Steve, My wife is an enrolled agent(tax) and would be CPA candidate.... You were missing my point - in bad times taxes can kill you if you have some medical or other expenses due to some event unforeseen. I have been running my own business for 17 years and I know many others who got a problem with the IRS due to poor cash management issues. Traders can befall into this very easily...
Yes, i did misunderstand your comment, sorry I agree with you. You really do have to plan both your business structure and tax status well in advance. I guess I have been lucky in that respect. Thanks for pointing that out to me. Steve
Well first off you must have legal tax avoidance in place. You need a modicum of starting capital. And next you do not withdraw from your capital and gains. This is the one big difference that makes the difference. 'Trading for a living' as it is humorously called is a treadmill .. most often it leads to the end of your trading prospects. The only professional reason to be in the market is to make a killing and to keep doing it day in and day out. You capital growth has an increasing position size to match.
Save? Hell, I just spent $95K on a new red Viper! Check it out! http://www.vidilife.com/index.cfm?f...gramIDCryp=1398BB66-F93A-4ED6-8E32-F&action=1
I can save money this month because i kept my Porsche in 1 piece on the same track. http://video.google.com/videoplay?docid=4032398102613055271&q=porsche
man thats a rush. i used to race and i can tell you there is noting like the rush you get from putting a car to its limits. it doesnt look to safe for the spectators though.
dam, i have been trading for a living in the market over ten years now. i didnt even know i was doing it all wrong. thanks for telling me.