Day Trading while collecting unemployment?

Discussion in 'Professional Trading' started by SLR99, Nov 5, 2020.

  1. JSOP

    JSOP

    Yeah that was the big thing at the time. Those firms were popping up everywhere and charging thousands of dollars to teach you their "system" that they were touting as guaranteed to profit. I got pitched by them too, telling me that I would be able to make back my course fee in a few weeks no problem. I thought what they were charging was too high. I was collecting UI as well at the time and I was looking for a trading venue to allow me to make money not to fork over more money while I didn't even have a job. And besides I thought if I could really make back the money that fast, then why wouldn't you just teach me and let me trade right away? If it's that low of risk to me, it should be low risk to you too. Then why would you insist that I pay you first? The more I thought about it the more fishy it sounded to me, so I walked away.

    I am so glad I did. The firm folded 2 years after.
     
    #11     Nov 6, 2020
    TimtheEnchanter likes this.
  2. JSOP

    JSOP

    You can still look for work while trading. I did and it was no problem. Nobody said you can't do both at the same time. Hell people even trade while working.
     
    #12     Nov 6, 2020
  3. lindq

    lindq

    Income from trading/investing is not considered "earned income", and will not impact your UI benefits.

    When you file with the IRS, I would avoid using the term "trader", as you have not earned the designation via TTS, or filed for it.
     
    #13     Nov 6, 2020