It is hard enough to produce a solid track record and generate consistent profits as an FX trader, so why make it harder?
It is hard enough to produce a solid track record and to generate consistent profits as an FX trader, so why make it harder on yourself?
It’s my opinion that, for a long time, FX industry regulations were grossly inadequate, as the regulators seemed unprepared to protect its most vulnerable segment, the retail trader. When a novice trader opens a retail brokerage account, most, but not all, are unaware that their broker is on the other side of the trade and therefore 100% against them.
New traders are lured in with great advertising, incentives and false trust and are provided with massive (unrealistic) Leverage causing the vulnerable trader to lose quicker. Across the globe, many of these retail brokers would utilize any, and all tactics to ensure that these traders, those new to the FX market, would end up losing and they (the retail broker) would ultimately benefit from those losses.
Some countries assigned specific regulators to the industry and have taken measures to attempt to keep the retail brokers in check, years of bad behavior warranted an intervention. In order to safeguard the interests of the retail trader interests and to ensure fair operations, regulators administered these basic changes:
Account leverage lowered to realistic levels
Mandated the provision of detailed reports on the counterparty to each client trade
Exercising best available price practice
Implementation of regular audits
A novice trader needs to learn how to trade. They should, therefore, start slowly and gradually formulate a strategy while trying to understand the market, and why it moves. This should entail:
Using an amount of investment that you can afford to lose
Utilizing low/ realistic leverage
Understanding different order types and time in force options (TP / SL)
Formulate a strategy and implement it slowly
Practice patience and discipline
Once the trader feels that they can comfortably navigate through the FX market and that they have come up with a solid, workable strategy, the natural progression should be to transition toward the next level of trading partner, leaving behind the broker that is trading against them. This means finding a broker with direct access to the primary markets. Trader’s can access these primary markets by onboarding with a true Prime of Prime. In my work experience, when speaking with a trader who is thinking about making the jump from a retail broker to an institutional prime of prime, I find them a bit apprehensive. I believe they are hesitant of the natural progression because they believe that they cannot qualify, or that they are simply unsure as to the difference between the two types of broker.
Some of the major differences include:
The counterparty to all trades will be global banks and large financial institutions (not the broker)
(So, what is the benefit? I think spelling it out is more direct. There is always the worry of conflict interest with having a retail broker as your counterparty – Bottom line, You lose, they win)
Account leverage tailored to your particular trading needs
These four qualities should be more than enough reason for a trader to run towards a true prime of prime. If you are ready to progress to the next level and move past a broker who cannot allow you to make consistent money, (as it will bankrupt them), then take a look at how.
To qualify as Elected Professional under UK FCA you will need:
- Elective Professional (2 out of 3 need to be applicable):
The prospective client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
The size of the prospective client’s financial instrument portfolio, defined as including cash deposit and financial instruments, exceeds EUR500,000;
(*Individuals and Corporates) The prospective client works or has worked in the financial sector for at least one year in a professional position, that requires knowledge of the transactions or services envisaged, expertise, experience and knowledge.
To qualify as wholesale under Australia ASIC, you will need:
- Price or value test (500k AUD deposit):
To qualify under this criteria, the initial deposit into your account with your broker will need to be $500,000 AUD or greater.
So, why settle for a broker who does not have your best interests at heart and is literally benefitting from your losses? It may be time to trade in a friendlier environment, one where your broker wants you to succeed rather than fail.
Richard Perona, VP of Institutional FX at Advanced Markets LLC
It is hard enough to produce a solid track record and to generate consistent profits as an FX trader, so why make it harder on yourself?
It’s my opinion that, for a long time, FX industry regulations were grossly inadequate, as the regulators seemed unprepared to protect its most vulnerable segment, the retail trader. When a novice trader opens a retail brokerage account, most, but not all, are unaware that their broker is on the other side of the trade and therefore 100% against them.
New traders are lured in with great advertising, incentives and false trust and are provided with massive (unrealistic) Leverage causing the vulnerable trader to lose quicker. Across the globe, many of these retail brokers would utilize any, and all tactics to ensure that these traders, those new to the FX market, would end up losing and they (the retail broker) would ultimately benefit from those losses.
Some countries assigned specific regulators to the industry and have taken measures to attempt to keep the retail brokers in check, years of bad behavior warranted an intervention. In order to safeguard the interests of the retail trader interests and to ensure fair operations, regulators administered these basic changes:
Account leverage lowered to realistic levels
Mandated the provision of detailed reports on the counterparty to each client trade
Exercising best available price practice
Implementation of regular audits
A novice trader needs to learn how to trade. They should, therefore, start slowly and gradually formulate a strategy while trying to understand the market, and why it moves. This should entail:
Using an amount of investment that you can afford to lose
Utilizing low/ realistic leverage
Understanding different order types and time in force options (TP / SL)
Formulate a strategy and implement it slowly
Practice patience and discipline
Once the trader feels that they can comfortably navigate through the FX market and that they have come up with a solid, workable strategy, the natural progression should be to transition toward the next level of trading partner, leaving behind the broker that is trading against them. This means finding a broker with direct access to the primary markets. Trader’s can access these primary markets by onboarding with a true Prime of Prime. In my work experience, when speaking with a trader who is thinking about making the jump from a retail broker to an institutional prime of prime, I find them a bit apprehensive. I believe they are hesitant of the natural progression because they believe that they cannot qualify, or that they are simply unsure as to the difference between the two types of broker.
Some of the major differences include:
The counterparty to all trades will be global banks and large financial institutions (not the broker)
(So, what is the benefit? I think spelling it out is more direct. There is always the worry of conflict interest with having a retail broker as your counterparty – Bottom line, You lose, they win)
Account leverage tailored to your particular trading needs
These four qualities should be more than enough reason for a trader to run towards a true prime of prime. If you are ready to progress to the next level and move past a broker who cannot allow you to make consistent money, (as it will bankrupt them), then take a look at how.
To qualify as Elected Professional under UK FCA you will need:
- Elective Professional (2 out of 3 need to be applicable):
The prospective client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
The size of the prospective client’s financial instrument portfolio, defined as including cash deposit and financial instruments, exceeds EUR500,000;
(*Individuals and Corporates) The prospective client works or has worked in the financial sector for at least one year in a professional position, that requires knowledge of the transactions or services envisaged, expertise, experience and knowledge.
To qualify as wholesale under Australia ASIC, you will need:
- Price or value test (500k AUD deposit):
To qualify under this criteria, the initial deposit into your account with your broker will need to be $500,000 AUD or greater.
So, why settle for a broker who does not have your best interests at heart and is literally benefitting from your losses? It may be time to trade in a friendlier environment, one where your broker wants you to succeed rather than fail.
Richard Perona, VP of Institutional FX at Advanced Markets LLC
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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