How to become a trader for a forex hedge fund

Yesterday's Forexmentor Coach's Corner was held by Jarratt Davis a twenty something who is a currency trader for Wealth Builder FX. A question was brought up...how does one become a trader for a fund?

To sum it up:

• Risk Management is the #1 concern for funds (risk no more than 1% per trade)
• Consistantly make 5%/month on own account for at least 6 months
• Have the account audited
• Show results to fund
• Chances are...you'll get a fund/introducing broker to fund your trades

As of today I have broke even with a solid trade on GBP/USD

Total account change: $28.04

*Averaging $4/month...big money

three weeks to break even and bank

Summer trading has been intense!

Daily schedule:

1-3pm wake up and have 'breakfast'

3 Online class for 1 hr on Monday and Thursdays

430 gym 'lunch' with the family

afternoon study charts/smallgroup/work/I am learning from four highly qualified forex traders each with different strategies...trying to learn from all four.

12am prepare for early London swings

1am 'dinner'

3am London opens

8am New York Opens

11am London closes...sleep and repeat.

Looking back at my goals I set:

Haven't finished studying for my series 3 yet...but more than half way through the study material

5 F's

• Faith - been highly involved with a Wilmington Small group and a men's group that meets at the Dockside restaurant. It has been a very thought provoking Summer.
• Family - spending time with the family...
• Friends - small group
• Fitness - gym 3-4 times a week mix with different fitness activities
• Finance: Summer peak account draw down $1000

Current account change $275

I have had some great Summer reading: Tipping point (Gladwell), Trading in the Zone (Douglas), The new paradigm for Financial Markets and Globilization (Soros)

Before end of Summer goal:

• Finish series 3
• Break even (for the 3rd time in 8 months...sigh talk about working for less than minimum wage) and make $1k
• Work on University Entrepreneurship Network's marketing plan
• Work on pilot

2 steps back hopefully 30 steps forward

I've had a couple of rough trades since school has been out it has been my only steps back...current account change  $358.65

Instead of typing all of my trades...I joined meetpips.com and currensee.com for a more forex family feel.  Currensee is a lot like Covestors except for forex traders instead of equities.  They linked my account at MB trading and everytime I trade they record my results and post it for the members.  Saves me a lot of time.

Summer plans:

• Spending 50+ hours of chart time per week
• Working with Forexmentor to promote site and get into the introducing broker business
• Take and pass series 3 exam
• Finish writing my tv spec pilot for an Asian drama
• Work on the 5 F's...faith, family, friends, fitness, and finance

Steps forward:

• Invested in Forex Tester 2 a back testing software that runs old data at an accelerated speed to help accelerate and apply my learning.
  
• Joined Live Connect with Forex mentor...this service allows me to ask questions to the pros in a live trading setting.  Jarratt Davis is the main guy...he's 24 and run his own Hong Kong Forex based fund.  Simply amazing.  Basically an old Forexmentor student who came back to start Live Connect...learning so much.
• Purchased a series 3 exam study packet...thinking ahead...once I can manage money I want to be able to help invest for others.