Who's making a living day trading futures?

operator · Feb 12, 2009

Quote from forex-forex:

I pull in about $35,000 A DAY trading the ES and YM

$8,750,000 a year is not bad.....

Stosh · Feb 12, 2009

Quote from operator:

$8,750,000 a year is not bad.....

Kind of paltry for ET.....must be a newb..

TraDaToR · Feb 12, 2009

Quote from peppermint:

The question is who is making a good living daytrading futures, not who has ever had a profitable year.

Does no losing week since September 2007 counts?

Ribs · Feb 12, 2009

Quote from forex-forex:

I pull in about $35,000 A DAY trading the ES and YM, not bad for two hours of trading in the morning.

forex-forex
------------
Trading Guru

YOU LIVE IN VANCOUVER

YOU PAPER TRADE OUT OF LOCAL LIBRARY

gosh ET is filled with people who have serious lying habits

serious problems :eek:

volente_00 · Feb 12, 2009

Quote from rolextrader:

Dorman

Filing a tax return for Trader Tax Status under IRS regs is not like completing a EZ 1040 Short Form. There are many other schedules for those who elect this status to maximize their legitimate deductions, and the IRS scrutinizes these returns carefully.

Your reply shows you are naive about these matters. Paying an accountant $750.00 who knows how to do it right is a small cost and if you can't afford that, than you probably can't afford to trade either.

Naive ?

Get a clue moron.

We are talking futures here, not equities that are subject to wash rule. Section 1256 contracts already receive mark to market. Trader status gives you a big break of allowing more than 3k cap loss write off per year. If you are losing trader of futures only than I guess you should choose trader status. Perhaps you are speaking from experience here.

If you really knew what you were talking about then you surely would be smart enough to know that as a solely section 1256 futures trader you will be screwing yourself by choosing trader status as your gains will become ordinary income and taxed at higher rates and will no longer be taxed under the 60 / 40 split.
The biggest problem with seeking trader status is the definition is rather vague and by choosing to seek it you greatly raise your risk of being audited. For equites it can be beneficial but it is not for someone who trades futures only.

cubsguy81 · Feb 12, 2009

I am trading using a $80,000 account and I am quite sucessful. I dabble in the YM at times, but mostly equity focused using the charts with MA, Stotcastic and just looking at wicks on the candles and volume. I only trade sectors and stocks that are "in play"

brownsfan019 · Feb 12, 2009

Quote from volente_00:

What successful futures only trader actually pays an overpriced account to do easy section 1256 taxes ?

Maybe one that does not have the time or desire to do it and has the money to pay someone to do it...

Same reason why I don't change the oil in my cars or pick up the dog's poop - no desire and I can pay someone else to do it.

DblArrow · Feb 12, 2009

Quote from rolextrader:

Filing a tax return for Trader Tax Status under IRS regs is not like completing a EZ 1040 Short Form. There are many other schedules for those who elect this status to maximize their legitimate deductions, and the IRS scrutinizes these returns carefully.

Your reply shows you are naive about these matters. Paying an accountant $750.00 who knows how to do it right is a small cost and if you can't afford that, than you probably can't afford to trade either.

Must be a stock trader and your ignorance in FUTURES is evident -

This is not required for futures only trading, as they are marked to market.

volente_00 · Feb 12, 2009

Quote from brownsfan019:

Maybe one that does not have the time or desire to do it and has the money to pay someone to do it...

Same reason why I don't change the oil in my cars or pick up the dog's poop - no desire and I can pay someone else to do it.

So in other words you enjoy paying more to someone to do the same exact thing you can do jsut as good or better for less or even free ?

I change all my vehicle's oils, out of the few times in the last 20 years I let someone else do it, 1 stripped the drainplug, 1 only put 4 quarts in when it took 5.5, and the last one left the oil filter loose and it leaked all over my driveway. I do my own lawncare, wash my own vehicles and do all the maintenance on my home, cars and boat. Sure I could pay someone to do all this but then I would get lazy and I enjoy the peace of mind knowing it was done right and that I do not have to rely on others. But most of all I enjoy the pride that comes from the finished result. Now your on your own with the dog poop. LOL

BondTrader50 · Feb 12, 2009

Quote from volente_00:

What FCM?

What losing futures trader actually waste even more money paying an accountant to do easy section 1256 taxes ?

I was thinking the same thing.