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Private Forex/Commodities Trader

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  • 21-02-2017 4:38pm
    #1
    JoeyPeeps
    Closed Accounts Posts: 110 ✭✭


    I'm a private forex /commodities trader and I operate from home. I want to advertise my services to aspiring customers. Do I need a licence to make trades on behalf of members of the public?


Comments

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    #2
    daheff
    Registered Users Posts: 5,853 ✭✭✭daheff


    I'd imagine you need a QFA at least and a hell of a lot of legal paperwork to cover yourself incase investments go sour.

    Not 100% sure which you want to do

    Do you want to execute transactions on behalf of people
    or
    Do you want to advise others on what to do
    or
    Do you want to advise on, and execute transactions on behalf of others?


    If you are executing, then as far as I can see you are becoming a broker and I guess would need to be registered with the central bank as such.

    Best guess is talk informally with Central Bank and tell them what you are looking to do and take it from there.

    Good luck with it.


  • Options
    #3
    JoeyPeeps
    Closed Accounts Posts: 110 ✭✭JoeyPeeps


    daheff wrote: »
    I'd imagine you need a QFA at least and a hell of a lot of legal paperwork to cover yourself incase investments go sour.

    Not 100% sure which you want to do

    Do you want to execute transactions on behalf of people
    or
    Do you want to advise others on what to do
    or
    Do you want to advise on, and execute transactions on behalf of others?


    If you are executing, then as far as I can see you are becoming a broker and I guess would need to be registered with the central bank as such.

    Best guess is talk informally with Central Bank and tell them what you are looking to do and take it from there.

    Good luck with it.
    hi
    thanks for getting back to me. i will be executing trades on behalf of others.


  • Options
    #4
    Aliasjones
    Registered Users Posts: 21 ✭Aliasjones


    How good are you? What is you account growth or ROI % for the last 3 years? % risk per trade? max drawdown? Is it swing trading or day trading you are involved in.
    If your going to manage portfolios i could not see a huge market in Ireland. I would think starting online though a signal service provider or maybe mt4's feature to copy trade might be best and less paperwork. This way people would automatically take the same trades as you and you take a % of profits or you sell them signals at a price and they place trades themselves. Although the latter is more common with binary options.
    That said if you think you need two incomes then you might not be doing as well as you need to be doing in trading for this to work.... if that makes sense. But if your doing this to make yourself stick to your system and be more disciplined as there is others counting on you then you might make it work
    Either way best of luck with you'r trading


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