YOU LIVE IN VANCOUVER YOU PAPER TRADE OUT OF LOCAL LIBRARY gosh ET is filled with people who have serious lying habits serious problems :eek:
Naive ? Get a clue moron. We are talking futures here, not equities that are subject to wash rule. Section 1256 contracts already receive mark to market. Trader status gives you a big break of allowing more than 3k cap loss write off per year. If you are losing trader of futures only than I guess you should choose trader status. Perhaps you are speaking from experience here. If you really knew what you were talking about then you surely would be smart enough to know that as a solely section 1256 futures trader you will be screwing yourself by choosing trader status as your gains will become ordinary income and taxed at higher rates and will no longer be taxed under the 60 / 40 split. The biggest problem with seeking trader status is the definition is rather vague and by choosing to seek it you greatly raise your risk of being audited. For equites it can be beneficial but it is not for someone who trades futures only.
I am trading using a $80,000 account and I am quite sucessful. I dabble in the YM at times, but mostly equity focused using the charts with MA, Stotcastic and just looking at wicks on the candles and volume. I only trade sectors and stocks that are "in play"
Maybe one that does not have the time or desire to do it and has the money to pay someone to do it... Same reason why I don't change the oil in my cars or pick up the dog's poop - no desire and I can pay someone else to do it.
Must be a stock trader and your ignorance in FUTURES is evident - This is not required for futures only trading, as they are marked to market.
So in other words you enjoy paying more to someone to do the same exact thing you can do jsut as good or better for less or even free ? I change all my vehicle's oils, out of the few times in the last 20 years I let someone else do it, 1 stripped the drainplug, 1 only put 4 quarts in when it took 5.5, and the last one left the oil filter loose and it leaked all over my driveway. I do my own lawncare, wash my own vehicles and do all the maintenance on my home, cars and boat. Sure I could pay someone to do all this but then I would get lazy and I enjoy the peace of mind knowing it was done right and that I do not have to rely on others. But most of all I enjoy the pride that comes from the finished result. Now your on your own with the dog poop. LOL