Do full-time forex traders exist or is it just make believe?

Oh I see, you're living with your Mom and sharing expenses with her. That explains how you can live on so little. :D :D

Accountant, no, but I am trying to make the point that you are in no position to be judging me. Try and open your mind a little and realize that we all follow different paths to success. I have learned an enormous amount about myself and trading, and I have never risked more than $1000 at a time. My worst time was last year when I went up as high as $6500 while living on employment insurance ( seasonal job). I returned to work full-time as the work season began, lost my focus on trading, and promptly lost the money over the spring and summer of 2012. Atticus knows all about this and tore a whole out of me for my choice to use EI. The trading approach I use right now works very well when my focus can't be right on the trading.

By the way, I really don't think its reasonable to include an unrealized trade in your annual profit margin. There is no profit 'till you close the trade.
 
Quote from SimpleTrades:

Oh I see, you're living with your Mom and sharing expenses with her. That explains how you can live on so little. :D :D

Accountant, no, but I am trying to make the point that you are in no position to be judging me. Try and open your mind a little and realize that we all follow different paths to success. I have learned an enormous amount about myself and trading, and I have never risked more than $1000 at a time. My worst time was last year when I went up as high as $6500 while living on employment insurance ( seasonal job). I returned to work full-time as the work season began, lost my focus on trading, and promptly lost the money over the spring and summer of 2012. Atticus knows all about this and tore a whole out of me for my choice to use EI. The trading approach I use right now works very well when my focus can't be right on the trading.

By the way, I really don't think its reasonable to include an unrealized trade in your annual profit margin.
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MTM

that's the way USA IRS does it if you choose it
 
Quote from oldtime:

MTM

that's the way USA IRS does it if you choose it
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Perhaps, but your own personal honesty while trading should dictate that that was not a profit in the end. That was a losing trade when you finally closed it.
 
and no, I don't live with my mom, but I look after her, and I always want to know she is doing ok

I was a very bad child and she suffered a lot raising me

if you think the government is going to take care of your parents think again

once they get to a certain age, they need your care
 
Quote from oldtime:

? If I knew on Dec 31 how it was going to end up I would file that way

do you think before you speak?
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:D

You missed the point. As you're quoting your profits to me in 2012 and 2013, perhaps you should be honest about the fact that you weren't really up 68% in 2012 because that was not a closed trade. Then again maybe that isn't how you work. When I quote returns to people, I am quoting the numbers after the trade is closed. The 70% that I am up in 2013 on my questrade account is with all trades closed. Actually, I have pulled the 70% out leaving me with the original principle of about $1022 usd. Wish I had your money, that 70% would have added nicely to my retirement fund.
 
Quote from SimpleTrades:

:D

You missed the point. As you're quoting your profits to me in 2012 and 2013, perhaps you should be honest about the fact that you weren't really up 68% in 2012 because that was not a closed trade. Then again maybe that isn't how you work. When I quote returns to people, I am quoting the numbers after the trade is closed. The 70% that I am up in 2013 on my questrade account is with all trades closed. Actually, I have pulled the 70% out leaving me with the original principle of about $1022 usd. Wish I had your money, that 70% would have added nicely to my retirement fund.
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most usa traders just choose mtm, it makes it simpler, for me to say I would follow that trade carried over New Years and see how it ended up and then file accordingly was just false.
 
Quote from SimpleTrades:

$1000/mnth is not going to the bucketshop. In fact in 2013 a grand total of $1000 has gone to the bucket shop, and the bucketshop still has that same $1000. In the meantime, $8000 in saving and profits have been transferred into long term investments. At my age, I can be in about 75% equity/25% cash. I chose cash not gics/bonds etc. because I need it available for emergencies given that I have a wife and baby.

The shelter for forex trading profits does exist indirectly. In Canada it is considered a capital gain. 50% taxable. Losses offset gains.
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Sounds like your on the right road. When the cash starts rolling in don't buy cars and large homes----and you'll be just fine. Regards, surf
 
Quote from oldtime:

most usa traders just choose mtm, it makes it simpler, for me to say I would follow that trade carried over New Years and see how it ended up and then file accordingly was just false.
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Oldtime, you can do whatever you want to with your taxes so long as its legal, but you're trying to tell me and yourself that you were up 68% for the year when the trade was still open and you subsequently closed that trade in a loss. Sorry, but that isn't honest. Before you opened that trade what was the status of your account? About 20% up for the year, right?

Marketsurfer, I believe very strongly in the principle of diversification in both income sources and investment/trading methods. We can all do very well if we are honest and don't try to put all of our eggs in one basket.
 
Quote from SimpleTrades:

Oldtime, you can do whatever you want to with your taxes so long as its legal, but you're trying to tell me and yourself that you were up 68% for the year when the trade was still open and you subsequently closed that trade in a loss. Sorry, but that isn't honest. Before you opened that trade what was the status of your account? About 20% up for the year, right?

Marketsurfer, I believe very strongly in the principle of diversification in both income sources and investment/trading methods. We can all do very well if we are honest and don't try to put all of our eggs in one basket.

If oldtimer were honest he would realize that his forex trading isn't his only income source.
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? Pick a number, pick a date, it don't matter to me, I told you since July 2012 I have paid my bills from forex profits, yes, at anytime, I can click the box and start receiving dividends, not sure what your big deal is with dec 31, you don't even know if I am telling the truth or bullshitting, I'm the one that said 2012 returns were not accurate because I held over the new year, and no, high water mark in 2012 was about 78%

now stop taunting me and stop pretending you are a fulltime forex trader, you deposit 1k in your bucket shop and trade it until it is gone, then do it all over again, all thanks to a day job
 
Quote from oldtime:

?
now stop taunting me and stop pretending you are a fulltime forex trader, you deposit 1k in your bucket shop and trade it until it is gone, then do it all over again, all thanks to a day job
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I never claimed to trade full-time. And the 1K is just the beginning. As my investments increase, the 5% I devote to trading will gradualy increase that 1K trading account.

By the way, its actually a late afternoon/evening job - not a day job. Also, its classified as self-employment. It fits very nicely with my trading.
 
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