Persona-weighted activation: retail investors vs. active traders

Compare activation rates between two key personas: (1) retail investors (self-identified beginners, typically make 1–3 trades per month) and (2) active self-directed traders (make 10+ trades per month, often use advanced order types). Define activation differently for each: retail = first deposit + first trade; active trader = first trade using a limit or options order. Show time-to-activation distributions for each persona and identify the onboarding steps most predictive of reaching the activation milestone within 7 days.

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