ISO Tips on beginning Day-Trading Forex in Canada

Discussion in 'Professional Trading' started by myonlineentity, Jul 16, 2009.

  1. 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...
  2. You said it all: paper trading.

    Let my guess, 100+ leverage?

    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.