Recent content by ProGambler

The benefit of making a mark to market election for an S-corp is the same benefit individuals get which is unlimited ordinary losses on your stock losses. Without the election you'd receive a K-1 from your S-corp with capital losses so when you report the losses on your personal return you'll...

I am a CPA as well as a professional poker player and daytrader. What "opt789" said was right. My tax advice is only for daytraders and not for investors. 1. It's too late to elect mark to market for your 2009 tax return. You had to make that election by April 15, 2009. 2. The...

Almost all the prop firms I've called require the $5,000 to be locked up for one year. They say it's a SEC rule and I think the rule sucks. CY group let's you withdraw your $5,000 anytime b/c it's a membership fee instead of capital contribution. Also CY doesn't have a monthly data/software...

My guess is probably a week.

Equity Trading Capital - $5,000 deposit held for a year, 90% payout, .0088/share Sound like a bad deal. Coastal Securities - $5,000 deposit held for a year, 95% payout, .00475/share, lightspeed $0, sterling $220/month, nasdaq + nyse data $144/month, stocks less than $3 get no margin...

I've been told JC also doesn't require a securities license. I guess I misheard that info when I called them. JC wants profitable traders and 6 months of trading records as proof. I found this list of prop firms and I'll try calling all of them and see what they offer...

I'm looking to trade with a prop firm so I called Assent, Echo, Bright, CY group and JC trading. The only one that didn't require a series 7 license was CY group. They get around the licensing rule by calling the $5,000 deposit a "membership fee". The membership fee is refundable but there's...