50% of the people in the US who have jobs have a 401K or retirement account in their brokerage. If you are just trading or managing your own money, it's not a business.
To be business, you need customers, and you need to be registered with broker or registered with finra to manage other people's money. if you are just trading own money it's not a business. that is the misconception of people. and you don't make money trading, it's a expensive 'hobby' like 95% of people lose money in their brokerage account. professional trade other people's money that is business , to do that you need to be registered with a broker/dealer and pay higher professional fees. and take training courses.
LOL, given how coffee runs right through me, I'd never be able to sit in front of a computer long enough to make that many trades! You missed the point. Most people lose money trading because they don't approach trading as they would if they were going to set up another type of business. Yet, they are competing against TRADING businesses. Therefore, one step people should take to be successful is to treat their trading as a business. Sit down and develop a business plan that includes your strategy, the hours you will work, what you will do with your profits, what you will do if you lose money, etc. Also, what many people don't realize is that they are leaving a lot of money on the table by NOT managing some money for friends and family. You don't have to be registered to do that as long as you meet certain criteria. These are just MY opinions of course.
Ok, then. Here's the plan for my roulette playing business. 1. Wake up at 7. Get to casino by 8. 2. Bet red or black 3. Bet some more if I win. Bet some more if I lose. 4. Lunch at 12. Meet other betters and discuss strategies for betting 5. Withdraw more money from bank for afternoon betting 6. If I win, I cash in my chips at 5 7. If I lose, I will refrain from betting for 1 day and spend the time thinking over where my betting went wrong, or if my psychology can be improved. Also I will invest in the latest book on roulette playing. With this plan all worked out, I believe I will overcome the house advantage and their magnetic roulette ball, and the casino will give me all their money because they would be in awe of my professionalism and business acumen.
As more than 90% of all traders never make money it is NOT a good idea to trade for family and friends for several reasons. So there is a 90% probability that the following things will happen: As you will lose their money you will lose your friends and family too. As you will lose their money your friends and family will never pay you commissions although this was the reason to use money from friends and family. As you will lose their money your friends and family might send you a court order for their losses, causing additional losses of money for you. Conclusion: you don't leave money on the table by refusing to work for family and friends. You save money. Unless you are registered, which will cost you again a lot of money. But even then you risk to lose friends and family with a probability of 90%. These are just MY opinions of course. My trading is none of your business.
Yes, I have the same experiences. You can never make it right a) If I lose money, they get angry. b) If I win money, they ask why I didn't make more. The only advantage of trading for family&friends is to get their admiration. But that's not worth it.
if you losing money it's not a business then. to be a business, you need business 'license' and in this business it's called a securities license. or broker/dealer or investment advisor license. or brokers license. making money in commissions, fees and bonuses. vast majority trading their own retirment money or their own money isn't really a business but a speculation of personal account.
so a 88 year trading his retirement account is in business? so a 16 year old kid trading his trust account is in business? only reason people use it as a business, is people won't let you trade or manage their money without a business license. or 'business license'
Instead of being a forum about trading, this looks more and more like a forum about "what is the best and correct english definition for..." or " i am right and you are wrong"