A 'professional' trade by legal definition is anyone who trades for other people's money or works for a company that trades other people's money and has to pay higher data and market fees. A retail trader or floor trader by legal definition is someone who trades his own money. A professional like any profession is some who derives his income or livelihod from the trading 'industry' or work. What do yo for a living is a common question. Anyone can trade. including a 10 old kid to a 90 year old man. How much do you make in the last 10 years or last year. that is what the IRS or taxman cares about, they don't care if you are 'professional' or retail. Like capitalism, people won't invest or put money in activities that generate or profit. no reward , no investment. that is capitalism
Just focus on making money. Professional, retail, trump, obama, donkey ass, broker, hooker, blah blah blah blah blah blah. Make some damn money.
And that's why? You get a gooooood Lawyer. Who has a list, of every exemption known to man, the Law, and God ... And then try to qualify for 90% of them. If you only hit 20%, you're good. As a matter of fact, take your first sentence "A 'professional' trade by legal definition is anyone who trades for other people's money or works for a company that trades other people's money and has to pay higher data and market fees." I can think of four exemptions, right off the top of my head. And I'm not even the lawyer of our Firm.
remogul92, Yes, because it's far too much monkeying ass around bullshitting going on. Make some damn money and let's get busy with it.
[ Most of his QUOTE="raVar, post: 4948843, member: 513734"]And that's why? You get a gooooood Lawyer. Who has a list, of every exemption known to man, the Law, and God ... And then try to qualify for 90% of them. If you only hit 20%, you're good. As a matter of fact, take your first sentence "A 'professional' trade by legal definition is anyone who trades ........... and has to pay higher data and market fees." I can think of four exemptions, right off the top of my head. And I'm not even the lawyer of our Firm.[/QUOTE] %% Good points. And that is why some profitable traders /investors may never call themselves professional ...... SEC also has a rather strict definition + have to respect that.,
Or, as I believe the regulation goes if memory serves me correctly? Hold yourself out to the public as a Professional Trader. If memory serves there about six precedents as to what that phrase means. For instance, you cannot have a website that is open to the public. You cannot be offering as interest in a company Securities that would have to be registered with the SEC Etc., etc ...
Incidentally, yeah, all of the above drives me absolutely nuts when it comes to the snake oil salesman trading supposed educators. Calling themselves professional Traders, and getting away with it like Bonnie and Clyde out of a bank ...
%% Speaking of patterns; a TX Ranger named Hammer did a pattern study of Bonnie + Clyde. Mayday 1934 , got real red.Researchers say Bonnie + Clyde got ambushed/hammered + shot over 50 times each, by 6 officers.The sudden end of those 2 caused 500,0000 newspapers to be sold in Dallas TX.Later that summer, bank robbing was made a federal crime.......................................................................................