Different jurisdictions have different tax rules. Plenty have reductions or exemptions for worldwide income, some have no income tax at all.
I believe when a trader strictly defines risk limits and religiously adheres to them that trading will become a lot less stressful during periods when things are not working so well. I do not recall a night I could not sleep due to a position that went against me, not in recent memory at least. But then I cut losses relatively fast, which leads my win loss ratio to a very lopsided figure.
Seems being "elite" means that one strives for bad behaviour and attitudes? I'm sure some are like that, especially when struggling. However, many people of means have greater responsibilities and sooner or later realize the number game is not an end in itself.
Good luck hoping. I think evidence points into another direction. We have reached a state in humanity where it should be blatantly obvious that a society either chooses wild west with all the freedoms it comes with but that also exposes all the evil and debauchery in humans. Or on the other hand a society of rules and laws and strict regulations and punishment of transgressions where the honest and ethical are somewhat protected from those who don't give a darn. America seems to be caught in the middle at the moment and other societies also seem to have to really make up their mind where they want to head to.
Just to clarify a few things. I could increase the risk and make the returns higher if that's what you are looking at. However, my system is a trend following system and it has many losing streaks. If I were to increase the risk, the drawdown could be larger than the expected drawdown, when a 'larger than usual' losing streak happens. Have to allocate some buffer for that. I am good with 30% a year and it works on most liquid markets (works better on index and equities). I trade only Forex for the time being due to capital constraint. Also, it is very scalable due to it's long-term-trend-following nature.
Returns and drawdowns always increase in tandem without adjustments to position sizing strategies. If it's very scalable and works on most markets then you're doing great. Just find more markets to diversify and you'll soon be making 100% APR with 15% DD or less.
hi d08 reading your posts with interest and appreciation. is it possible to share some of your trading screens, live or simm does not matter. so we can have a pix to go with all your explanation? if you do not mind sharing, so we might possibly learn a thing or two? thx much in advance.
Thanks. Not sure posting pictures of console windows would interest anyone, that would also reveal more than I'd like it to.
Yes, agree with you. Pix of trading apparatus could reveal too much, but the real reason behind, is, more to encourage those trading along, that it could be done by individuals having no connection whatever to whatever fund sources or outfits or whatever; more succinctly, if your setups are reliable and adjustable to market conditions; you could trade profitably and consistently for a long long time.... I could not remember when I first started posting here.... a few years back, perhaps? Good and profitable trading everyone. Chow.