Questions about professional data fees

tango29 said:
I asked about having to be licensed and was told for the situation it isn't required.
Apologetik, how did you go about changing your status? Was it a paperwork situation, or?
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All I did is close the partnership account and old personal account with pro trader status. I then opened a new personal account. I did not ask permission and have been this way the last three years.

Not certain if it is different being defined as a professional trader because of account type versus individual status.
 
Thank you, I am just trying to weigh pros and cons. I thinking I could give it a go and if it isn't what I want then go back to the good life of working with the dog as my boss and companion. I still haven't gotten an answer of how often I would need to be physically present, and the office is outside Chicago so not thrilled with that commute.
 
tango29-What was the reason you were not allowed non-pro data? Is this an LLC or Inc? Do you own a seat or lease one? Did you take a license exam like the 3 or 7?

tango29 said:
From what I read if you are classified as professional you are stuck with those data fees for your personal trading accounts also. Is that correct?
Also, how big a pain is it to revert back to non-pro if you stop trading under the professional label?
I tried asking the CME and did not get any real concrete answers.
thanks
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Professional isn’t an indication of skill it just means you typically are using live quote data to sell something or for commercial use. I have my series licenses and run a fund so the exchanges consider me a commercial user and I have to pay more. If I just traded for my own account I would be non-pro even with my licenses, afaik.
 
Robert Morse said:
tango29-What was the reason you were not allowed non-pro data? Is this an LLC or Inc? Do you own a seat or lease one? Did you take a license exam like the 3 or 7?
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I'm pretty sure they operate as an LLC. I have made the assumption that I will end up with the professional designation as a result if I am working for them. I do not have the 3 or 7 license, and so far they don't think it will be required. If they are I admit I am most likely to lazy at this point in life to sit and study for them when I can be trading as is and making money. They have a seat, and not sure whether it is owned or leased. Another question to ask.
The main reason I am considering it is I would like to let the wife retire, and at this point she is the benefit provider, and this would provide benefits if I want. The wife is currently 12-13 hour days, plus another 10 or more on the weekend. This has been going on for a couple years, and isn't looking like it will change. Healthcare industry sucks to be in at the moment in my opinion.
 
Robert, thank you, at the moment I will talk to the firm and get some more answers on how they see things working and what I want. The firm itself is part of a larger broker/trading firm. They operate independently with oversight is my understanding, and contribute their share of costs. Those would be some of the details I have questions about from them. Thinking about it last night I am wondering if I am ready to go back and work for someone else.
If I think I am going forward and you are good with it, I may call and ask a few questions, as from what I've seen from your posts you have a good grasp of how the industry operates.
Again, thank you
 
Update, I met with them Friday. Drove to their offices, very nice set up, and was given the run down on what they were thinking. I wouldn't have to take any license exams, but would end up there pretty much all the time. They want in person training, which I agree with for trading and I just have no desire to be there full time, as I have no intention of moving to Illinois and the commute would be a pain in the rear. My trading would be minimal at times and as much as I am ready to call it a day on trading, it does provide a good income.
I'm spending a few days this week looking at insurance costs through the exchanges and see if we can use that option to cover us and tell the wife to call it a career, or at least find a less stressful job, as opposed to sitting around the house.
Thanks for the input and offers of help.
 
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