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  • #141
  • Mar 23, 2021 8:24am Mar 23, 2021 8:24am
Hi all,

first, thanks to Masterrmind who started this interesting thread.

I'd like to know how you deal with taxes and prop trading.

Let's assume you're an employee paying taxes according to tax rates existing in your country.

If at the end of a defined period, say monthly, quarterly, whatever it is, you have generated trading gains you'll receive a fee payment or you can choose to reinvest these profits in your sub-trading account.

In the first case fiscal treatment it's easy because it adds app to personal income and you'll pay taxes on these profits according to your tax rate.

In the second one it's a bit trickier, in fact if you reinvest profits in your prop trading account, at the end of the fiscal year you'll pay taxes on capital gain that's a different matter.

If you have any comment or contribution, please share them here.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #142
  • Mar 23, 2021 8:25am Mar 23, 2021 8:25am
Quoting hasib
A complete fraud company funding talent. They have first confirm that My payment they receive through PayPal. I have all prove in payPal that I have paid them. Now they are saying they don't receive my payment. If they don't receive payment why they allow me to trade their account. when I am in profit they say without payment full confirmations they will inactive my account again. Now I am in DD because they have give me lot of mental pressure. Now they are saying they will not inactive my account. Because they want me to fail. if I pass they will...
I still do not understand why they would give you a challenge account and allow you trade when they hadn't confirmed your payment yet.
Really weird situation.

Their court hearing is today. They've been ordered to cease all direct or indirect trading activities so I don't also understand how they are still operating at the moment.
  • #143
  • Mar 23, 2021 10:45am Mar 23, 2021 10:45am
Quoting Koop
{quote} I still do not understand why they would give you a challenge account and allow you trade when they hadn't confirmed your payment yet. Really weird situation. Their court hearing is today. They've been ordered to cease all direct or indirect trading activities so I don't also understand how they are still operating at the moment.
Yes, Me too. One time they say they receive payment. Another time they say they don't receive payment. They say they will inactive my account again they give me account to trade. what is going on. Complete BS situations. I am in Mental pressure. Their website personals area is not that good too. FTMO is much better one.
MA provides the market's current direction and strength.
  • #144
  • Mar 23, 2021 10:47am Mar 23, 2021 10:47am
Quoting Miksiu
{quote} hi Hasib, i don't know if it'll work but in this situation i would try Pay Pal refund option because the seller is not giving you a product. .. i mean open a dispute.. https://www.paypal.com/us/smarthelp/article/faq1344
Is it possible because they receive payment through invoice.
MA provides the market's current direction and strength.
  • #145
  • Mar 23, 2021 11:37am Mar 23, 2021 11:37am
Quoting hasib
{quote} Is it possible because they receive payment through invoice.
Don't mess with every clown you see on net PPl be careful, because there are a lot of prop individuals wich have pass evaluation in other prop firms like FTMO and try to cheat other ppl with their clown rules.... bee aware
  • #146
  • Mar 23, 2021 3:15pm Mar 23, 2021 3:15pm
Quoting mizi123
{quote} Don't mess with every clown you see on net PPl be careful, because there are a lot of prop individuals wich have pass evaluation in other prop firms like FTMO and try to cheat other ppl with their clown rules.... bee aware

can you explain it little detail. I have no idea what you're trying to say, sorry for that.
MA provides the market's current direction and strength.
  • #147
  • Mar 23, 2021 3:46pm Mar 23, 2021 3:46pm
Usually prop firm challenge taker has few things that other traders don't bother to develop.
1. They have a back tested system
2. They have a excel generated risk management plan.
3. They have a daily loss limit, entry and exit rules
They have practice the system in simulations or demo or real account. They know their win rate.

After having all those still they will fail prop firm challenge. Reasons are here
1. They know time is limited so they will try to outsmart the market by trading lower tf than usual trading tf.
2. They will do lot of analysis and they will read lot of analysis and so called market expert opinion all are just opinion destruct us to execute system.
3. Prop firm impose pressure like funding talent does with me, threated to inactivate account.
4. Prop firm broker is not good, Broker has large commission and spread as scalper you will suffer by it. ( FTMO server is the best)
5. Having a multiple system, and switching system to system. and assuming that we understand this system will work well in this current condition.
6. Market conditions change or slow down, Trader don't prepare for that.
7. False executions of the system due to pressure or excitement.
8. Doing unnecessary MTF analysis, which make confused to execute the trade. After missing the trade out of frustrations open trade with out proper signal generations, or LTF signal which has low probability to win.

If you have anything you can share too.
MA provides the market's current direction and strength.
  • #148
  • Mar 23, 2021 3:58pm Mar 23, 2021 3:58pm
Quoting bubincka
Hi all, first, thanks to Masterrmind who started this interesting thread. I'd like to know how you deal with taxes and prop trading. Let's assume you're an employee paying taxes according to tax rates existing in your country. If at the end of a defined period, say monthly, quarterly, whatever it is, you have generated trading gains you'll receive a fee payment or you can choose to reinvest these profits in your sub-trading account. In the first case fiscal treatment it's easy because it adds app to personal income and you'll...
Hi Bubincka

This is one of the reasons I have never seriously considered prop trading from overseas firms. I would lose another 40% in tax from prop money earnings and risk pushing myself into higher personal tax bracket which would mean paying even higher tax for my other business earnings.
Its just plain dumb to earn money I can't offset localized GST credits back as well.

Cheers
Trading thin liquidity at the boundary of the charts
  • #149
  • Mar 23, 2021 4:28pm Mar 23, 2021 4:28pm
Quoting RickM
{quote} I would lose another 40% in tax from prop money earnings and risk pushing myself into higher personal tax bracket which would mean paying even higher tax for my other business earnings.
Holy crap, that's a scary situation. Where do you live if you don't mind me asking? Is every income you receive locally and internationally taxable? regardless of source or purpose of the funds?

I read/heard someone from the UK say they had to trade with a prop firm as a registered company instead of an individual in order to ease the tax implications. I honestly don't understand how that even works.
  • #150
  • Mar 23, 2021 4:45pm Mar 23, 2021 4:45pm
These companies are very scary. They aren't prop-firms.
Always ready to help
  • #151
  • Mar 23, 2021 5:00pm Mar 23, 2021 5:00pm
Quoting hasib
{quote} can you explain it little detail. I have no idea what you're trying to say, sorry for that.
These trader have passed 300 K challanges and now wia his website have spleted these 300 K to smaller portions from 10K so 300/10 K = 30 - 10 K accouns and for each challange he charges 60 $ he have simplifed rules so now he has build some sort of small company with ftmo... history is complicated i will explain it another time....
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  • #152
  • Mar 23, 2021 5:08pm Mar 23, 2021 5:08pm
Quoting Koop
{quote} Holy crap, that's a scary situation. Where do you live if you don't mind me asking? Is every income you receive locally and internationally taxable? regardless of source or purpose of the funds? I read/heard someone from the UK say they had to trade with a prop firm as a registered company instead of an individual in order to ease the tax implications. I honestly don't understand how that even works.
In Australia, all sources are taxable and gets included in all your business earnings.
So I would be paying tax at the highest rate.
It would be better for me to create a self managed super account and trade my own funds at a extremely low tax rate for future use.
I presently run my current forex trading operation out of a business structure and prefer to keep all earnings Aussie based.
Trading thin liquidity at the boundary of the charts
  • #153
  • Edited 6:29pm Mar 23, 2021 5:56pm | Edited 6:29pm
It looks like MFF aka MyForexFunds claims they settled this by paying what they owe.
That is an outrageous claim by that shady prop firm, if they had actually said that.

received some inbox pings about this;

I just found this comment
Quoting Takisd
{quote} I spoke to them about this.. SKLearn got what he asked for in terms of payment or something...
and this comment is incorrect.

Did MFF Pay me?

Nopes.

It is still due. That scammer never paid a penny on what they owe.

Determination + Persistence = Success
  • #154
  • Mar 23, 2021 6:11pm Mar 23, 2021 6:11pm
Quoting mixedbags
{quote} You did check with SKLearn. Hence, I rather gamble with The Prop Trading. MFF website is really unprofessional and must be really careful - 2 types of accounts 4 types of pricings (this should confuse you and might be used to their advantage) EVALUATION ACCOUNTS - STANDARD EVALUATION and AGGRESSIVE EVALUATION RAPID (ORIGNAL) ACCOUNTS - MONTHLY SUBSCRIPTION and ONE TIME PAYMENT (OTP) RAPID (ORIGNAL) ACCOUNTS is where Masterrmind saw the pricing.
@mixedbags Takisd never checked with me; it is wrong perception.
Determination + Persistence = Success
  • #155
  • Mar 24, 2021 2:48am Mar 24, 2021 2:48am
Quoting Takisd
{quote} I spoke to them about this.. SKLearn got what he asked for in terms of payment or something but because of the state he lived in was told he can't trade with them anymore. I actually have spoken to them a lot, not much recently because of the website drama which is normal for the inexperienced getting a viral boom on their site and shit hosting.. I will still give them a crack but I have spoken to them in depth so obviously my opinion may be skewed. I also like FXPig and know they dont mess around with scams. Obviously a tickmill would be...
@Takisd, I am curious about this. Are you saying that MFF told you that @SKLearn got his $4,319.44 payout in the end?
  • #156
  • Mar 24, 2021 9:34am Mar 24, 2021 9:34am
Quoting MaryAnne
{quote} @Takisd, I am curious about this. Are you saying that MFF told you that @SKLearn got his $4,319.44 payout in the end?
I'm saying that there is more to the story than he has concluded. Including a professional handling of the situation. If you want to know what MFF did you can read their public statement and talk to them yourself. I am not speaking on their behalf. What I am saying is that his thread is mildly convenient for him and not updated.
  • #157
  • Mar 24, 2021 9:55am Mar 24, 2021 9:55am
not sure if Maverick was discussed in this thread, I left a post about them at the link below.

https://www.forexfactory.com/thread/...0#post12870460
"If The Fool persists in his Folly he will become wise." - William Blake
  • #158
  • Mar 24, 2021 9:55am Mar 24, 2021 9:55am
Quoting Takisd
{quote} I'm saying that there is more to the story than he has concluded. Including a professional handling of the situation. If you want to know what MFF did you can read their public statement and talk to them yourself. I am not speaking on their behalf. What I am saying is that his thread is mildly convenient for him and not updated.
I once spoke to the live chat rep about it as well and he explained the situation. I don't know if or how it was resolved but one has got to admit that the timing of the first refusal to pay SK was suspect.

Bear in mind that before the SK situation, MFF did not have any notice on its site nor anywhere informing the public that they couldn't accept traders from the 3 US States listed. They allowed anyone from anywhere sign up and trade at will. It wasn't a thing before theb

It was only after the time to pay SKlearn his bonus arrived that they apologized to him and informed him that they just learnt from their legal department that they are unable to do business with people residing in the listed States. It was exactly around this sane time that they put up the Facebook post informing people of the new restriction.

Any of us would have felt cheated if we were in SK's shoes. To buy 5 $100,000 accounts and earn profits on them, only to be told this crap when it was time to be paid your bonus. Refunding his account fees was okay, but they could have at least paid him the $4k+ he earned. After all, it was their mistake.
  • #159
  • Edited 11:01am Mar 24, 2021 9:56am | Edited 11:01am
Quoting Takisd
{quote} I'm saying that there is more to the story than he has concluded. Including a professional handling of the situation. If you want to know what MFF did you can read their public statement and talk to them yourself. I am not speaking on their behalf. What I am saying is that his thread is mildly convenient for him and not updated.
If you think what is not updated, post it in my thread. I logged all the data and there is no coverup on my side.
what was the lacking professional handling? I had several email conv with those scammers. I gave all the options which were refused by them and finally had to what I had to do.

You are accusing me for not updating something they made up.
Those scammers never sent me that coverup email; I have no idea what was in that email either.
they only sent that to their customers after I posted my issue in that thread.

you are the one acting unprofessional and asking/commenting on this issue without having full grasp of this.

the pro courtesy is, if you had pinged me about hey...this is what MFF said, is that true, what do you say on your side... that is called pro courtesy.

the way you are commenting is, you are telling the people that I am the one at fault and the shady firm MFF made/trying to make things right. Weirdo!

again, as I said in another post (which was reply to you), you are entitled to your own opinion.

End of discussion.
Determination + Persistence = Success
  • #160
  • Mar 24, 2021 9:59am Mar 24, 2021 9:59am
Quoting Koop
{quote} I once spoke to the live chat rep about it as well and he explained the situation. I don't know if or how it was resolved but one has got to admit that the timing of the first refusal to pay SK was suspect. Bear in mind that before the SK situation, MFF did not have any notice on its site nor anywhere informing the public that they couldn't accept traders from the 3 US States listed. They allowed anyone from anywhere sign up and trade at will. It was only after the time to pay SKlearn his bonus arrived that they apologized to him and informed...

Thanks Koop
Determination + Persistence = Success
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