Why isn't someone providing mortgages to successful traders

ffsear

Senior member
2,260 513
, and to all my friends and family who want me to trade on their behalf, my simple answer is, its against the law, as I'm not FCA registered.


John.


Its that just to fob them off? My understanding was that to trade someone else's money with an SB or retail. All you need is the account in their name and then a power of attorney to give you control of the account.


I thought FCA regulation/exams was only required for those working at institutional level and those who are handing out investment advice.

It was a while ago when i researched so the rules could of changed since then.
 

Mr Fox

Established member
510 136
Its that just to fob them off? My understanding was that to trade someone else's money with an SB or retail. All you need is the account in their name and then a power of attorney to give you control of the account.


I thought FCA regulation/exams was only required for those working at institutional level and those who are handing out investment advice.

It was a while ago when i researched so the rules could of changed since then.

I wouldn't necessarily say it's to fob them off mate, but primarily more a case of not being comfortable taking on the responsibility of someone else' monies, and also being under the impression of it not being legal under the FCA regulations. Even if the latter was wrong, I still wouldn't feel comfortable TBH.

I have offered to teach them on many an occasion, free of charge, but all wish not to take me up on the offer, for whatever reason they come up with.

Best
John
 

ffsear

Senior member
2,260 513
LOL, when my mates have asked me to teach them to trade, I tell them its impossible as its somthing your born with.!

Just to wind them up of course
 
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f2calv

Experienced member
1,318 278
LOL, when my mates have asked me to teach them to trade, I tell them its impossible as its somthing your born with.!

Just to wind them up of course

I partially agree, you are of course born with the correctly sized balls (and brain) which is essential to trading imo.

Having said that, a decent introduction to trading or an initial hand-holding session would probably save a lot of newbie traders from rinsing their first stake in the game totally unnecessarily - I know it would have certainly helped me, some mistakes there really isn't any point learning "the hard way".
 

Pat Riley

Established member
794 178
I partially agree, you are of course born with the correctly sized balls (and brain) which is essential to trading imo.
I think the female traders I know would totally agree with you, but not for the reasons you thought.
 
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Strugglingtrader

Active member
147 9
you could try looking into gkfx webtrader, that's a sirix platform which I believe includes a copy trader function. their mt4 platform is sb, so the webtrader platform may also be sb?? or it may be cfd/forex? you'll have to go do some checking.


Hi LM.
They are not able to offer Mirror Accounts, but have referred me to Meta Quotes and their Multiterminal Platform. Any thoughts?
 

Strugglingtrader

Active member
147 9
If you're consistently profitable why can't you increase your stake*?

*The stake depending on what kind of property you want for yourself

Because you are one bad trade from humility. The increase to £2750 resulted in my biggest loss to date. I won't be trading at that size till after the summer IA.
 

Strugglingtrader

Active member
147 9
I have never had the gonads to trade over £170 per pip - ( just 3 trades) and about 30 on £150 a pip - BUT it was with my own money and I am purely a retailer

You cannot place a £1+k or £2k order on a normal retail brokers platform ( most are limited to £500 ) and I know when a multi millionaire professional gambler I know placed £1200 a pip on the GU through Barclay's Capital he had a Capital account of over £1 million.

So John - are you also like struggling trader - ie ex commercial guy working in the industry before becoming a retail trader ???


Hi F,
Your message raises an interesting question.
I didn't realize until your message that I might be able to get some rebates from the SB firm. I trade on average £5m per day, is that around your mark and do you get rebates?
We used to get soft dollar commissions back in the day from Bear Stearns, which I would equate to rebates.
Any advice?
ST
 

Strugglingtrader

Active member
147 9
Unlike the OP, I've only been to the dizzying height of £1,000/pip, also I bought my house as a cash purchase, and since then have bought a flat for rental which was a cash purchase also. Now my next property purchase in central London is going to cost 7 figures, and a mortgage will be required, unfortunately the lender(Birmingham Midshires) will only give me a mortgage as long as I have owned a property outright for over 6 months, not long to go now ;). It will be bought as a BTL with a interest only mortgage, but after 6 months that can be switched.

You will be pleased to know all my purchases have been bought via my trading.

As for your reason for jumping on my nuts, Je ne sais pas, alas maybe you should ask your mother if I'm your father. :LOL::LOL:

P.S. I would have loved to have started a journal omitting only my entries, but was told it would not benefit other traders, so I refrained, yet I look at your entry in the journals, and see that its very helpful...NOT. On the other hand, I may start one up, just to show you what can be done.

P.P.S. If you asked for some help with your trading, I sincerely would have helped you, but you just come across like a tool.

Now jog along to your demo account son, and leave the live trading to me.

Forever Yours
John.
:love:

Thanks John,
Will ask my broker to try Birmingham Midshire and see if that will help.
I bought my place in Dubai in cash as mortgages are terribly high priced, but want to keep as much capital as I can for the humility trade.
best
ST
 

ffsear

Senior member
2,260 513
You not got a mate who runs a business? They give you a fake job, payslip etc etc. (food and beverage manager!) When i got a mortgage all i had to supply was 3 months payslips!
 

Mr Fox

Established member
510 136
Thanks John,
Will ask my broker to try Birmingham Midshire and see if that will help.
I bought my place in Dubai in cash as mortgages are terribly high priced, but want to keep as much capital as I can for the humility trade.
best
ST

It's no point asking your broker as unfortunately the only way you can buy a property is via a cash purchase. I'm using Birmingham Midshires as a mortgage is need on my next purchase, and they only consider you once you've owned a property outright for 6 months.

Why not rent somewhere until you can actually afford to buy one.

Best
John
 

Mr Fox

Established member
510 136
You not got a mate who runs a business? They give you a fake job, payslip etc etc. (food and beverage manager!) When i got a mortgage all i had to supply was 3 months payslips!

Don't they check for NI insurance contributions.

Best
John
 
 
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