cheunt3 wrote: Fri Jan 07, 2022 11:45 pm
- But, at what level of $/pip have you tried?
- At what level of $/pip is maximum on a retail broker?
- What is the next step to a professional account?
- If anyone knows what are the benefits to a pro account?
- How do you go about doing this?
The regulators have become increasingly dictatorial over the years, the thinking being that they are protecting the retail trader from losing all their money though that still stands at around 70% as admitted by most brokers.
So in many countries now regulators demand that retail traders have negative account protection, professional traders don't.
Retail have tight restrictions on leverage, Prof have access to far greater leverage.
Profs use to be able to negotiate special deals around spreads etc but regulators are clamping down on such perks.
In the UK Profs need to show half a million £ in assets (in case their account goes negative in a 'black swan event').
They also need to show a degree of knowledge and experience of trading before being granted Prof status.
Different countries have different criteria and they are all a bit vague so you won't know until you actually apply to the broker.
You probably won't need to consider going Prof until you have spent quite a few years as a retail trader and have a proven system and have developed the psychological skills required to implement it at a large scale.