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Hmmm........ Not too sure I'd want to want to wade into that tub with the Bright brothers in it, bunch of babes notwithstanding even assuming they are a bunch of hot babes:confused: :D

The stockcharts.com real time package is a bit of misnomer. The charts are not streaming charts, you update them by clicking your browser's Refresh button.

It is an advantage -MTM converts capital gains and losses to ordinary gains and losses, so there is no limit on the amount of losses that can be deducted (there is a $3,000 limit on capital losses). MTM traders are also exempt from wash sale rules. If you did not elect MTM, then you may not...

The IRS depends mainly on case law to determine trader status. There are no specific rules laid out. However, the IRS website contains broad guidelines which help to determine if you qualify for trader status. Electing Mark to Market has its pros and cons. The big advantage is your taxes are...

"That is what it boils down to. Can you perform under pressure? No amount of work will give you that. Very few people have that skill, very few. Hence the failure rate in trading." I don't believe you can make a connection between the failure rate in trading and perfoming under pressure...

I am skeptical about the 10 year period. It is the opinion of a single individual. To quote from the article: Simon coined a psychological law of his own, the 10-year rule, which states that it takes approximately a decade of heavy labor to master any field.

Not necessarily. This person says he will average 4 trades per month, 48 trades a year and make approximately $15,000 per annum which works out to $1,250 per month. These figures in and of themselves do not indicate anything conclusive. There are several other factors involved including source...

The yearly statement will be acceptable if it contains all your trades and the profit or loss on each trade. The IRS prior to tax year 2005 accepted a one line summary figure for all trades but changed its requirements starting in tax year 2005 for all retail traders. It now requires them to...

Too much data to be explained in a single post. You can go through the attached link for a detailed explanation and tax treatment: http://www.greencompany.com/PropTraders/Traders.shtml

Don't hold your breath. After the NYSE goes fully electronic it will be very similar to the Nasdaq. There are very few edges to be had in this market since it is program dominated. These programs have very few flaws if any and the scary part is as flaws are discovered they keep getting remedied...

Effective tax year 2005, you just can't sum all your trades on line 1 but must also list each and every trade. Not only does the IRS care about paying taxes on what you made but also how you made it as it applies to traders in securities. To wit: listing each and every trade and showing the...

Couldn't agree with you more. Look at what they are doing to the Nasdaq.

I don't agree First if he doesn't trade prop with $2,000 his maximum buying power will be $4,000 (2:1). This severely limits the quantity and type of stocks he can buy. So your '4% a day on stocks' is highly questionable at best. It is not very easy to make 4% a day trading penny stocks with...

All these posts are really funny. At the very least they make you laugh and make perfect sense compared to the run of the mill garbage and worse that is posted on ET.:) :p :mad:

This is hilarious actually. The OP trades prop as I pointed out earlier.

All these are moot points as relating to the OP since he trades prop.

Meanwhile, I (not just me of course) am long on one trade from 3 weeks earlier and am ready to nail down profits You must be trading retail if I'm not mistaken.

No, I wasn't referring to you.

Under the new IRS rules effective tax year 2005 all trades and the individual profit or loss on each trade will have to be reported to the IRS for retail traders. Hope this helps.