Trading account Restriction workaround?
Good morning. To give some context to my question, I am currently a sophomore at a non reach school and will do a wealth management internship during this coming summer. While I was in highschool I used my free time to learn forex trading and I currently have a style that is short term (maintain positions for at most 3 days) but since I am in college I want to be able to get opportunities in both Investment banking and Wealth Management. I want one of those 2 options to be a backup incase that trading (god forbid) ends up not working for me in the future. Knowing that banks have restrictions on trading accounts, is there a workaround that somebody has done to avoid issues with trading accounts? Should I pause trading during my internships and if I get a fulltime job offer? Would you guys think that I should work for 2 years if I get an offer and then leave banking to continue trading? To what extent is family included in the restrictions on banking employees? If I live in a different house than my parents, are they included on the restrictions as well? I dont want to throw my efforts in school down the drain as well.
Thank you in advanced.
There is no workaround and don't risk ending your career before you really even start because you don't want to give up your college hobby. Unless you're making enough from trading to be able to support the lifestyle you want -- and I'm not just talking about growing your pile, but also generating consistent real income -- then getting the banking experience is a no brainer.
That said, rules vary a bit from firm to firm and some only restrict owning individual stocks and options but are ok with currency trading. So if it is something you're committed to continuing on the side just make sure you know the policy before accepting an offer somewhere.
Firms are okay with *currency* trading as long as it's spot and through the firm's brokerage. In reality most retail Forex trading is via CFDs or other similar derivative which is usually not allowed.
So nah, FX trading is not happening.
Do not try to workaround regulators OP haha
ok thank you!
Thank you!
If I invest with someone I know that does not work in banking would it be allowed if they are managing it without any information from me?
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