I am trading the ES and ER using Trade Maven, which costs me $50 a month for the platform. I go through Proactive Futures and pay $4.50 RT all fees included, but because I'm small time I guess that's a good deal. I'm pretty sure if I did more RTs every month I could get the commish lower. What do the rest of you pay? Don-
Quote from StLouisTrader:[/i] JZ- I don't know about you, but fear seems to be a pretty powerful motivator for me. No wife or kids here, but will have a mortgage soon. Bills aside, I think it would equal ultimate pain in my life to ever have a boss again and lose the freedoms I enjoy now. Knowing this makes it a bit easier to maintain discipline and work hard....which I think makes me a much better trader than if I had never had a**hole bosses/coworkers in my life. I agree with the no boss part, thats why Im still here trading. Yes fear does motivate me also, but at the end of the month the P&L is what stands no matter how motivated I think I am.
Im curious how you people who have been making a living "retail" are handling your brokerage accounts and data. Do you still claim non-pro for exchange fees etc? It should be obvious to your broker that you are making a living trading. Do they let you still claim nonpro for exchange fees etc?
From IB's website: So I can make a living trading and still not be a professional according to the above definition.
Hmm. But you must claim professional status to get all your tax benefits. Can you be a pro on your tax returns and still claim nonpro with your broker? Just curious.
Why not? The only reason to pay professional fees is if you maintain a series 7 or are a CTA. You can earn your living as a "trader", as far as The IRS is concerned, and not be licensed.
Very interesting. Here is another quote: Pro vs. non-pro trading status Are you registered with any state, federal, or international securities agency or self-regulatory body? Are you engaged as an Investment Advisor? Are you employed by an organization that is exempt from U.S. securities laws that would otherwise require your registration? Are you setting up this account in a business or organizational name? Will your exchange agreements be signed in a business or organizational name? Are you using or planning to use the exchange data for any reason other than personal use? If you answered "YES" to any of the above questions, Quote.com considers you to be professional user and ineligible for the non-professional status. Notice the fourth paragraph. Doesnt the IRS consider you a "business" doing business in your own name?
Agreed, I just believe my motivation...working extra hours, etc is directly reflected in my PnL over time.
series 7 does not directly relate to being a professional. you can hold any cert you wish, as long as you are not actively engaged in 'professional' activity, employed by a 'professional' entity and so on, then you are still a non-pro.
I run my business as sole proprietor so there is no business name or organizational name that exists. It is just me. Now if you run your business as a business entity (sub s, LLC, LLP), then you may be a professional using Quote.com's definition.