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Your goal should be to follow your trading plan exactly. You should not worry about how much money you make per day. What should concern you is does your strategy have an edge? Do you have the discipline to follow your plan? After each trade whether profitable or not ask yourself...

It's the accountability that make paper trading a worthwhile exercise. Score yourself not on how much money you would have made or lost but on whether or not you have the discipline to follow your plan. Of course you have to have a trading plan to follow which I'm guessing that most new...

My recommendation prefaced by a warning not to take advice from anonymous posters on trading forums is to stop trading immediately. Come up with a written plan then demo trade it for a month to see if it is workable. If you can’t make money in a demo account you’ll be lost with cash on...

KP; Do you have a written trading plan?

With CRA you can make a one time election to have your trading be Income or Capital gains. Both have their advantages. With income you can write off expenses like a home office, trading computers, and anything that relates to your making a living. Not to mention Traders Expo in Vegas...

Not really, I don't have a registered account with IB. I have only equities in that account but they are long term trades. I get a Tax Slip (T5008) that my Tax program (Turbo tax) automatically calculates as Cap gains. To date CRA hasn't objected.

That's the Holy Grail!:):)

How do you classify the type of trader I am? My income comes almost exclusively from equities. Capital gains and dividends. Both are taxed favorably in Canada. I certainly don't think of myself as a Professional Trader.

I prefer to think of trading as a home based business rather than a hobby. My hobbies cost me money. As for a professional trader, that is someone trading for someone else.

I don’t rebalance between accounts. My main income is from the swing trading account. My month end sweep of ½ the profits keeps the account close to the initial capital. There have been months where I drawdown below initial capital so there has been no sweep but I don’t top the account up...

I was a Buy and Hold investor until the 2000 crash. I had an account at that time in the mid 6 figures and spent many sleepless nights not knowing what to do, so I did nothing. By mid 2004 I had recovered most of my capital but decided not to go thru that experience again. I also decided that...

Is the failed screen trader a red herring? Does it really matter? To use a sports analogy, the people who coach athletes are rarely as talented as the athletes. How about the guys teaching the Doctors and Lawyers? If they were any good why wouldn't they be out in the real world doctoring...

If you retain what you read.:) Cut your losses short. Let your winners run. Be able to define your edge. Have enough capital. Have a plan. Be realistic

Nope Apparently according to twitter the server is down.

Yup that's what I'm getting. maybe it's temporary

Anyone else having a problem acessing Big Mikes site?

Where is db posting?

I’ve been burned too many times with spikes down that closed a position then recovered. In the case of a gap down you end up getting filled below your stop. Depending on the reason for the gap down the price may recover. I’ve found that placing a stop under the gap down day and following it...

More or less. I don't put stops in the market, so I have had one or two get away from me because I don't watch all day. Also gap downs have beat me up from time to time. I do honor my stops. If a stock closes below my stop I place a stop order under that days low and will continue to move...

It was a 50/50 shot. It could have gone the other way.