Been trading forex pairs about a year now since I retired.
The advantages of going professional seem quite tempting but what are the drawbacks? Would I have to pay tax on profits?
Thanks
Graeme
If you are in the uk then spread betting is not taxed. CFDs are but only for capital gains tax. Losses can be offset too.
Other countries, I’m not sure.
Other drawbacks are: the pressure is on you to perform, time to trade, screen time, controlling emotions, constantly checking trades, money tied up in an account, need to trade all year to make money so cant go on holiday for 3 months (unless you had a good trading period), lonely pursuit etc.
In the UK (not sure about other countries) you lose your negative balance protection if you have a professional account.