I have been successfully trading on a Forex Demo account and would like to start trading in a live-money account. I am looking for some advice on how to transition into the Day-Trader role. Should I Register a Sole-Proprietor Business? Should I setup an account at a Canadian bank under the Sole-Proprietor Business Name? Do I pay tax on all wins, or only when I withdraw money from my investment account? Any other advice is appreciated...
You said it all: paper trading. Let my guess, 100+ leverage? Right? If the odds are not against you enough, bucketshops (forex brokers), slightly alter the quotes so you lose. Ever wondered why brokers never actually place the oders to buy/sell currencies (called bucketing)? Because all forex traders lose in the long run.