Does using expert advisor qualfy for professional status on an account

[Guest michael20]

If I trade my MT4 account using an EA, does my MT4 account qualify for professional status?

 

[JamesIG]

4 minutes ago, michael20 said:

If I trade my MT4 account using an EA, does my MT4 account qualify for professional status?

 

Use of EA's do not qualify you for professional status. Please visit https://www.ig.com/uk/professional-trader for more information on professional status, especially the FAQ's which state...

 

What are the eligibility requirements to becoming a professional trader?

To qualify, you must answer ‘yes’ to two or more of the following: 

• Has your trading averaged 10 significantly sized transactions in leveraged derivatives per quarter over the last 4 quarters?
• Do you have a financial instrument portfolio, including cash deposits, exceeding €500,000?
• Have you worked in the financial sector in a professional position, requiring knowledge of derivatives trading, for at least a year?

The MT4 itself can be used by professional account holders once the above criteria have been approved and you've had a successful application... 

[Guest michael20]

Please therefore give an example of  the  first requirement of 10 significanty sized transactions in averaged derivatives per quarter. What is defined as significant?

[JamesIG]

9 minutes ago, michael20 said:

Please therefore give an example of  the  first requirement of 10 significanty sized transactions in averaged derivatives per quarter. What is defined as significant?

£50k notional on everything except equities, which is £10k. So 10 x £50k notional a month for 4 months, or about 40 in the year if they are a little more spread out.

[JamesIG]

6 minutes ago, TrendFollower said:

@michael20, no. 

@JamesIG, I understand the third bullet point as a criteria. What amuses me are the first two.

What if someone traded 10 significantly sized transactions in leveraged derivatives per quarter over the past four quarters are made losses on every single one of those transactions? Surely that cannot be accepted as an eligibility requirement to become a professional trader?

If someone is wealthy or has won the lottery / premium bonds and invests say €500,000 or more but has no knowledge or experience in trading or investing. Then surely this cannot be construed as someone who is a professional trader. They may just have large cash deposits due to large win. They may have asked a private banker / investment banker or wealth advisor to invest and manage their money. They cannot be a professional trader. 

 

I understand this reasoning, however we are purely going by the universal standard as set out by ESMA regulation.