Bro I just looked a video in your YouTube channel , and I don't understand how you conclude that the market will pull back after this down bar without to look volume or another indicador jajajaj. When I see that the price pull back, your sell limit was executed and the price started to fall, I was like wtff. How he knew that?? You are very good trader bro nice for you
I think losing 3k in such a day with wrong direction judgement, it already shows you have good position size management. Good work!
Hilmy, you should check out this thread before you apply for CME membership: https://www.elitetrader.com/et/threads/never-tell-a-broker-you-trade-for-a-living.333116/ it's all about fees!
Yeah, he'll need to confirm with AMP if they will not categorize (reclassify) him as a professional if he leases a seat on the CME. If they say no to him...I would get it in writing and if he adds a new broker or changes brokers at a later date while still leasing a seat on the CME...he will need to confirm the same thing with the new broker prior to switching. Brokers these days are looking at any reason to classify someone as a professional due to pressures from the exchanges. Yet, wouldn't the exchange warn him beforehand in their documentation about leasing a seat on the CME ? wrbtrader
[QUOTE="hilmy83, post..... But there was one thing i didn't think about which tiddlywinks......but thanks for letting me know.....
Turtle clearly knows nothing about trader business and taxation. Trading produces capital gains. Capital gains are NOT subject to SE tax. The act of purchasing or leasing a seat does not create a qualified trading business, but it does create a "professional" moniker used by trading vendors to charge higher fees, and triggers a different section of tax code whereby SE tax becomes required. By itself, this could be seen as shooting oneself in the foot. And the bar ain't simple to have a recognized trading business in the eyes of the IRS.... otherwise every market hobbyist sipping MCD coffee, gathering quotes over free wifi would be writing off their coffee as a trading-business expense... but alas, it doesn't work that way. Welcome to investor tax status. Capital gains taxed at short-term(ordinary income) or long-term rates, almost zero deductible expenses, maximum annual loss of 3K(with excess carried forward until extinguished), no possibility of contribution to retirement plans or deductible health plans without earned income (capital gains are not earned income) and a few other haha's. LOL!! Contact a credentialed CPA knowledgeable within the niche of trader taxation. Oh, and btw turtle... "W2 employees" AND their "employers" contribute equally to FICA, for the first 132.9K in 2019... Always tip your barista in cash!!
i think we;re getting way ahead of ourselves here. Even though the goal is (possibly) getting the cme membership, it won't happen until i get to that goal account of 150k and trading the appropriate size. No point of going further with the taxes/regulations discussion before i can establish that i can even trade to that level.. i'm going to stream today and see if the hotel internet can function with streaming. i've done it before when i did asian streaming.. If it starts to cut off too many times..i'll end it early. and of course on stream days i always put up a video or if its cut off, screenshot of the executions.
that was a a tilt day. got frustrated market wasn't really going anywhere...flip the switch on the long side and bailed out..down little over 5k. video should archive soon So many issues to work on. the tilt has been consistent, but it's less damaging then it used to be. Everytime i got these losing sessions, i got to look into what was about today that i didn't take into account. i mean it was like any other one sided market i've traded and it worked out before oh well, as long you're still in the game, that's a plus i guess. cut the loser..however big or screwed up the mistake was. That's something that i can say i'm capable of doing at least.
i got tilted because i was mad it didn't go anywhere. i'm just an angry person in general lol but you're right, that slow creep upwards was confusing. I put the reverse from like 4 to 8 to 12..i was like ..if it's creeping up, it better shoots even momentarily. Which IT DID. but i realized how stupid it was and bailed on (on the bottom of that move of course). I do stupid things, but nowdays, i realize that i'm doing stupid things and cut it short.. Before i did stupid things and held on to it ..which broke me hard. so improvement? i dont' know. trading is a hell of a thing to make a living out of. glad i'm just doing it with a side job. otherwise, it'd be more crazy.. ps i had to cut it short to go to work lol. but it's in the channel. I don't delete it..i mean its there. streaming doensn't affect me at all. everything i do is what i wouldve done on my own. my thought is the viewers is no better or worse than me. We ALL have issues. from time to time, i got smart asses giving me analysis after the fact, but the fact is, nobody has a damn clue, especially when it's live. So i i don't trip on being scared, nervous, embarass, ..it's just trading. we all know it's hard.. so just carry one what you're doing is what i tell myself
you cannot have low winning days and survive. you must have big days when they are presented. ALso it is your page and your system adn your videos. you want audio on turn it on. you want audio off turn it off.. whoever tells you what to do wit h your trading should get a blanket party of the first order. You do what you do and what you post is what you want to post who cares what anyone on a free forum says.. most have never seen 20K in an accoutn b4 and im not talking about just trading.