How to conduct online forex trading legally and pay taxes ?

Hi Friends,

I am planning to trade and manage online forex trading accounts for off-shore clients soon. Some are based in Spain/Italy and some are from Saudi Arabia and UAE.

What i want to do is trade their accounts and do the profit, then they will pay have half the profit as a fee for trading/profiting their accounts. They can send me to funds via Swift transfer or telegraphic trasfer to my savings bank account.

So now the question is, How to make it legally and how to pay taxes.

Any advice or comments appreciated :-)