Does any one make money intrady trading
- Thread starter gifropan
- Start date
As an attorney, I am legally obligated to keep client information confidential, and communications are subject to privilege.
If someone were to show me their tax returns and required me to keep them confidential, that's exactly the way they would stay. If I failed to do so, I could be sued for malpractice and would be subject to being disbarred.
Frankly, there isn't enough money in daytrading or any other profession sufficient to cause me to put my license to practice law at risk.
As far as some traders not reporting all their trading income, I'm wondering how that would be accomplished in the U.S., where every transaction must be reported on a 1099. Maybe I'm missing something obvious, so enlighten me.
The issue isn't really tax returns and I do agree that tax returns contains other private info that has absolutely NOTHING to do with trading.
I'm sure he already knows he can get his verification from audited brokerage statements, contact info for the audit firm, signed letter from tax accountant along with contact info for the tax accountant, meeting the trader in person et cetera.
Simply, if the mentor he seeks was single...
Tax returns are ok because it most likely only contains info only related to the trader.
However, the student (kjkent1) should also cough up the same private info to the mentor.
It's ALWAYS a two way street in a good mentor/student relationship...not one sided.
However, if the mentor has a family et cetera, there's too much private info on tax returns that's unrelated to trading that pertains to other family members, properties et cetera.
Nobody in his/her right mind should allow anyone access to that unrelated trading info.
Once again, for verification of trading income...
Tax returns isn't the only option and someone that insist on making it the only option while not coughing up the same private info...
Walk away from that person.
I've seen too many situations at ET where traders demand proof of profitability from other ET members while refusing to provide the same proof...
These are people you don't entertain nor debate about such requests regardless if they are a lawyer or not.
Good mentors will always ensure someone is worthy to be a student via the exact same verification process.
Now, if he only wants to see a part of the tax return that's related to trading only...
That's a different story.
I myself would rather see an audit trading record, signed letter from the tax accountant with contact info for both (audit firm and tax accountant).
I would then reimburse the mentor for any fees associated with such.
Mark
lol
Solid stuff here and why it deserves to be referenced fully again:
This is solid, level-headed, GOOD advice. I think sometimes a lot of us get our passions in an uproar over Internet boards (that's a good thing and why so many at all levels are here....PASSION) and lose sight of reality........
THIS IS THE INTERNET AND ANYONE CAN BE ANYTHING.....
A lawyer
A successful trader
A guru to all
That is why it's so important to know who you are. To thy own self be true.
Just some good rules to follow here and wanted to point them out and concur with Mark. Good rules of thumb to any and all thinking about entertaining any offers of any kind proposed via the Internet. Remember, never lose sight of your reality.....
Good Luck!
This is solid, level-headed, GOOD advice. I think sometimes a lot of us get our passions in an uproar over Internet boards (that's a good thing and why so many at all levels are here....PASSION) and lose sight of reality........
THIS IS THE INTERNET AND ANYONE CAN BE ANYTHING.....
A lawyer
A successful trader
A guru to all
That is why it's so important to know who you are. To thy own self be true.
Just some good rules to follow here and wanted to point them out and concur with Mark. Good rules of thumb to any and all thinking about entertaining any offers of any kind proposed via the Internet. Remember, never lose sight of your reality.....
Good Luck!
Quote from NihabaAshi:
A few step forward and offer for FREE.
However, I don't know if they met the extensive requirements he had.
Simply, if I had a sincere interest to learn...I would have at least taken the free offers.
Then again, maybe he did in the past and what was shown to him on the plate wasn't good trading info and that may have pushed him to travel the route of paying to be mentored via thinking if you pay for it...
It must be better than the free stuff.
My obvious bias in looking for a good mentor is to do it as a challenge...
Wrong mindset and hints of problems for any good mentor that would qualify via his terms.
Mark
Funny... I've been helped by many posters on this board on many occasions and I've never been asked for nor offered monetary payments.
All I've ever done wash shown that I want this more than anything else and put out the effort, and the reciprocated effort usually followed.
EDIT: And there he is. Found me mentor in this thread. Helped me for a good half year routinely in DETAIL while never asking for anything. We continue to talk, chat, he still gives me heads up on certain things today although his whole emphasis was on me building my own style and not copying his.
There are people out there... but it's probably lost on you because of your motivations. I want to trade to be a successful trader first, not to make money. This doesn't seem to be your passion.
Also, FYI, theres many guys out there on this board that are PROFITABLE, that do LIVE calls, and that TEACH. Most of them have considerable amounts of posts on this board. Some of them have posted here. But, they won't send you tax returns.