I can import my future trades into either Excel or pdf from my clearing firm (BNP Paribas). When I import the trades into Excel there are no year end totals such as total contracts traded, commissions totals, etc. I"m sure that there is a way to have Excel total everything; any idea how I go about setting Excel so that everything is totaled? Can anyone recommend another program or website to download future trades into? Also, this is first year trading futures and I have one more question: When filing my taxes, the IRS wants date, price, share amount, etc in regards to equities traded during the year; is that the same with futures ( e minis) traded through the year or do they such want a total of the P&L? Thanks Dominic
How do you find the services of BNP Paribas? Do you execute and clear with them or clearing only? Are you institutional or retail... I thought they handled only insitutiuonal traders? Do you trade electronically with them? Thanks
I'm just starting out trading futures: I'm retail and CyberTrader, my broker, uses BNP for clearing firm. http://www.bnppbs.com/html/index2.html
I use TradeKeeper (http://americanware.netfirms.com/) for tracking gains/losses and tax reporting. It's free, but they accept donations. For futures and index options gains/losses, you do not list individual trades on U.S. taxes. Instead, you include Form 6781. [Richard]
Hi Richard: So if I understand correctly, I dont have to list every e mini trade that I did during the year, just figure out what the P&L is for the total year and include that on a 6781?
That's correct. You will get a statement from your broker by the end of January. You then copy a number from the statement to the Form 6781. Then copy a number form the 6781 to the Schedule D. It's pretty simple for Section 1620 contracts (i.e. futures and index options). For stocks, it's a lot more involved. [Richard]