HAHAHAHA i had to google what you meant. "Shoo in" was originally a racetrack term, and was is applied to a horse expected to easily win a race, and, by extension, to any contestant expected to win an easy victory. According to the Oxford English Dictionary, the first use of the term in print dates back to 1928. A "shoo in" was originally a horse that was expected to win a race, not by virtue of its speed or endurance, but because the race was fixed. The sardonic "subtext" of the original usage, now lost, was that the designated horse would win even if it were so lackadaisical in its performance that it simply wandered somehow up to the finish line and had to be "shooed in" to victory. HAHAHAHAHAHA Thanx TONKADAD, that LOLed my day. LOL
Next time I will check the spelling. I have heard the term but did not know the origin of it. Thanks for posting it. Have a good weekend.
I was going to make a thread, but found this so I hope I am not out of line. I am considering FOREX trading as well and have started to research. I was surprised there was no STICKY thread here. If anyone can kindly point me in the right direction, that would extremely helpful! I plan to practice on some demo first, but would like to read ground up on this thing. I wouldn't mind buying books either. I am fairly passive sort of speak. Thanks.
1) use minimal leverage NOT maximum available 2) trade small position sizes 3) plan on and be prepared to spend literally THOUSANDS of hours watching the screen and studying market/price behavior. 4) making money can be relatively simple, avoiding losing it is the hard part 5) you will NOT do as well with real money trades as you do with demo trades
babypips.com - great resource for those starting out in forex. Demo until you know the mechanics and then find a good broker for small sizes so you can experience real trading with real money. Demoing only takes you so far and once you have money on the line, even a small $500 account, only then can you evaluate what you are doing.
Awesome link! +1 Thanks. I plan on doing exactly that. I have no need to rush. I'm way pass the rush frenzy mentality I had 'years' ago. I'm sure we all have encountered that. One quick question though. Do brokers make it easy during tax season? I normally complete my taxes via TURBO TAX and have always found schedule Ds (for stock trades) to be completed w/o trouble. I suspect the FOREX brokers have something similar? I just want to upload my gains and losses w/o issue. Again, thank you for the link. It should keep me busy. !
you don't list trades like equities - just pull the numbers from your 1099 like you would for futures.
even the IRS and CPA's are not sure if forex qualifies as 1256. Most traders list it as 1256 if it's a winning year,and whatever the heck stock traders do if it's a losing year. I guess just straight short term cap gains (loss)
I've vaguely looked into the tax aspect, but I'm just concern because I have stocks as well. I don't trade futures, but I'm wondering how I'd report for a loss/gain. More often than not, my positions will be under 1 year. From what I gather, I should report 1256 method? I plan to just scalp, so nothing more than 1 year. I'm just not sure how to treat a losing year.
no, 1256 gives you preferential cap gains treatment. Even if you hold for a minute it is (I forget, been a while) I think 60/40 split longterm short term. Use that in a winning year. In a losing year just take the straight short term captial loss. Keep in mind, I am in no way a tax expert, but 1256 is very straightfrorward, it's just the IRS is not really sure how to handle retail forex trades.