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brandon12, Yes, I saw the thread about the new ib's sched d. Traders are loving it. My problem with just including a note is that I don't think it's sufficient enough to prevent an audit. I plan to write off every possible deduction that I can think of, ie rent, utilities. Everything...

exQQQQseme, Excuse me, I got the different MTMs mixed up. I was refering to MTM 475 as requiring filing. 475 is better for non-futures trader. 1256 doesn't require filing but it's not as efficient in treating NOLs.

It shouldn't be all or nothing. Take it one step at a time. Perhaps double or triple your personal acount and see how you do. This way if there's a problem you still have the original conservative account to fall back.

exQQQQseme, He might have meant MTM 1256 status. MTM does require filing but in the case of trader who solely trade futures/commodities, it voids the favorable 60/40 tax rate. For regular stock/option trader, you should definitely file MTM status. I've got a question since this will be...

Really good stuff.

Get Green's book. I am going through it right now. In addition if you get his "gold" package = $99. You get access to website that has sample tax returns. As I understand it, trader tax status is not something you file like MTM. You have to know if you qualify by your trading activity...

You will have good and bad days. Good and bad trades. I have a spreadsheet setup for every trading day of the year. I log my PnL every day and do an average for total trading days. There are about 250 trading days with some time off for vacation. If you average $400 per day, it's 100k...

Holding all day is not scalping. Anything held less than 20-30 minutes could be considered a scalp. The classic scalp is the stock scalp for 1-3 ticks but I don't think that style works for index futures. The next step is what the OP (I do the same) does. Looking for short term momentum moves.

I have Green's book and he doesn't think so. Trader tax status and MTM are available to sole proprietors so you get those advantages. With an entity, you can do stuff with medical and retirement benefits which in the long run is important if you are a successful trader.

Too low. I buy some at $80-82. Then again if it drops further. I doubt it will get to August 2006 lows unless entire market gets bearish.

I have a S corp setup. Individual or small group of traders should not opt for C corp. Double taxation. Decided against LLC because I also do consulting work, some companies required CorpToCorp. Not really more paperwork since I use PayCycle.com and Quickbooks to automate most things.

Get a part-time job, preferably in the evening so you can trade in the morning. For me, I thought about taking some consulting assignment just to break the monotony. It's important to keep a fresh outlook on trading. Spending some time away from trading may help clear the mind.

Yo, my brother. I was part of GS prime brokerage IT. You know Orlewitz? Lunev?

errr, wtf? what am i supposed to do with that other thread?

Email support. They respond quickly or at least they did before selling out.

Any update? I still have a problem and it's preventing my pivot points from showing up.

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Dump a 100% winner? Are you kidding? It's like saying I know when the top has hit or bottom has been made. Better to hold onto that 100% winner. Who knows, it could be another Microsoft or Dell? Since I'm not as ambitious, I'll just take a Hanson.

Oh, no. No more pivot points.