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Look up greentradertax.com That's the best site I found about this subject. I even read their trader tax guide, very informative.

From what I read, they don't accept nor deny it. After you file your MTM return next year though, they'll decide whether they want to challenge it by attacking your trader status, that is if they think they can collect enough taxes/penalties to be worth the while ;)

Hmm, the sequence of questions you asked remind me of something...and it's right here on ET! Check out the training section on the top of this page...

Hmm, things are making more sense the more I follow your adventures. Had to say $1k margin on ES sounded very aggressive, reckless even, when I first heard it. Should have suspected you're not deploying your whole networth on this one strategy. Assuming you only deploy 10% of your networth...

It mostly depends on your time frame I'd think, a successful long term investor should have a much higher profit:commission ratio than a skalper. My own 7:1 ratio comes from a 2-5 day holding time. Any day traders care to comment?

You can read about them in Reminiscences of a Stock Operator.

I position trade stocks and get about 7:1 for the last year, before that I was a consistent loser.

The damn market likes to call the shots and tell you whether it wants to pay you or rip you off.

You're way ahead of most people on ET already. Good luck.

Doh! I was expecting a "good bye ET" letter from you. Guess I'll have to stay disappointed ;) Seriously though, good stuff.

Hey Ripley, How's your credit-card funded futures account doing? ;)

Haha I think you've got the answer you're looking for in your post. So you can't learn much about swimming by reading about it, you prob can't learn much about swimming on an online forum either, nor can you learn much about swimming by watching videos of people swimming. There's nothing like...

K's last post should mark the end of this thread. Are you a gambler? Better quit now. Are you a businessman? Stay.

Are those hedgelets glorified gambling or are they liquid enough to trade? Got this from a book. Private Mortgage Insurers. They are used to insure those people who bought houses on low down payment plans, the weakest hands in the RE market. According to the book, a lot of those insurers...

Ok so the equivalent strategy for a single trader is to NOT TAKE A POSITION until one of the imaginary traders cuts his loss, at that point you take the position of the imaginary trader that's letting his profits run. It'll work out the same as the two trader scenario, only you save one...

That's the age old question of whether you can make money using money management alone. Good luck with it.

While following this thread I kept wanting to bring up the issue of mental flexibility. Is mental flexibility not a key ingredient to succeed in this business? When someone keeps failing in trading, keeps getting a stake back outside of trading and keeps coming back for more punishment, he is...

...and those that quit and win some other way

That's a lot of good alternatives to explore. Thank you.

Today's mortgage rates are at all time lows, it surely represents a historic opportunity to lock in 30-year rates to buy a house. In a region where housing isn't superheated, it can still be a great buy. In a buyers-gone-mad region, who knows? In the bay area it's hard to build more houses...