no, all trader status does is let you write off expenses. You can form an entity I suppose and pay yourself a salary, but last I checked you got hit on the SE taxes and icome taxes. I'm not really complaining. cap gains is not too bad, so far, especially if it's 60/40.
If the markets become untradable once we fly off our cliff (I would imagine at most 5 years from now, probably sooner) not trading will be the least of your concerns. Time to get out the guns. My plan for now is to live as diligently as possible while compounding my trading account and prepare for the rough times ahead. Mostly enjoying the small things in life that we will soon realize we took for granted.
How is it that trading for a living is wasting your life, but going to work in an office for a living is not wasting your life? And trading for a living is selling your soul, but working 60+ hrs a week for a corporation is not selling your soul? Agree about the uncertainties though. It's something I've had to deal with myself as I pursue this. For me personally, there has to be something to fall back on and this is something I am planning out for myself. In case you aren't able to trade for some reason (either market-related or personal life) you don't want to end up in a major financial jam or working for min wage someplace to stay afloat. You could do some part-time or consulting work in your career field to keep your skills brushed up on, or invest in real estate and rent it out, as just a couple of ideas. But going on what you've posted it's obvious trading is not for you.
Economics and Econometrics uses a very slow fractal. My camtasias on the beginning of the Depression are dated JUN and JUL of 2006. In WJO'N's parlance a "climax run" (as usual) followed. That was point 1 of the Depression parallelogram. Mostly everyone got the point 2 straight. It was years later in MARCH. If you look at the detractors posts, you see this point was left out as was point 1. In the econometrics, from point 2 to point 3we are witnessing a n over all declining volume in most global markets. The Depression is global this time around. Trader666 has posted a 100 times or so pointing out mu "mistake" I announced on 1 SEP. What I said was that I had just seen the most significant item in my trading career. I said: The channel going from point 2 to point 3 was such that the price could no longer reach the LTL. This means that the geometric view is one where point 3 will become visible by drawing a tangent from point 1 to a point on an inverted saucer. This means,as of the time I spoke, the channel from point 2 to point 3 would be fanned several times. The US is now going through various "fixes" called bail outs and QE's. The Euro folk are addressing band aids for various countries, as well. the cliff is so close that publishers have gotten their stables to write books on the cliff. For me, I suggest you read two to get up to speed on the WWT. (What Wasn't That). Several powerful sectors did not carry out their assigned responsibilities. So the cliff appeared and we fell off. As I said, years ago, there will be four VE's on the thrird leg of the Depression as the fall continues for 10 to 12 years. Read Krugman's latest book. Then read Bob Woodwards latest where you can understand how the cliff happened. To deal with exactitude on the cliff that we have fallen off get the video of Charlie Rose asking the key Q's of Bob Woodward. Wooward has interviewed all the players and quoted the steps of this calamity. As part of my immunity from this, we are going to live in one of three places, as required. Markets probably will not be functional. So distance becomes the better barrier. My posts are different than the news and the data stream you guys follow. From my point of view as a fully differentiated parasitic technical and psychological frontrunner of the HERD and politics, I have just so long to extract capital (PEPsystem) to pay for my future. I plan on completing that by mid November. Thank you for your question.
hi jack, pls post up the names of the tomes mentioned above. also the three locals for domiciling the troops.
You're extremely intriguing. I've searched your old posts to find out more information, but couldn't find much. I won't ask you to further explain, but if you could, point me in the right direction to further research this.
Jack, I found your post rather disturbing and lost a fair amount of sleep last night pondering the implications of what you see unfolding in the near future. Your view raises many questions but to keep the thread on topic for "trading for a living" would you consider expanding your thoughts on your quotation above a little more as it relates to trading for a living? For those of us just starting now to consistently extract capital using a PEP system (beginning SCT) do you have any advice? If I'm reading your post correctly, you seem to be saying that there will come a time, relatively soon, when the financial markets will not be functional for PEP extraction--how much time do you think a beginning extract has to extract? -river