Trading/Scalping Taxes

M

mishwar

Can you please help me with details on taxes for day trading. The $7 commissions sound too expensive for day trading and scalping.
I read on another thread that scalpers do not have to pay taxes/commissions for every trade. Is it true. If yes, then what is the tax method/rate?

Thanks in Advance
mishwar
 
Yes, taxes paid to the Government and commission to the broker.

What can the best broker offer in the US ?
What exactly is it for an active day trader and a scalper (20 - 50 RT per day)

Thanks
mishwar
 
Quote from mishwar:

Yes, taxes paid to the Government and commission to the broker.

What can the best broker offer in the US ?
What exactly is it for an active day trader and a scalper (20 - 50 RT per day)

Thanks
mishwar
More...

I'm assuming you are talking about futures since you mentioned round turn.

7 per trade is far too expensive. If you are thinking about scalping, go to Transact or Global futures. If you are talking about equities, then those commissions will kill you. I suggest Genesis if you are going to be scalping equities.

Good luck to you on your trading.
 
yes, I am asking for futures ..

how do scalpers pay ? taxes and commissions for all traders ?

No, not for equities ...

Can you please give me an example of what transact or global charge .. best offer for say 20 trades in a day .. 3 futures lots each time ?

taxes and commissions since I am based out of the US

Thanks
mishwar
 
if you do 20 trade 3 contract per trade then your cost round turn will be 3.42 if you are trading globex and 2.98 for cbot contracts and there will be no platform fee if you trade 362 contract round turn in a month.

Global will charge you around 3.70 approx. plus platform fee.
 
if you do 20 trade 3 contract per trade then your cost round turn will be 3.42 if you are trading globex and 2.98 for cbot contracts and there will be no platform fee if you trade 362 contract round turn in a month.

Global will charge you around 3.70 approx. plus platform fee.
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Thanks, are taxes different for traders and scalpers ?.. i read on another thread ...

what is the approximate contract value on globex and cbot tht you mentioned. Since i am based out of the US, it will help me a lot in my calculations..

thanks in advance
mishwar
 
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