Part of this process is to establish an audited track record. I am beginning that process by using covestor.com .
Covestor is a 2007 startup that allows members to create audited track records of their trades, allowing them to gain recognition (and in the future earn fees from their recommendations). The site allows members to track others' performance and follow the trades that they make. Membership to Covestor is free.
You can record your trades on the site manually after you make them, or you can "auto-confirm" trades via a download from your brokerage (extremely cool), which will then update the Covestor site about 15 minutes after you trade (they work with most of the major brokerages). The connection to your brokerage is secure; Covestor works with Yodlee (a major provider of data aggregation technology) to create a "one-way" view of your data.
Your identity and individual data can remain private; also, Covestor 'normalizes' your investments so that people are seeing scaled trades instead of actual amounts (they do label your account as a 'small', 'medium', or 'large' account however for purposes of tracking). You can also choose whether to allow your picks to be accessed by anyone on the web, or by members only. Good stuff.
More about Covestor: http://www.covestor.com/about/news
To start my track record, I am starting with a couple of small IRAs: my IRA and my wife's IRA. This is an active trader account -- trades held anywhere between 2 to 10 days. The represents about 10% of active trading assets. You see the Covestor widget on the right hand side of the blog -- click to see my performance. This account is very aggressive and has wild fluctuations in account equity -- it is not representative of my investment results (whether it is doing well or not).
I plan to add my more traditional investment accounts and larger accounts later. But I needed to start somewhere.
My track record for my IRA trading account: My Track Record
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