"float the boat"? "tooting my horn"? "defensive"? "champ"? "wtf"? What I am doing here? A second ago my returns were mediocre and now I am questioned what I do on a forum called "elite trader". Just so we all understand better are you considering this forum "EliteTrader" as a place where by majority mediocre people congregate or Champs? Your message is somewhat contradictory and confusing hence my asking.
This is my discretionary book only. I trade algorithms as well but prefer not to discuss performance of that though I am at times exchanging thoughts on the technology side and architectural side with those whom I consider add value to my job.
nothing elite about this place , it is full of mediocrity . you started in 2011 and you now have around 4mill going by your 20% return statement . Now you either pay no tax and live like a pauper or you are full of ..it . which one bra
Last response to you on this topic, I did not state any of my net worth nor will I. I stated that I generated that money off my discretionary book since 2011. I also run an algorithmic trading book and have worked in financial services before 2011 for more than a decade. And you are correct, I do not pay taxes on my capital gains, there is no capital gains tax in the jurisdiction where I work and live and neither am I an American resident that would be taxed based on his world income. I may reply to future posts of yours if they come across as being more constructive than your 58 hate posts you produced so far. By the way is @Scataphagos your other alias? The language and attitude appears to be a perfect match.
If you trade full time, won't the profits from your trading be considered as taxable income (ie trading is your full time job) and the capital gains rule should not apply? That applies to a couple of people I know. For FX discretionary trading are you more of a fundamental trader or are you based more on trend following?
Capital gains of any asset class for any non incorporated entity are tax exempt in my jurisdiction. All my ideas are generated on a fundamental basis which of course incorporate news, economic releases, regulatory announcements politics... Technical analysis is perused only minimally for my discretionary trading.
If you exclusively look at the percentages then yes. How many are trading with 1mln, trading in a non-taxed jurisdiction and having a low cost of living though? Just my guess but I think the 1mln isn't trading income but from some other business. Now if you're starting with 10mln then even 5% affords a great lifestyle but that's an extreme outlier. I'm definitely not competing with big hedge funds either - they can make 20%, pay huge bonuses and party on a boat. For me 20% means buying a new lowish end car. For me it's similarly very enjoyable when things are working out. But as some big fund manager who retired a few years ago said, the stress during DDs is what makes you hate it, that's why he retired. I can completely understand that.