ISO Tips on beginning Day-Trading Forex in Canada

[myonlineentity]

I have been successfully trading on a Forex Demo account and would like to start trading in a live-money account.

I am looking for some advice on how to transition into the Day-Trader role.

Should I Register a Sole-Proprietor Business?
Should I setup an account at a Canadian bank under the Sole-Proprietor Business Name?
Do I pay tax on all wins, or only when I withdraw money from my investment account?

Any other advice is appreciated...

 

[crgarcia]

Quote from myonlineentity:

I have been successfully trading on a Forex Demo account and would like to start trading in a live-money account.

I am looking for some advice on how to transition into the Day-Trader role.

Should I Register a Sole-Proprietor Business?
Should I setup an account at a Canadian bank under the Sole-Proprietor Business Name?
Do I pay tax on all wins, or only when I withdraw money from my investment account?

Any other advice is appreciated...

You said it all: paper trading.

Let my guess, 100+ leverage?
Right?

If the odds are not against you enough, bucketshops (forex brokers), slightly alter the quotes so you lose.

Ever wondered why brokers never actually place the oders to buy/sell currencies (called bucketing)?
Because all forex traders lose in the long run.