excel or something like that, sure
but the price from the source, NO, that’ won’t happen.
we all go through a phase where it occurs to us that’s what we should have . it doesn’t happen. Unless he somehow gets a job in one of the banks in the interbank network.
at the end of they day, he is trading off the price given to him from his broker
Thank you
Yes, because all the testing in the world doesn’t mean a damn thing if your broker is dodgy, and all the profits in the world do not mean a thing if you can’t withdraw them.
I understand completely
I understand
IS THIS GUY A CROOK ? - Could be, but not necessarily
First rule is, Never trust anyone at the brokerage.
a Broker is like your insurance company, you can have a nice relationship with them, but at the end of the day, THEY ARE THERE TO TAKE YOUR MONEY. You don’t trust them
Now this is who you get at the broker on the phone
More commonly than not ACCOUNT MANAGER - This is usually a sales person, Usually hasn’t got a clue as to how to trade and probably never did successfully.
This person’s job is to convert people that come onto demo TO GO TO LIVE.
Their Target is to have you blow your account within 90 days (it’s a company policy), that’s why you hear that 95% of retail traders blow their account in the first 90 days, or more realistically the first month if not less
this salesperson (due to lack of experience) may also be impressed by your son.
You said your a Programmer… right ?
Well, I’m an I.T. Engineer
you know level of humour you get when you show a newcomer how to start programming and you open a command shell to start showing them python
and they are impressed by the mere appearance of the shell hehe
of when you get a computer tech who is green and you show him how to reformat a computer and you show him how to select a boot device in the CMOS Utility
and once in the CMOS Utility, he acts really impressed because he’s never seen it before, then he looks at you with godlike status as if you discovered fire or something
THAT’S WHAT AN ACCOUNT MANAGE IS LIKE - They are the Monkey’s of the industry
if your son has achieved what you are saying, He is probably impressing the crap out of the manager.
it does not mean for a second that the Account manager can do anything for him.
NOR WOULD I TRUST HIM TO IF HE REALLY COULD
You get 2 types of account managers.
The New ones that have been there under 3 Months, they talk the talk, have good intentions, but really don’t know a damn thing other than selling - you shouldn’t trust these guys, they have no forex experience
Then you have the ones that know what the game is and they have malicious intentions - don’t trust these guys, they are malicious
Then you have your Analysts - These guys usually have Economic degree’s and know what’s going on. but they will usually have the company interest at heart before yours - they have experience, but YOU CAN’T TRUST WHAT THEY TELL YOU - it’s a conflict of interest
basically there is no one at the broker you can trust
they just perform a function, simple as that.
You’re Welcome
at times… YES
if your son is BUYING EUR USD
he is BUYING EURO’s which means someone has to SELL USD
that could be the broker pairing that trade with someone else (let’s say ME for example) or
the broker may choose to take the other side of the trade
it depends.
Doesn’t that just kill you? You found them several million quid and they don’t have the funding to pay you? It should have been a fat bonus and big party in your honor. Heck, with that kind of found money, they could commission a statue in your likeness, but instead, they cut you off.
Swift kick to the groin for the perpetrators and then explain to them how they are going to restore your losses resulting from their crime, that is my vote.
That type of thing disheartens me. It would be great if it were just an irony to laugh at, but that stuff dominates our lives because it is pervasive and limits our our access to resources on this overcrowded planet. Very disturbing, but I appreciate the story. Thank you for telling it.
What a fantastic lesson, thank you. I don’t have a lot to say except every word wrote makes complete sense to me. I’ll add this, Steve is a sucker for their flattery game, the poor kid, he wants to be appreciated. Flattery is bound to get through to him. I did not have the experience to pin the details, but I could smell the rat on this. I knew the broker is not there for Steve’s benefit. I like how you put it, they have a function to perform. You need them for the function, deal with them wisely, they are a trader’s friend, but their interests are served by acting like they are a friend. This is going to be very tough for Steve to grasp until he has been burned… I am going to try getting him to read your post.
I used the word “crook.” That is the wrong word ,but at the same time, the end result isn’t far off from what a crook gets you, unless you are wise to the situation.
Indeed,
and i’ll admit when i started in forex around 7 years ago as a newbie, i did indeed think that this bloke on the phone was a top bloke, he sounded like a really good guy, he used to give me information for free, he used to say things like this (half of which i wasn’t really understanding to be honest, hehe
but he said things like…
“I like the look of the EURUSD Today, we’ve had some really positive data out of london and the Euro is strengthening , i see a bullish market ahead, now if that doesn’t happen it’ll go down to this point, but i really like the look of it and i think the it’s gonig bullish, I WOULD BUY THE MARKET”
hehe… Welll Yeah, of course it will
and if i go to a fortune teller they might say “Martin you will have good luck this week, but a few bad things may happen”
so now i would listen to him and Buy the EUR USD
The Truth is, These initial account Managers DO NOT HAVE A LOT OF KNOWLEDGE, they really don’t
We all Perform a Function in the market, We all have a place and a job
the Job of the Account manager is to convert Demo’s to Live hence Leads to Sales
Take the money in the 90 days, BUT MAKE IT LOOK LIKE IT WASN’T INTENTIONAL
Now. the newbie is gullable and Naive
(if you want proof of this, Go to pretty much any Binary Options You Tube video and watch how many newbies say to the Poster "this is amazing, can you please teach me how you do this"
if you want a true example (now, i realize your son is not trading Binary, but TO PROVE A POINT OF GULLABILITY)
you tube imbatrader (and research this, he has about a dozen videos you should watch)
google
PATH TO A MILLION imbatrader
the claims that by starting with (i think $1,000) he claims by doubling every day, he can earn 1 Million dollars
now… Mathematically… YES THATS TRUE
You’ll find that after around 11 - 12 days of doubling you will indeed be at over a Million dollars
so his strategy was to trade binary for 12 days approx and make a million
SEEMS LIKE A FAIR CALL…HUH
hehe
Bloody hilarious
and sad and Pathetic at the same time
My Advice… get him to watch it
MAKE SURE HE PAYS ATTENTION TO THE COMMENTS
and asks himself “How can a person actually believe that this is going to happen”
oh, Pay attention in DAY 3 i think, when he says (even though the channel was called PATH TO A MILLION)
he says to everyone
"oh sorry, i didn’t actually mean that you can make a million dollars, this is just intended to help people with trading"
hehe
but the point is
YOU CAN LEARN FROM THIS and so can your son
back to the broker now
Newbies are naive and gullable
the broker has no mercy, it’s all about money
if they need to play the game where they act like your friend… SO BE IT, they’ll play it
and if they can get a trainee WHO GENUINELY BELIEVES HE IS YOUR MATE and doesn’t understand how the thing works, That’s even better because then the customer and the account manager are both Naive
THIS IS A BUSINESS MODEL, Nothing More
and it works like a well oiled machine and historically it has proven to keep working
I’ve been doing this for 7 years
i’m now profitable consistantly and financially free as a result
but, Make no mistake… for the first 3 years approx. i was losing (this is what everyone is trying to tell your son)
i can’t remember exactly, but i think in total , over the 3 odd years, i think i burned through around ohhh. i don’t know
Maybe $10k - $20k something like that Probably not more than $20k
I agree with the others who say your son should not be using Other People’s Money at first.
he should first demonstrate ON DEMO that he can be profitable for a period of no less than 6 months
Now. he’s saying he has a proven way to do this… GREAT, then do it , What’s 6 Months gonna cost him
to put it in I.T. Terms
if were developing software that would make us Billions or Millions, Why would we not spend another 6 Months of testing and possibly debugging to make sure IT WORKS without issue
then after that, Your son should go live with his own money
he should then trade for around 6months to a year WITH HIS OWN MONEY, and if he can then do it live
THEN AND ONLY THEN, consider Other People’s money
i know his friend is prepared to lose it, but why throw it away, that’s pointless
in I.T. Terms that like a customer saying “I don’t really have a lot of money i only have $300 to buy my son a laptop so ill go to the hock shop and pick up a laptop that has 512MB Ram Pentium D CPU and 80GB Hard drive, i know its not top of the line, but HEY, AT LEAST IT’S BETTER THAN NOTHING”
well. No
it’s a waste of money to do that, if you don’t have it, You’re throwing it away without need.
same with your son
get him to learn properly and test everything, Later on, there will be more confidence from the investors and he’ll be able to start with more perhaps
Show him this post hehe
get him to understand the truth
You’re Welcome mate, i wish your boy well… ok
Yet in other threads you say that you’re not making a living from it, and that you’re no expert at all.
You seem to say whatever you think will be best received in any given thread.
Many of us increasingly feel that members should be extremely cautious about relying on any “information” given in any of your posts at all, especially in the view of the high proportion of it which is subsequently corrected by the few remaining people here who actually know what they’re talking about. The forum isn’t flourishing, and you’re certainly not helping it.
If you use a demo account, you say it yourself, your money is virtual. The earnings you have can not be withdrawn. Start trading in real, so you can see those profits!
@LukasVisser
Do you have a question of A POINT that relates to this subject and helping the guy and his son
or… are you on a witch hunt and have nothing better to do other than try and put someone down and discredit them
Ok, Since you want to do this let me address your points in a very BLUNT MANNER so that you won’t make this mistake again
and that YOU UNDERSTAND THAT YOU ARE THE ONE THAT IS NOT HELPING BECAUSE YOU ARE PROMOTING CONVERSATIONS THAT GO OFF TOPIC
NOW. LET’S GET TO IT … SHALL WE
I’m going to answer your questions 1 by 1
I’m going to address all your points so that you say such stupid stuff in the future EVER AGAIN… ok
Would you mind showing which thread that was on ?
Even if i did, WHAT DOES THAT PROVE… Nothing
I’m an I.T. Engineer by trade ok THAT’S WHAT I DO FOR A LIVING,
i also make a very comfortable living from forex
Does being an I.T. Engineer that does forex prove that i’m a scammer perhaps (Well, … anyone with half a brain could realize that you can be something else AND TRADE FOREX AS WELL
so… WHAT’S YOUR POINT EXACTLY, if you even have one
or… are you trying to make me out to be a scammer or a questionable person ?
if so… PROVIDE SOME CONCRETE EVIDENCE, DON’T PROVIDE CRAP LIKE THIS THAT CAN BE DISPROVEN IN A SECOND
next point…
YES… I AM NOT AN EXPERT
this point alone that you stated, [Removed for Forums Policy violation]
Mate, LISTEN CAREFULLY OK
LEX VAN DAMNE IS AN EXPERT
ANTON KRIEL IS AN EXPERT
PEOPLE LIKE THIS ARE EXPERTS
PEOPLE WITH ECONOMIC DEGREES ARE EXPERTS
I AM NOT A FOREX EXPERT
Now… what’s your point here ???
so… If a person is not on the highest level, they must then be a scammer… is that it ?
this is such a [Removed for Forums Policy violation] comment
i don’t think you understand what an expert is
I’m an I.T. Expert, Not a Forex Expert, even though i am successful at forex, THERE IS A BIG DIFFERENCE.
No… I say what i think is appropriate, GIVEN WHO I AM TALKING TO
so, If i’m talking to a dad who wants to help his son, i will speak to him with consideration for his position
If i’m speaking to a Newbie who is asking how to place a trade i will speak on a simpler level
If i’m speaking to someone like you who is intent on diminishing my reputation, I WILL SPEAK FIRMLY but Fairly, because you won’t discredit me just because you affirm OR IMPLY OR ASSUME that i’m doing something wrong
I’M NOT
I’M AN HONEST PERSON
I HELP PEOPLE,
THAT’S THE BOTTOM LINE
Now, you can believe this or not, it doesn’t really matter
the point is, there doesn’t need to be Crap like this what you’re doing, on the forum
WHAT IS YOUR POINT, WHAT’S YOU GOAL HERE ANYWAY
if you think i’m doing something wrong, ASK ME
don’t be rude
I’m not going to standby and be your [Removed for Forums Policy violation] while you slander me… NO WAY MATE
and i have nothing to hide
I HAVE NEVER EVER SCAMMED ANYONE
Now moving forward
1.Why My Posts alone ?
ok. then, be cautious… if it makes you feel better, why do i care ? why do you even need to say it,
if you don’t like my posts, don’t take my advice… simple
I agree people should be cautious… Especially in forex… TOTALLY,
but there’s no need for rudeness mate. ok IS THAT FAIR ENOUGH
Who Actually know what they are talking about huh ?? LMFAO
ok
let me ask this
Look, this is simple ok
if you think i don’t know what i’m talking about… DON’T LISTEN TO WHAT I’M SAYING… ok … simple
Now, if your point is, I’m not helping anyone
well then
HOW COME SO MANY PEOPLE HAVE THANKED ME ?
If i’m not wanted… I WILL LEAVE No Problem
LET ME MAKE THIS CLEAR
I Really don’t give Two Tosses if you guys who want to argue , believe me or not, I really don’t.
I have done this for 7 years, I am successful with it
and if people are smart they will at least listen to what i have to say, Now… if they don’t, I don’t really care.
I’m not here to sppon feed people . ok
I’m doing what i’m doing so that some people who don’t wish to argue can benefit from this.
AND THEY HAVE
If i Leave, I don’t lose out
THE FORUM DOES, The newbies do
Now if a select few of you guys want to get all arched up and be idiots and chase me around on posts and post irrelevant crap, I’M JUST GOING TO IGNORE YOU
if there is a misunderstanding, I"m happy to work it out
I WON’T STAND FOR RUDENESS, but i’m happy to talk it out
if something thinks i’m a scammer, I’m happy to discuss it and clarify it
but what you are doing is plain rude[quote=“LukasVisser, post:38, topic:125668”]
The forum isn’t flourishing, and you’re certainly not helping it.
[/quote]
And… what
Your comment is helping it flourish is it ?
so… you are doing what ?
The Forum , a Service , by … what ???
Getting rid of me… Advicing me… what ???
MATE, SIMPLY STATED
WHAT PART OF WHAT I AM DOING IS HINDERING THE FORUM
REPLY TO THIS MESSAGE QUOTING WHAT THE PROBLEMS ARE
AND I WILL DO MY BEST TO RECTIFY THEM… OK
but, don’t ever assume i’m a scammer or don’t know what i’m doing… ok
and don’t be rude
if you are going to ask a question
Ask Respectfully
Now. either Find the quotes and i’ll rectify the issue or clarify it
or
Please go away so we can get back to the topic
ok
Nobody has ever made any such suggestion. On the contrary, many people seem to go to great lengths to keep stressing “We know you mean well, but …”
I don’t doubt that your own trading is wonderful, but certainly many people are saying that you don’t know what you’re doing when it comes to offering advice to your fellow-members, because so much of it, in so many different threads, seems to rest on “factual” (irony intended) statements which are actually just plain wrong.
Sorry if the truth offends.
No, the Truth does not offend
You’re confusing me
Can you explain this…
Charlie has already told me that when you say “Factual” you are more or less being sarcastic.
i would tend to agree with him
now. that being the case, can you explain what you mean
as for "Plain Wrong"
can you tell me where i am being Plain Wrong
i have already asked you to show me this and you have not done so
I can’t know what you’re talking about if you don’t quote me what you are referring to .
The Truth doesn’t hurt
i can deal with it, but i need to know what you guys are talking about
as for …
Mate, i would say A FEW PEOPLE have said it
from my point of view, More people have thanked me than those that have said something about my posts in a negative light
so i’m happy to hear what people have to say
but again
you need to show it to me
Hey Martin Luv ya Braugh, but. Oh and for Mr Allen also.
No, not in a regulated market, unless the broker goes Belly up due to bankruptcy etc. The little guy is always the last in line. If a broker here in the US does that, you have recourse, but unregulated, bahahahahaha
If you deposit by Debit card, brokers will generally send the initial opening balance or within 24 hrs. Back to the card/account you open it with, this applies to regulated brokers in the US. But to be sure, ya gotta read the agreements. The profits take longer, if ACH you get it faster, if you get a check, well it takes even longer.[quote=“Martin_K, post:11, topic:125668”]
Mate, if they can trade together, WHY NOT ? Seriously
His Life experience and financial experience and the kids guts to want to take risks
Im sure a middle ground can be found where the dad takes more risk , the kid takes less risk and they are successful together , thus strengthening the bond between father and son
[/quote]
Well, neither know how to trade, that is one, two, six months is nothing, time wise, look at all of the trend followers who blew up after the market shifted to a range market, in fact there are still some trying to trade like a trend is in place, expecting 200 pips, in a day or so, YUUUUUGE mistake.
Well, in context you are correct, retail, no. But for $100,000.00 and moving a minimum of 50k units per trade you have access to prime brokers and the feed.
This is a clarification, here in U.S. the trade offset occurs on the brokers segregated Hub, with their liquidity provider, usually a bank, or big fund. It will not affect, to any great degree the retail data or Hub execution. Remember, this is a market with a lot of little markets making up the whole.So taking the other side, here in the US anyway, does not mean they are literally trading against you in the same pool of liquidity “Hub”.
The reality of the financial industry, most people work sell side, this means they are basically salesmen. They will try to rah rah sis boom bah you, it’s their Job. Understand also, they don’t know much more than anyone who has good research habits. My favorite show to listen to while I work is Surveillance on Bloomberg, with Tom Keen, but every time he says, “There is a risk on feel today” I don’t double my position size, and haphazardly start taking positions. It’s generally anyone’s best guess, the key is to guess right more times than not. So maybe the salesman in Mr Allen’s son’s case is just trying to be nice. Don’t forget, customer service reps are scored on customer surveys, and this can affect raises, promotions, and even continued employment.
Now this having been said, I really can’t find anything else in this thread that I can refute. As far Mr. Allen’s relationship, upbringing of his son, I don’t even know if Mr. Allen is real, but it sounds like what he is doing with his son is pretty well balanced, EXCEPT for the lack of a contractual agreement, so there is that.
Now, MK, a word of advice, because you are kinda startin to sound like Mikey, if Mr. Allen appreciates your input, who cares about the rest, now if this was your thread, then I could understand, but trying to correct someone who states a generality, “you don’t know what you are talking about”, unless they state something specific, like you claimed to be a floor trader, then it might be better to let it go. Just report it, you don’t have to worry about your rep, it’s not worth the emotion. Also by allowing yourself to be drawn into this, it could set a precedent mentally, causing a domino effect in your trading.
Now for this thread, as we used to say at my Dad’s Bar, “Y’all need to take this outside”, so, how bout leaving Mr Allen’s thread to helping his son, if he exists, and take the argument to a nice big Smackdown in the parking lot Lobby, where you will find Clint lurking with a .44 AutoMag, and perhaps myself with a Custom/Modified Desert Eagle, symbolically/metaphorically of course. 
The Ever Watching The Antics VIPER
PS Martin, seriously Braugh, you are sounding like Mikey, hang loose Braugh. 
Hi Viper, how are you dude
RE this
Yeah, i do do it with Card, i used to use Poli Pay once, it was BS
now, i also did get told it would take 24 hrs, like you said,
it usually doesn’t, but hey… the time my broker takes is lat, but consistant… hehe so hey… why complain,
at least i know when to expect it more or less
I Agree they both don’t know how to trade, but my point really was, it’s a father son bonding thing if nothing else,
Dad can bring life experience to the table, The Son can bring his testing and i suppose a middle ground can be found.
that’s all i meant
You are right
yeah, i know, i was just trying to show the possible conflict of interest
but you’re right it’s not black and white when they take it there are always details involved
LOL… Cmon, mate… it’s firetrucking ON LOL
yeah… i grew up through the 80’s hehe. I understand “Take it outside”
Thanks mate, appreciate the input
you know what. to be frank
i’m not really starting threads, i just sit here when i get a moment have a cup of coffee and if some newbie asks something, i like to help, simple as that
they thank me for it, it’s nice and it’s appeciated
as for Mentally damaging… No… Hell No mate
it won’t affect my trading at all
Look, i’m in Australia (Sydney), now most people here , by now, given all this, would have told the other Guy to F Off, that’s just how we talk
me, Personally, i have a lot more patience.
i believe things can be worked out and if both parties are willing to show a bit of patience and respect towawrds each other it usually works out well,
but they are not always willing to.
in those times there is not much you can do , other than, like you said… Drop it
now that being said, there are some cool people here that are worth talking to, (you being 1 of them) and a few others, MissPiPa was another
i thought at one point LaughingCharlie was another but hey , look how that turned out hehe
anyway, in reality, the truth is, it’s not like i’m going to be here for months and months,
i have a business to run, this forex thing requires concentration and i’m not gonna spend all my time on baby pips, i only really came for some minor revision then figured, hey,i’ll jump on the forum a bit since it’s been a few years.
so, since i probably won’t be here long and regularly, i think you’re right
as opposed to taking it outside, it’s also better to finish up your drink , let the other guy stay in the pub and go to your pickup truck outside and just drive away (so To speak) hehe
i won’t lie though,
i do wish most of this stuff didn’t happen with (i won’t mention their names because then it will start more crap) but yeah, i wish it was all worked out
but it’s clear that with these individuals it can’t be
Now, whether that’s because i did something wrong or a personality conflict or their unwillingness to calm down and talk or whatever
point is… We’ve tried, it didn’t work
so i agree with you mate
Thank you also for understand, i do appreciate it
as for my rep, My rep is intact, and when someone suggests or accuses me of being a scammer, truth be told, i don’t really have to explain myself, but we all know how this goes.
if i don’t give some sort of explanation, it comes across as if i am, so at the least i will say that i have never scammed anyone (i’m not that kind of guy)
but what a person believes beyond that is their own affair
but i certainly don’t stress over it, i just like to clarify things for them if that’s how they perceivd me to be, that’s all.
anyway mate
Thanks a lot for your words of wisdom BRAUGH hehe
Be cool mate \m/ \m/
If really it is; I think then he will be able to manage a healthy trading capital!
@danallen
that’s awesome mate , i agree with @Luke_Ronchi
Facts are facts.
if he can prove to be sustainable and his live results reflect his Demo results, then he should be ok.
as i always i would advise caution, Especially with using the money of others, but, I’m not his dad hehe (that’s your job), but i do wish both of you well.
i heard a saying somewhere (Can’t remember where), but it goes something like this, it pertains to business in general.
When you are using your own money you can make mistakes
When you are using OPM (Other People’s Money) YOU HAVE TO COME GOOD, NO MATTER WHAT
hehe… it’s so true to
a lot of people make excuses,
When people use Other People’s Money, the first thing they have to forget is excuses.
They have to become used to the fact that EXCUSES NO LONGER EXIST AND THEY ARE NOT AN OPTION
the only thing that matters is results
tell him to keep this in mind, because when investors are in question, they don’t care.
They pay money to get a return NO EXCUSES
Now. if he can deliver on that promise, that’s great.
if he can’t, tell him to be careful and consider not doing it until he can deliver
Hope it all goes well.
Take care and Merry Xmas and Happy New year
Once again good direction! I also agree with your opinion on own money and OPM.
After a crazy-long time, I have some results from a demo account at forex .com This account was opened yesterday. The demo account came with $50,000 fake USD.
My son has complete ten pair of buy/sell trades. Six times he bought then sold, the other four he sold then bought. All the trades were USD for EUR. These screen shots from the forex app on my phone. I cannot find the history when viewing the account through the forex web site.
He has done some trading with real money, but he thinks he cannot have an account of his own, because of the fact is on Social Security disability for bipolar disorder. He was really sick for awhile and it scared me to death. He is doing ok now, seems normal to me. I am trying to get a realistic understanding of his trading abilities.
Not sure I’m following the trades. Would you please order the P&L statement by time? And please tell us what contract size he’s trading.
As a veteran thrasher in many forums, Iove bei g able to enjoy this one as a spectator.
I am like you. No matter what someone wants to say, I know I am being honest, that I am a human with at least my full share of shortcomings, open to other points of view and learning from them, so what’s with the diss?
You rock.
CONTRACTS
I have an update regarding contracts and the relationships between my son and people putting their money in his hands.
There is a broker that sets up management accounts, where investors deposit their money in their account at the broker, and sign a power of attorney making another of the broker’s customers (I. E., my son) able to trade the investor’s funds. The terms for spitting profits and the investor holding all the risk for losses goes into contracts the broker has put together for these deals. The broker provides legal defense of the money manager (my son) if the investor sues. This sounds fantastic, except there is no way the broker is going to have a lawyer defend my son for everything that could go wrong.
The broker splits the profits into the right accounts, in accordance with the terms of the contract (my son can charge up to 30% of the profit plus a flat magagement fee (I have to read the paperwork to be more precise).
The broker gives my son a web address where his investors go to open their accounts and deposit/withdraw their money.
This is not in place now. Initiating this is my son’s next move.
Broker gets their money from the trading fees/spread.
