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just getting started

  • #1
  • First Post: Sep 11, 2006 10:48am Sep 11, 2006 10:48am
hey all, i have done a ton of reading on the forums and have gained a lot from it. i haven't long been into the forex and am doing about as well as the average beginner might do, opened a couple of demo accounts and they started out as complete failures, but i learned from them and i am now starting to see things start to go the way i would like them to. my questions are not so much about strategy and what-not but about when i do start trading live, how things such as taxes work. i am just assuming that it works a bit like contract work does in the US where you have to pay on a 3 month basis, i believe, does it work the same with the forex. i am not expecting to get rich off this, but my question is can i expect myself down the line to be doing this full time, do many of you have other jobs. I was told about the forex through a friend who does it full time, and supports is family in miami. Is he just really successfull or is something similar a realistic goal. I apolagize for what may seem as silly questions to some but i figured that you all would be the right people to ask. I would like to thank you all ahead of time for any responses and thank you for providing the information in these forums they have been a huge help.
  • #2
  • Sep 11, 2006 11:14am Sep 11, 2006 11:14am
Quoting MrSpot
hey all, i have done a ton of reading on the forums and have gained a lot from it. i haven't long been into the forex and am doing about as well as the average beginner might do, opened a couple of demo accounts and they started out as complete failures, but i learned from them and i am now starting to see things start to go the way i would like them to. my questions are not so much about strategy and what-not but about when i do start trading live, how things such as taxes work. i am just assuming that it works a bit like contract work does in the US where you have to pay on a 3 month basis, i believe, does it work the same with the forex. i am not expecting to get rich off this, but my question is can i expect myself down the line to be doing this full time, do many of you have other jobs. I was told about the forex through a friend who does it full time, and supports is family in miami. Is he just really successfull or is something similar a realistic goal. I apolagize for what may seem as silly questions to some but i figured that you all would be the right people to ask. I would like to thank you all ahead of time for any responses and thank you for providing the information in these forums they have been a huge help.
Trading is my job. Trading is what affords the rest of my life.

Taxes - find a good certified public accountant within a Big 5, not an accountant you are related to or is a relative of your spouse.
  • #3
  • Sep 11, 2006 11:33am Sep 11, 2006 11:33am
Quoting ngdaniel
Taxes - find a good certified public accountant within a Big 5, not an accountant you are related to or is a relative of your spouse.
This is good advice. Take it.
  • #4
  • Sep 11, 2006 1:21pm Sep 11, 2006 1:21pm
k i will, thank you very much, i just wasn't sure if i was chasing an unrealistic goal, or if it is possible once i learn the ropes a bit. and i wasn't sure how to go about paying taxes and what not. i will make sure i get a good certified accountant. thanks again
  • #5
  • Sep 11, 2006 1:40pm Sep 11, 2006 1:40pm
Quoting MrSpot
k i will, thank you very much, i just wasn't sure if i was chasing an unrealistic goal, or if it is possible once i learn the ropes a bit. and i wasn't sure how to go about paying taxes and what not. i will make sure i get a good certified accountant. thanks again
Hi MrSpot, and welcome to the Factory! You have arrived at THE best resource for Forex information!

Yes! You can learn to do this for a living, and even get rich with it if you have the desire to take it to that level.

You are doing very, very well by asking business related questions such as plausibility of doing this full time and tax considerations. This tells me that you realize that this is a business and not a get rich quick scheme.

I further assume that you are aware that it will take from two to five years of hard work and lots of study to obtain the skills, and the all important mindset, to become profitable with forex. Being a member of this forum will shorten that learning curve considerably, and will help you avoid being one of the 90% who lose most or all of their money.

As for taxes, the best resource is at www.greencompany.com. They specialize in trader taxes.

PM me if I can be of further assistance

Dial
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  • #6
  • Sep 11, 2006 1:48pm Sep 11, 2006 1:48pm
Quoting MrSpot
k i will, thank you very much, i just wasn't sure if i was chasing an unrealistic goal, or if it is possible once i learn the ropes a bit. and i wasn't sure how to go about paying taxes and what not. i will make sure i get a good certified accountant. thanks again
I'm a bit of a DIY person. I could benefit from a good trading accountant, but, I did things on my own last year and read up on a bunch of stuff. The only advice I'll give is to learn how to keep track of every trade you make. I found, as I reported taxes last year, that the IRS required me to report EVERY trade. I could not simply give them a 1099 with aggregate P/L. So, keep that in mind as you trade. Don't overlook the accounting!
  • #7
  • Sep 11, 2006 3:18pm Sep 11, 2006 3:18pm
thank you, i have put a lot of thought into this, i come from a family that doesn't like taking risk. where as i don't mind as long as i can limit that risk by making wise choices. we can't get anywhere in life without some level of risk. everytime i have brought it up as an idea of getting into i was shotdown. probably because they have heard of the 90% and are afraid that i am going to end up as one of those. I feel that if i do my research and do my demo accounts till i am confident and secure with the forex and my decisions i will be alright. well somethings have happend recently that made me realize that this is something i need to explore, and have enjoyed it thus far. i do definately realize this is a business and is going to take a lot of time, but as i said i enjoy doing it, and if i can do this full time and not have to work for others then it sounds good. these forums have been invaluble to me, i have a lot of reading to do, lol, but i think i am on the right track, at least i hope lol, and i think i am learning from the right people.
  • #8
  • Sep 18, 2006 2:05am Sep 18, 2006 2:05am
im new here.....still learning...
  • #9
  • Sep 20, 2006 6:32am Sep 20, 2006 6:32am
Not quit sure where I should post this but I feel it is a real helpfull site.

www.dictionary.com

You can plug in almost anything even acronyms and it will lead you to definitions,thesaurus,encyclopedia,investopiedia etc.etc.

I was trying to find out what the " Archipelago book" is. Followed the chain offered. Very interesting.
  • #10
  • Last Post: Sep 20, 2006 6:45am Sep 20, 2006 6:45am
This is one of my favorite sites on the web. I have it at the top of my Favorites list.. thanks Scott



Quoting bapxyz
Not quit sure where I should post this but I feel it is a real helpfull site.

www.dictionary.com

You can plug in almost anything even acronyms and it will lead you to definitions,thesaurus,encyclopedia,investopiedia etc.etc.

I was trying to find out what the " Archipelago book" is. Followed the chain offered. Very interesting.
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