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Trading EURUSD only

  • #18,541
  • Nov 27, 2012 8:27am Nov 27, 2012 8:27am
Quoting budii
well
it looks like many has take interested to that PM
you may as well post it
if not they will be wondering about it and not focusing to MKT

hehehr
hehe, well now its public

and the potential will always be there (even if leverage limits were capped at 3x your account balance, it would still be possible)
Be hopeful in a winning position, and fearful in a losing position.
  • #18,542
  • Nov 27, 2012 8:28am Nov 27, 2012 8:28am
Quoting alam88009
hihihi done TP 1.2920 hit
nice, thatīs good trading!!
  • #18,543
  • Nov 27, 2012 8:28am Nov 27, 2012 8:28am
Quoting aerotrade
some solution exist to avoid taxes such as spending more than the half of the year abroad , or using an offshore company in location such as Mauritius (GBL1 cost 300bucks to set up ) ....
there is no way to avoid U.S. taxes without tax evasion (afaik)... but hey if you know one, let me know

even if bank accounts domiciled in tax havens

other countries can easily avoid taxes but U.S. its harder (and not worth the risk whatsoever)


luckily, FX profits are taxed 40% at capital gains rate, 60% at income

so its actually not even 30% (especially if you live in a state with zero income tax, thus only have to pay federal income tax)
Be hopeful in a winning position, and fearful in a losing position.
  • #18,544
  • Nov 27, 2012 8:29am Nov 27, 2012 8:29am
Ok, Steve, here is my 4h chart, my plan long @ aprox 1.2875, SL 2% TP №1 at abot 1,30-1,3015, TP2 1,3115-1,3145. On 4h I see chanel down, if market will broke below 50/61,8 fib levels it may reach bottom line. Thats how I see it, waiting for comments.
Xau
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  • #18,545
  • Nov 27, 2012 8:31am Nov 27, 2012 8:31am
Use http://www.greencompany.com/. Robert Green literally wrote the book on FX taxes. Tax law regarding FX spot is ambiguous and you can file using the short term cap gains rate - 15%. Talk to him if you don't believe it.

Quoting Rag2RichesFX
there is no way to avoid U.S. taxes without tax evasion (afaik)

even if bank accounts domiciled in tax havens

other countries can easily avoid taxes


luckily, FX profits are taxed 40% at capital gains rate, 60% at income

so its actually not even 30% (especially if you live in a state with zero income tax)
  • #18,546
  • Nov 27, 2012 8:31am Nov 27, 2012 8:31am
long @ 1.29289
  • #18,547
  • Nov 27, 2012 8:32am Nov 27, 2012 8:32am
and the MKT is now dead
just 8 range for this 1H candle
You see, but you do not observe. The distinction is clear
  • #18,548
  • Nov 27, 2012 8:36am Nov 27, 2012 8:36am
Quoting Rag2RichesFX
there is no way to avoid U.S. taxes without tax evasion

even if bank accounts domiciled in tax havens
actually there is but the scheme have to be quite sophisticated such has a PANAMA company with shares to the holder that is owner of a Mauritius company with nominee directors then to use anonymous prepaid debit card and or self-loan to justify the money you need and let your wealth grow without that F****G fiscal drawdown you can also be self employed in your country and receive monthly payment from your offshore company as an analyst or signal seller ....
Sic Transit Gloria Mundi ~ Thus passes the glory of the world
  • #18,549
  • Nov 27, 2012 8:37am Nov 27, 2012 8:37am
Quoting aerotrade
Hello everybody , i missed an interesting London session today in which levels worked pretty well ... hope you made all green pips
Hi Aerotrade,

I like you charts very much, could you post your template overhere ? Especially the pivot levels.....
Thx !
  • #18,550
  • Nov 27, 2012 8:38am Nov 27, 2012 8:38am
Quoting glennl2000
Use http://www.greencompany.com/. Robert Green literally wrote the book on FX taxes. Tax law regarding FX spot is ambiguous and you can file using the short term cap gains rate - 15%. Talk to him if you don't believe it.
yup 15%, but not all profit is taxed at capital gains, only 40% as far as i know..

i will have to study on this

thank you sir
Be hopeful in a winning position, and fearful in a losing position.
  • #18,551
  • Nov 27, 2012 8:40am Nov 27, 2012 8:40am
Yep all at 15%. I took a long break from FX to trade credit spreads (much more profitable for me, less stress). I still trade them. I made some money on fx in 2010 and used him for my taxes. Paid only 15% on my fx profits! That's a beautiful thing! I haven't looked into it recently but I'm assuming the laws regarding spot FX haven't changed.

Quoting Rag2RichesFX
yup 15%, but not all profit is taxed at capital gains, only 40% as far as i know..

i will have to study on this

thank you sir
  • #18,552
  • Nov 27, 2012 8:41am Nov 27, 2012 8:41am
Quoting aerotrade
actually there is but the scheme have to be quite sophisticated such has a PANAMA company with shares to the holder that is owner of a Mauritius company with nominee directors then to use anonymous prepaid debit card and or self-loan to justify the money you need and let your wealth grow without that F****G fiscal drawdown you can also be self employed in your country and receive monthly payment from your offshore company as an analyst or signal seller ....

i know all about these schemes and im telling you they are still illegal if you get caught

however its not that way for most of the world, just U.S.

what you are advocating is almost no way to get caught, but its still tax evasion...
Be hopeful in a winning position, and fearful in a losing position.
  • #18,553
  • Nov 27, 2012 8:45am Nov 27, 2012 8:45am
Quoting rodrigo3
long @ 1.29289
Nice Trade!!!
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  • #18,554
  • Nov 27, 2012 8:45am Nov 27, 2012 8:45am
Quoting glennl2000
Yep all at 15%. I took a long break from FX to trade credit spreads (much more profitable for me, less stress). I still trade them. I made some money on fx in 2010 and used him for my taxes. Paid only 15% on my fx profits! That's a beautiful thing! I haven't looked into it recently but I'm assuming the laws regarding spot FX haven't changed.

damn thats crazy... ill have to talk to a tax professional but im sure it hasnt changed

i started trading spot FX in oct. 2011, and didn't increase my account over $10k by the time 2012 hit, so had no taxes to pay

so i got until april next year to figure this out
Be hopeful in a winning position, and fearful in a losing position.
  • #18,555
  • Nov 27, 2012 8:48am Nov 27, 2012 8:48am
Quoting rodrigo3
Nice Trade!!!
nice job! was thinking about taking short @ 38 but didnt...

already 1.7% on the day using almost entirely half position sizes (5x leverage)

i think i will call it a day early, its not every day i can trade for only 3 hours and have made a good profit



but ill pop in to chat every now and then, or if i see really obvious trade, ill take it
Be hopeful in a winning position, and fearful in a losing position.
  • #18,556
  • Nov 27, 2012 8:49am Nov 27, 2012 8:49am
Yeah if you do well I would definitely talk to this guy. I can tell you that you will NOT find anyone who knows more than he does or has dealt with the IRS tons of times on FX taxes. You can also just buy his book. I was lucky for 3 months back in 2010 and made a lot. Generally though I'm still not a great trader. I trade with high leverage and it still makes me nervous, so I tend to exit early, but I'm getting better slowly.

Quoting Rag2RichesFX
damn thats crazy... ill have to talk to a tax professional but im sure it hasnt changed

i started trading spot FX in oct. 2011, and didn't increase my account over $10k by the time 2012 hit, so had no taxes to pay

so i got until april next year to figure this out
  • #18,557
  • Nov 27, 2012 8:54am Nov 27, 2012 8:54am
Quoting glennl2000
Yeah if you do well I would definitely talk to this guy. I can tell you that you will NOT find anyone who knows more than he does or has dealt with the IRS tons of times on FX taxes. You can also just buy his book. I was lucky for 3 months back in 2010 and made a lot. Generally though I'm still not a great trader. I trade with high leverage and it still makes me nervous, so I tend to exit early, but I'm getting better slowly.
lower that leverage and use patience! remember the power of 1% a day... or dare i say it.. 2% (10x more powerful than 1%)

what do you consider "high leverage"


and yes i think ill email him or buy his book perhaps..
Be hopeful in a winning position, and fearful in a losing position.
  • #18,558
  • Nov 27, 2012 8:57am Nov 27, 2012 8:57am
anyway, thats it for me, ill pop in later


good luck all
Be hopeful in a winning position, and fearful in a losing position.
  • #18,559
  • Nov 27, 2012 8:57am Nov 27, 2012 8:57am
Quoting rodrigo3
Nice Trade!!!
Going even higher... added more and will close @ 1.29435
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  • #18,560
  • Nov 27, 2012 9:01am Nov 27, 2012 9:01am
Yes I know you are right. I was using 40x for quite some time. I now alternate between 7x to 40x. I make about 1%/week trading credit spreads which I think is awesome. 1% per day would be incredible! I'm not sure I can be consistently profitable in FX but I"m going to give it a try. I started a few months ago with a 15% drawdown, but have since got back to even. I'll try to keep a tighter control on the leverage. Following this thread has helped quite a bit. Steve is very good to learn from and so are a bunch of others here for sure.

Quoting Rag2RichesFX
lower that leverage and use patience! remember the power of 1% a day... or dare i say it.. 2% (10x more powerful than 1%)

what do you consider "high leverage"


and yes i think ill email him or buy his book perhaps..
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