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  • #60,481
  • Feb 1, 2009 12:00am Feb 1, 2009 12:00am
Quoting PipPipPip
trade spot as in scalping and dealing with otc trades? trade spot? sorry, big terms for newbie is not clicking. may you please explain?
I believe most of us here are spot forex traders.
  • #60,482
  • Feb 1, 2009 12:04am Feb 1, 2009 12:04am
Quoting mrproper
Wesley Snipes given three years for tax evasion
to continue my arguement of why i thought the blame game was on concerns other than him paying taxes were more targeted towards as quoted,
"falsely applied for tax refunds and bombarded the Internal Revenue Service with frivolous correspondence that threatened government employees, railed about extortion and used twisted legal interpretations to back his claim that taxation was unlawful" when snipes did not pay for taxes.

If snipes did not do any of what i quoted, and just dodged paying taxes, I'm sure he wouldn't be in prison.

In Forex, tax should not be required, because one who practices forex is involved in risk disclosure. If working for a firm, of course you must pay taxes, but investment opportunities should not be taxed levied IMHO...
  • #60,483
  • Feb 1, 2009 12:06am Feb 1, 2009 12:06am
Quoting mrproper
I believe most of us here are spot forex traders.
hrmm, so if i make thousands monthly by being a spot trader, i doubt the federal reserve will not hunt me down for taxes... greedy sons ah bitches.

sorry, but that does not convince me.
  • #60,484
  • Feb 1, 2009 12:17am Feb 1, 2009 12:17am
Quoting PipPipPip
hrmm, so if i make thousands monthly by being a spot trader, i doubt the federal reserve will not hunt me down for taxes... greedy sons ah bitches.

sorry, but that does not convince me.
I would not be messing with the IRS...
Going to make it big by age 21.
  • #60,485
  • Feb 1, 2009 12:24am Feb 1, 2009 12:24am
is trading something for another barter? and trading one currency for another barter too.? is barter taxable... just a thought.. need an oversea account you draw money out using a debit card at you home country..
those who can, do. those who cant, talk about those who can
  • #60,486
  • Feb 1, 2009 12:27am Feb 1, 2009 12:27am
overseas broker that dont require your life history.. its harder to do since 911. then you have to worry if the broker is legid... and if hes not what can you do.. since your not..
those who can, do. those who cant, talk about those who can
  • #60,487
  • Feb 1, 2009 2:40am Feb 1, 2009 2:40am
Quoting gatorinla
overseas broker that dont require your life history.. its harder to do since 911. then you have to worry if the broker is legid... and if hes not what can you do.. since your not..
I have FxPro as a broker. It is a legitimate broker based in Cyprus, Gatorinla, and I received a payment from them. Once I asked them about a tax issue, they advised me to address some law agency in my country. I only trade spot FX, so you all here are right: broker is not involved in taxing as far as you trade spot. There is just one question: is my PayPal account - where I withdraw my profits - monitored by our IRS? Does PayPal report anything to the local tax authorites? I guess no. I have had a PayPal account for more than 2 years, received payments there a lot of times and have never revealed them in my yearly statements. No problems so far.
  • #60,488
  • Feb 1, 2009 2:59am Feb 1, 2009 2:59am
i agree. the irs gives us traders the shaft when it comes to capital gains. the good news is that there are some workarounds that make things a bit easier on us than other investors. keep in mind that you can claim capital loss on your trades as well.

Quoting PipPipPip
In Forex, tax should not be required, because one who practices forex is involved in risk disclosure. If working for a firm, of course you must pay taxes, but investment opportunities should not be taxed levied IMHO...
  • #60,489
  • Feb 1, 2009 7:51am Feb 1, 2009 7:51am
Quoting wwwin
If he does not charge, how is he gonna make up for his losses?
Alg has stopped giving out free calls. Subscription plans for his calls start with $147 - . No more explanation of Alg's calls is necessary.

Alg has broken his promise that his service will be free. Also, he went against what he preached, he stopped helping newbies as newbies cannot pay for calls. This is a rich man psychology: "If I have money and pay for calls to get more, why should I let others know when to buy and sell?"
  • #60,490
  • Edited Feb 2, 2009 3:32am Feb 1, 2009 8:43am | Edited Feb 2, 2009 3:32am
sun 1 feb

very high risk trade
waiting for long entry

EU technical outlook

H4 bullish signal given at cci 50-14 crossover
ghost pattern on H4 over, divergences still playing on shorter TF
cci cycle soon to be finished, but not finished yet
price has penetrated bullish area with lots of resistance
general trend is still down, so every long trade should be considered countertrendish
ema crossovers favors a bearish outlook, strong rejection of ema on H4, D1 and W1
volumetric analysis favors a bullish outlook
double bottom favors a reversal
EW, cycle seems complete with slightly bearish outlook
H4 inverted cup and handle in play (very bearish)
candlestick patterns not in favor of bulls (except H4)

weekly fundamentals support a narrow range outlook
usd index seems to make a double top (but is still bullish)

risks :
countertrend
COT say euro selling goes on (but less pronounced than last week)
risk-aversion will continue to dominate the next week events
strong rejection of the upper channel with double top and negative ema crossover

rewards :
targets 1.3050 (1st)
1.3390 (2nd) depend of the retrace of the first move

break of 1.2685 eradicates the bullish outlook
chart with entries soon
__________________
Attached Image (click to enlarge)
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  • #60,491
  • Feb 1, 2009 8:56am Feb 1, 2009 8:56am
Capitalism is wonderful!!!
Stop trying to get over on the Government. It will be more problems, than what its worth, down the road. Go ahead and pay Uncle Sam his 25-30 percent ... you pocket the rest, re-invest make more money for yourself. Stop trying to get over on the government and utilize that energy and time toward perfecting your system/trading techniques.

Don't try and get over on the system. Many have tryed and failed. Use the system in your favor. Wanna save on taxes every year, give a fairly large contribution to American Red Cross, United Way, Unicef, etc. Give money to large organizations that you can use as a deduction.

Wanna save more? Trade under a business license. You may not get a deduction on actual profits but you can claim many deductions that revolve around trading business expenses. Place the maximum allowed in an IRA, is another great example. Theres many more options available, you just have to do your homework, research all possible means, & consult a Tax Accountant/Lawyer.

It all boils down to working with the system and not against it. I'm not delusional and think my actual tax money goes to some good causes (such as roads, organizations & helpful programs, people-in-need) .... my tax money goes to paying off an always rising deficit/war games.

Use the system to your advantage, stay out of the political agenda and not made an example of (Wesely Snipes come to mind), and continue to make yours (money that is). In the end, look to collect all of your money and move to an island of some sort. Retire Happy, Warm, & Paid.
  • #60,492
  • Feb 1, 2009 11:37am Feb 1, 2009 11:37am
Here's some info on Taxes on the Forex for you..... I would look up the Irs Tax code.
The Advantage of Section 1256 for Currency Traders

Under Section 1256, forex traders can have a significant advantage over stock traders. By reporting capital gains on IRS Form 6781 (Gains and Losses from Section 1256 Contracts and Straddles), forex traders are allowed to split their capital gains on Schedule D using a 60% / 40% split. This means that 60% of the capital gains are taxed at the lower, long-term capital gains rate (currently 15%) and the remaining 40% at the ordinary or short-term capital gains rate, which depends on the tax bracket the trader falls under (as high as 35%). This results in an average rate of 23%, which is 12% less than the regular (short-term) rate

lindee
Let Freedom Ring!
  • #60,493
  • Feb 1, 2009 11:47am Feb 1, 2009 11:47am
Quoting mas7116
Alg has stopped giving out free calls. Subscription plans for his calls start with $147 - . No more explanation of Alg's calls is necessary.

Alg has broken his promise that his service will be free. Also, he went against what he preached, he stopped helping newbies as newbies cannot pay for calls. This is a rich man psychology: "If I have money and pay for calls to get more, why should I let others know when to buy and sell?"

This is not intended to be mean or uncaring, but get a job. If you can't afford to spend $145 a month on his service, you can't afford to play this game. I know you feel betrayed by ALG, but what did he owe you to start with? Life is not fair (thank God), and Forex is not easy (to me anyway). ALG may have changed his mind because it finally dawned on him that people who invest nothing in their success never obtain it. Maybe ALG just wanted to improve the quality of people he spent his time with
Read learn and make or lose your own money. People rarely learn from winning. I know it suck, but it is the best thing in the long run if ALG stays away from people that have to make money. IMHO
  • #60,494
  • Feb 1, 2009 11:58am Feb 1, 2009 11:58am
now, back to business . . . i say down to test weekly support . . .
Attached Image (click to enlarge)
Click to Enlarge Name: euro_dollar2.gif Size: 13 KB
"Don't trade to trade . . . trade to win." - James16
  • #60,495
  • Feb 1, 2009 12:30pm Feb 1, 2009 12:30pm
Quoting Flem26
now, back to business . . . i say down to test weekly support . . .
That sums it up...
Not all sins are created equal
  • #60,496
  • Feb 1, 2009 1:14pm Feb 1, 2009 1:14pm
Quoting PipPipPip
trade spot as in scalping and dealing with otc trades? trade spot? sorry, big terms for newbie is not clicking. may you please explain?
If you don't know the difference b/t spot and futures then you are trading spot for sure. It has nothing to do with the trading style, it has to do with the instrument you are trading.
  • #60,497
  • Feb 1, 2009 1:14pm Feb 1, 2009 1:14pm
chart
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 23 KB
  • #60,498
  • Feb 1, 2009 1:17pm Feb 1, 2009 1:17pm
Historically everytime the asian session begins, for the first couple of hours it drives the price in the oposite direction of the following days trend.
Are we set up for a reversal this week?
  • #60,499
  • Feb 1, 2009 1:18pm Feb 1, 2009 1:18pm
Usually spot involves a dealing desk, trading futures is done through a normal stock/futures/options broker and you are charged a flat rate to per order as opposed to a spread. And futures usually take alot more capital to make money because it usually isnt leveraged very high if at all. If you have alot of money your better off trading futures IMHO.


Sean
  • #60,500
  • Feb 1, 2009 1:21pm Feb 1, 2009 1:21pm
Quoting conti
chart
euro is in a critical position now...
I'll wait... to break that support trendline... and buy a very little amount... at the horizontal support 1.24 - 1.25 if the retrace to retest the trendline is rejected... will stop at breakeven and reverse... if it is broken up again.. it may have been a false breakout so.. will stay long.

that's my plan. but you can have different plans
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