Gauntlet Mini™ Launch! $25.00 Launch Promo!

Discussion in 'Announcements' started by Earn2Trade-Ryan, Sep 4, 2019.

  1. Earn2Trade-Ryan

    Earn2Trade-Ryan Sponsor

    Form 1065 is what the LLC files. Trading members receive a Schedule K1.
    You MAY be liable for tax if you withdrew profits and then proceeded to lose the account. For instance, say you had $2500 worth of allowed loss. You made $1000 profit and withdrew it. Then you proceeded to lose $2500. Your account is a net loss and thus the $1000 you withdrew should be ordinary income.
     
    #51     Sep 29, 2019
  2. bpj

    bpj Guest

    In any case, Helios does not apply any withholding tax which is the main point - all responsibility for tax lies with the trader as a foreign partner of the LLC
     
    #52     Sep 29, 2019
    Earn2Trade-Ryan likes this.
  3. Ryan,

    Oh wow...I had not looked at it like that...would Helios send a 1099 for 1K? and would the trader owe Helios $2,500.00 in that scenario that you posted (quoted below)?

    ES

     
    #53     Sep 29, 2019
  4. Hello Ryan,

    Good morning.

    I registered for Gaunlet Mini on 24th but started trading on 25th due to installation issues with Rithmic.

    It took a day to get used to Rithmic interface and another day to figure out DOM trading. I guess, i have hit daily loss limit once, but it is due to my unfamiliarity with Rithmic's interface. By the time i am figuring out how to close the position, it already hit the daily loss limit.

    I have reached the profit goal of $1,750 in three trading sessions i.e by 27th, but i did hit daily profit loss on 27th. I traded with 2 ES contracts and sometimes with only 1 ES contract.

    Would i be eligible for funding if i continue with Gauntlet Mini and reach profit target(another $1,750) in the next 10 trading sessions without hitting daily loss limit? as i am now familiar with Rithmic interface and i can put bracket order to avoid hitting the daily limit?

    Or, should i go for one more Gauntlet Mini by paying $25, as we are still in September?

    Appreciate your response.

    Thanks,
    Giri
     
    #54     Sep 30, 2019
  5. Earn2Trade-Ryan

    Earn2Trade-Ryan Sponsor

    Hey Giri, sorry to it took some time to get use to Rithmic's DOM. Most traders already have their own trading platform they are use to and those who don't, we always provide a simulator account to test things out on so as to try and not affect the evaluation account.

    I looked up your chat with support and they did inform you of the need to reset. Inside of your dashboard you should see your daily loss limit failure and the reset button if you'd like to reset the account. Unfortunately this is what you'd need to do as the $25 offer is only good one time per customer.

    Please reach back out to support if you have any questions and if you choose to reset, PLEASE take advantage of the simulator account to make sure you have things figured out before you continue trading.

    Good luck!
     
    #55     Sep 30, 2019
  6. SumZero

    SumZero

    Thanks for the detailed answers, both to myself and others, Ryan. Although they were not tax advice, they were quite informative.

    Honestly, for a non-US citizen + non-US resident it seems being a contractor is a lot more easier. It is my understanding that for an independent contractor one would only have to fill in the W-8BEN, which is pretty standard for anyone trading in US markets, and nothing else is needed in US.
    All the rest (fill for tax return) is done locally, where one is much more comfortable with tax law, procedures or to seek any local guidance (and with a bit of luck, one even belongs to a country with a good tax treaty with US).
     
    #56     Sep 30, 2019
  7. Earn2Trade-Ryan

    Earn2Trade-Ryan Sponsor

    While it may seem easier, if you are managing assets for a US client (which the prop firm would be if you're a contractor), there may be regulatory registration requirements. Those are more expensive and a bigger hassle then this tax stuff.
     
    #57     Sep 30, 2019
  8. Seems like luck is chasing me :)

    After 3 days gap, Yesterday i subscribed to 50K Gauntlet Mini and received login details around midnight (i am from India). Today, after coming from office, loged into Rithmic, placed my first order (3 ES contracts) just 5mins before regular market open....my order got auto-liquidated after 2-3mins(at a loss of $225). While i am wondering what happened, my target of 4points crossed in next 2mins.

    What i came to know is, i violated progression ladder rule :(

    I should start 2 contracts but i didn't read this progression ladder rule. In 25K mini, i traded with 2 contracts, so i am in the assumption i can trade 4 contracts in 50K mini, but i chose to go with 3 contracts. But the fact is, i should trade only 2 contracts till i cross profit of $1500.

    Didn't read the rule....paid the price :(

    Giri
     
    #58     Oct 4, 2019
  9. same-o

    same-o

    What kind of temperature is in India right now?
     
    #59     Oct 4, 2019
  10. Today was NFP day

     
    #60     Oct 4, 2019