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What do you mean ? That YOU can't make money at it? I know plently of successful traders, many with different styles. Daytrading is the best thing that EVER happened to me. My income went up 20-fold. But, of course, .....the mid six-figure tax bills I paid last year (and this year)...

You need, at the least, to spend some time looking for another job. Buy a cheap starter home. Unfortunately, you sound depressed. Don't leave any weapons of mass destruction laying around the house.

I've been pennied to death already. Is it possible to be sub-pennied to death?:confused:

Ok, This is meant for anyone who is ticked that Don won't be specific about strategies. I I'll share Don's 2 favorite strategies in detail: 1) Move to Las Vegas. It's a zero income tax city in a zero income tax state. Also, your property taxes will be less than 1% of assessed value. 2)...

I'd be interested to know Jem's opinion--I wasn't clear what the Chicago firm told him---do you have to pay SS tax or not? The IRS web site says no, if you are a professional. Agreed? The other issue raised about not having a real interest in the LLC is certainly interesting. I'll run up...

There are NUMEROUS firms that will back traders: 1) Schoenfeld 2) Van Buren 3) WorldCo etc etc etc The MOST important thing is LOW trading costs. Don't sacrifice this for some other factor in selecting a firm. 20-60% of a loss still nets you $0.

Leave this "tradin' thing" to the professionals. Us. We need less competition. Only kidding.

First, you can never go back....er, you WILL NEVER go back or I will personally spank you, kid. To the rest of the "industry," you are a blight on its good name. So what that most people "look down their nose" at you? Why are you asking now? It's because you are not doing too well and you...

$30,000. Definitely. Always net your REALIZED (not paper) gains and losses. This does not apply if you elect to qualify as a professional trader.

Section 475(f) is the applicable section of the tax code. I assume the question relates, in general, to FICA taxes on a "professional" trader. The LLC makes a mark-to-market election. The income paid to the trader is CAPITAL GAINS INCOME THAT RECEIVES ORDINARY INCOME TREATMENT...