Retail broker account for people active professionally elsewhere?

K

Kaga

Each January retail brokers ask you to fill out a form concerning whether you are a professional trader or not. One of the questions is:

"Do you trade on behalf of anyone else?"

Does this question refer to the activity inside the particular account under consideration, or in general? I mean, can someone who is doing some trading for a prop firm in a proprietary account also have a independent, personal, retail account of their own with a retail broker counting as retail and not professional?
 
Kaga said:
Each January retail brokers ask you to fill out a form concerning whether you are a professional trader or not. One of the questions is:

"Do you trade on behalf of anyone else?"

Does this question refer to the activity inside the particular account under consideration, or in general? I mean, can someone who is doing some trading for a prop firm in a proprietary account also have a independent, personal, retail account of their own with a retail broker counting as retail and not professional?
More...

i couldn’t.
 
The answer is maybe, maybe not.

You need to talk to the compliance department of the prop shop. They have final say if you can have active trading accounts outside of the prop shop.

Years ago, I was allowed, with the requirement the external brokerage(s) send duplicate trade confirms/statements to my compliance department.
 
Kaga said:
Each January retail brokers ask you to fill out a form concerning whether you are a professional trader or not. One of the questions is:

"Do you trade on behalf of anyone else?"

Does this question refer to the activity inside the particular account under consideration, or in general? I mean, can someone who is doing some trading for a prop firm in a proprietary account also have a independent, personal, retail account of their own with a retail broker counting as retail and not professional?
More...
%%
I'm reasonably sure that refers to ''that account'' Some of these questions are so in-accurate; i to SCHW this year i was not retired but did not make a taxable profit last year .
SINCE in an exact sense, most anyone has done something for some else that could be considered a trade.
IF it 's me i would ask the prop firm[that hopefully helps you get a check] some thing like if i had a sister that wanted to trade in the prop firm, could she trade her own account also .
IT's none of broker A's business what i do with broker b, unless some broker that helps me get a check, objects.
Many business 's have a non compete clause, so i would not want to violate that; but like my banker dad said ''don't tell all you know''[Tiddly winks had a wise reply also]
 
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Thank you for your answers everyone!

Let's say the prop firm does not care if you have other accounts as well.
Mostly, I am wondering if one legally has to pay professional data fees at the retail broker once one starts trading other people money somewhere else?
 
newwurldmn said:
Well I asked my broker why I was seeing delayed quotes. It didn’t matter much as I couldn’t trade my PA while trading the prop book for the bank
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%%
LOL + logical;
even though many people think lunch time is personal time.:caution::caution:I try to stay within the law; i got stopped by a cop in TX one year. The gentleman TX cop said ''i stopped you because you turned[ into that lane] without a signal''. Made the same mistake trading. occasionaly LOL
Cant make this stuff up.:D:D Good news is many officers will give a warning ......
 
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