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The fact that Obama's possible treasury pick, Summers, was in support of a transaction tax after the 87 crash has me a little worried. As traders such a tax would put us out of business. http://seekingalpha.com/article/97964-why-not-a-transaction-tax

As a retail daytrader you can claim MTM, avoid SE taxes, and still deduct all of your trading expenses.

Electing to use MTM (daytrader), does not mean you will pay SE taxes.

It's not like you're in some biotech with a pending FDA announcement, it's HD, one of the least volatile stocks out there. When you are stuck in a position overnight just make sure there are no pending announcements, figure out your worst case scenario, and relax.

You are not losing your mind. I trade relatively average volume for a retail trader and I had 420 million in sales on my 1099 last year. Add in the buys, and I would be paying a 2.1 million dollar tax bill.

What the Fuck do traders have to do with the mortgage problem. Do they really believe banks make all their money off of "transactions." Under this proposal I would be paying $12,000 a day in taxes.

Sorry about the "weasel word". Other than the PnL thread, I only have my own results to make the 1% a day claim. Just letting the OP know it's possible.

Let's pretend you somehow round up a cool Billion, why is your business any stronger than an experienced trader managing his own funds. The fact that you are being held accountable by accredited investors who will pull their funds the moment you have a bad month doesn't exactly help one sleep...

CGU strikes reflect Countrywide.

Not going to research all your posts, just noticed you crying all over the boards about your BSC loss yesterday, and how you wanted your money bank. Having been in this business for a while now, nothing irritates me more than people who can not take responsibility for their own actions. Not...

Where do you get the idea that a lot of traders went all in with BSC at Friday's close. Just because you were stupid enough to throw all your money into a possible bankruptcy situation doesn't mean other people made the same mistake. I never wish anyone to lose everything, but your comments...

I never think of it as my money until it is wired from trading account to bank account.

Looking at your previous post on AAPL and ABK it appears you are gambling, not trading. Until you figure out the difference pick your spots carefully, don't go against the overall trend, and trade small. Good traders will decrease position size when they are losing, not increase them. It...

Yeah, but according to Dennis as long as you don't sell you haven't lost a thing.

It helped that they hyped the upcoming ABK bailout story for a good 1/2 hr before it happened.

Whether you like CNBC or not, today is a good example of why you should have it on. 20 pt SPX move on Gasparino story.

I went down a couple of minutes ago

The 95% fail number comes from the 1999-2000 study linked below. http://www.nasaa.org/content/Files/NASAA_Day_Trading_Report.pdf The study cites comments from All-Tech and Block trading among others to back up claims that daytrading is nothing more than gambling, and that the vast majority...

Do not log out today. I closed the application this morning and when I opened it back up I had the blank screen with no quotes, just ?'s across the board

I did not use footnotes, but it was really not a big problem. An IRS examiner sent me two letters stating I owed SE taxes for 2004 and 2005. I replied that I was a full time trader and referenced publication 550, and they agreed that SE taxes did not apply. Just make sure that gains/losses...