HLV Trading

limitdown · Sep 15, 2005

didn't they have a session with Bob Bright and clarify these issues?

Copernicus · Sep 15, 2005

Quote from joeyata1:

yes a 1099 sucks.thats an extra 12% or so tax on the first 90k or so. advantage is you can do a retirment plan and write your health ins off sincew you're paying social security. this game is tough enough without giving any profit away but thats the price under capitialized traders pay

how is it extra 12% on first 90k?

ElectricSavant · Sep 15, 2005

It seems that HLTV trading is targeting non-series 7 wannabees...

If you go prop... get the series 7...

or just trade your own money..

Prop shops need money up front because of the new regulations. They are scratching around for capital to have in trust...

Michael B.

michigan1 · Sep 15, 2005

How would the series 7 eliminate the 1099. And yes, I am trying to get around pdt rule as i have come up short on the 25k after I built my house and am trying NOT to finance the money back out to continue to trade.
Thanks for your replies.

blueballstrader · Sep 15, 2005

I agree, what moron would take a 90% payout and pay taxes on 100%? That is stealing, does HLV split 10% if you have a losing day? I spoke to my friend and he said they have not stiffed him a check but, some of the checks do bounce. He said he has deposited his once a month check, and sometimes his check bounces and all his bills get screwed up, and it incurs him fees from credit cards, banks, etc. Doesn't sound like a good firm to me.

blueballstrader · Sep 18, 2005

Friend told me they keep 10% of your payout! Do they absorb 10% of your losses? When you pay taxes, do you pay on only 90%, of course not!

zdreg · Sep 18, 2005

Quote from blueballstrader:

Friend told me they keep 10% of your payout! Do they absorb 10% of your losses? When you pay taxes, do you pay on only 90%, of course not!

where do you get your facts from?
what a joke!

daytraderpete · Sep 18, 2005

Quote from blueballstrader:

Friend told me they keep 10% of your payout! Do they absorb 10% of your losses? When you pay taxes, do you pay on only 90%, of course not!

sounds like blueballs is frustrated! :eek:

of course you only pay taxes on the 90%.

what kind of idiot would sign a deal that stipulates they pay taxes on 10% more than they are paid for.

There is no such deal like that at HLV. If your friend thinks that is the deal he has he needs to learn how to read.

DTP

shortseller · Sep 19, 2005

"It seems that HLV trading is targeting non-series 7 wannabees..."

I am a ser 7 holder and honestly it has nothing to do with trading .. the 250 question test means nothing in trading ablity, If someone tells you it does they are full of it.

ManiacTrader · Sep 19, 2005

I agree with shortseller on this one. The Series 7 is an absolute waste of time and has nothing to do with trading whatsoever. Its a bunch of regulatory stuff that you can easily reference if you needed to. Having it does not qualify you as a "trader." Your P&L does.