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  • #23,061
  • Sep 28, 2023 4:54am Sep 28, 2023 4:54am
Quoting Takisd
{quote} Signal providers require licenses in various countries. Its really a massive can of worms. I have in my head how it can be done to satisfy all jurisdictions but it wouldnt satisfy the traders because the traders need ego strokes.
What would the solution so that is no need for license, just say its video game right?
  • #23,062
  • Sep 28, 2023 4:59am Sep 28, 2023 4:59am
Quoting DeltaCapital
{quote} What would the solution so that is no need for license, just say its video game right?
From my understanding no. Video game with financial markets still requires registration. My guess is data provider. Its why MFFX, TFT etc all look like fucking idiots after all this.
  • #23,063
  • Sep 28, 2023 5:07am Sep 28, 2023 5:07am
Quoting Takisd
{quote} From my understanding no. Video game with financial markets still requires registration. My guess is data provider. Its why MFFX, TFT etc all look like fucking idiots after all this.
Yeah it makes sense, but wouldnt we considered data analyst or financial analyst and required license too? This really confuses like look at brokers in FCA regulation cant offer copy trading, but in europe or cysec you see ic markets offering copy trading so maybe the prop firms just getting a license, they can bypass this
  • #23,064
  • Sep 28, 2023 5:10am Sep 28, 2023 5:10am
Quoting DeltaCapital
{quote} Yeah it makes sense, but wouldnt we considered data analyst or financial analyst and required license too? This really confuses like look at brokers in FCA regulation cant offer copy trading, but in europe or cysec you see ic markets offering copy trading so maybe the prop firms just getting a license, they can bypass this
Yeah nevermind is ic markets global so yeah cysec too dont allow brokers offer social trading services, so we traders might need license to trade to prop firms, unless you outside UK and EU
  • #23,065
  • Sep 28, 2023 5:11am Sep 28, 2023 5:11am
Quoting DeltaCapital
{quote} Yeah it makes sense, but wouldnt we considered data analyst or financial analyst and required license too? This really confuses like look at brokers in FCA regulation cant offer copy trading, but in europe or cysec you see ic markets offering copy trading so maybe the prop firms just getting a license, they can bypass this
"Data creation specialist"
  • #23,066
  • Sep 28, 2023 5:14am Sep 28, 2023 5:14am
Quoting Takisd
{quote} "Data creation specialist"
I think data analyst dont need license as a financial advisor or invesment manager to work to other companies does it Takisd? i dont know much about this
  • #23,067
  • Sep 28, 2023 5:17am Sep 28, 2023 5:17am
Quoting DeltaCapital
{quote} I think data analyst dont need license as a financial advisor or invesment manager to work to other companies does it Takisd? i dont know much about this
I dont know if a data analyst would require a license in this case, but the position is not really applicable to the task.
  • #23,068
  • Sep 28, 2023 5:19am Sep 28, 2023 5:19am
Quoting Takisd
{quote} I dont know if a data analyst would require a license in this case, but the position is not really applicable to the task.
What would we say if autorithies or tax autorithies ask what we do, just say we trade demo accounts? i mean in the tradicional prop firm industry can they trade without licenses even? anyone knows this?
  • #23,069
  • Sep 28, 2023 5:33am Sep 28, 2023 5:33am
Apparently Angelo from TFT said yesterday, that their model is if you win they aren't personally backing you or making decisions about whether or not to A/B book you etc, they are just selling your data, as in trade history and no doubt personal info too, to third parties who will use and analyse the data to see if they can reverse engineer/ make use of your strategy. So the payment for to the trader is for providing data essentially. Apparently this was stated in a video release yesterday that I haven't watched, so further verification may be required. I presume then for the losers it still makes no difference, you bought the lottery ticket but your number never came in, fee gone.
  • #23,070
  • Sep 28, 2023 5:34am Sep 28, 2023 5:34am
Quoting DeltaCapital
{quote} What would we say if autorithies or tax autorithies ask what we do, just say we trade demo accounts? i mean in the tradicional prop firm industry can they trade without licenses even? anyone knows this?
Independent contractor? I dno, every country is different for these laws.
  • #23,071
  • Sep 28, 2023 5:35am Sep 28, 2023 5:35am
Quoting FX-DON
Apparently Angelo from TFT said yesterday, that their model is if you win they aren't personally backing you or making decisions about whether or not to A/B book you etc, they are just selling your data, as in trade history and no doubt personal info too, to third parties who will use and analyse the data to see if they can reverse engineer/ make use of your strategy. So the payment for to the trader is for providing data essentially. Apparently this was stated in a video release yesterday that I haven't watched, so further verification may be required....
FXCM used to say the same thing, only to discover that their offshore firm they were sending all the flow to was just throwing it into a bucket. They got fined for it as well.
  • #23,072
  • Sep 28, 2023 5:40am Sep 28, 2023 5:40am
Quoting Takisd
{quote} Independent contractor? I dno, every country is different for these laws.
Yes is independent contractor but what if they ask what we do, we can say like data provider for prop trading firms maybe?
  • #23,073
  • Sep 28, 2023 5:41am Sep 28, 2023 5:41am
Quoting Takisd
{quote} "Data creation specialist"
What about economic consultant ? The service provided is to express opinions about economy entering simulated orders in a platform.

(this is getting non sense now )
  • #23,074
  • Sep 28, 2023 5:43am Sep 28, 2023 5:43am
Quoting DeltaCapital
{quote} What would we say if autorithies or tax autorithies ask what we do, just say we trade demo accounts? i mean in the tradicional prop firm industry can they trade without licenses even? anyone knows this?
I'm a punter. Honestly I couldn't care less about what the prop firms say I am in their opinion
Money is made by sitting, not trading
  • #23,075
  • Sep 28, 2023 5:44am Sep 28, 2023 5:44am
Quoting DeltaCapital
{quote} Yes is independent contractor but what if they ask what we do, we can say like data provider for prop trading firms maybe?
why would you have to say "For prop trading firms".

This is literally where everyone goes wrong, they provide information that isn't asked for which then raises additional questions.

I am an independent contractor who is a data creation specialist should suffice. I have submitted independent in 3 first world jurisdictions and none of them asked "oh you what type of company do you contract for" hahaha. They might ask the company name / invoices etc. But never "oh yeh what type of company is that".
  • #23,076
  • Sep 28, 2023 5:44am Sep 28, 2023 5:44am
Quoting Capablanca
{quote} What about economic consultant ? The service provided is to express opinions about economy entering simulated orders in a platform. (this is getting non sense now )
could work but seems false.
  • #23,077
  • Sep 28, 2023 5:47am Sep 28, 2023 5:47am
Quoting Takisd
{quote} why would you have to say "For prop trading firms". This is literally where everyone goes wrong, they provide information that isn't asked for which then raises additional questions. I am an independent contractor who is a data creation specialist should suffice. I have submitted independent in 3 first world jurisdictions and none of them asked "oh you what type of company do you contract for" hahaha. They might ask the company name / invoices etc. But never "oh yeh what type of company is that".
True they just ask what we do and for what sector, we just say data creation for financial sector
  • #23,078
  • Sep 28, 2023 5:50am Sep 28, 2023 5:50am
Quoting DeltaCapital
{quote} True they just ask what we do and for what sector, we just say data creation for financial sector
Data creation for online gaming and pyramid schemes.
  • #23,079
  • Sep 28, 2023 5:51am Sep 28, 2023 5:51am
Quoting Takisd
{quote} Data creation for online gaming and pyramid schemes.
AHAHAHA
  • #23,080
  • Sep 28, 2023 5:58am Sep 28, 2023 5:58am
Quoting Takisd
{quote} FXCM used to say the same thing, only to discover that their offshore firm they were sending all the flow to was just throwing it into a bucket. They got fined for it as well.
The exact wording is at Approx the 1hr 10 min mark

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