GraniteState
1
GraniteState Feb 10, 17 8:53 AM

How I plan on doing it is to build account equity up to my max limits. End of the month anything over the lmit taken as profit. Estimate tax for the month put that away.

GraniteState
GraniteState Feb 10, 17 8:57 AM

Oh and keep track as you go. I made 400 forex trades last year, I now have to manually type them all in.

brandonw90523
brandonw90523 Feb 10, 17 9:00 AM

@GraniteState I hadn't thought of trying to make quarterly tax payments. That's a great idea. I will definitely work that idea into my plan, thank you!

ImBatman
ImBatman Feb 10, 17 9:13 AM

My thoughts are the same but I like the idea of doing it quarterly.

Join now or log in to leave a comment
GraniteState

I'm back in the game. New broker TradeStation 5k cash account. Started a new job in June were I have Mondays off, locked into current schedule until June. Goal is to use swing trade strategies to build the account up to the day trade minimum. Once at day trade minimum start bidding on weekend schedule. Once on a weekend schedule I'll have 4 week days to trade and hone my skill while still having my guaranteed full time income and benefits.

Join now or log in to leave a comment
Received 2 Karmas
GraniteState
GraniteState May 07, 16 6:45 AM

@Joe_WallStreet Does TD allow more than 1 margin account? Most brokers will let you have multiple accounts but you're only allowed 1 margin account.

ERtrader12
ERtrader12 May 07, 16 12:00 PM

@Joe_WallStreet Did that give you more than 3 day trades? Or were you over 25k?

Joe_Wall_Street
1
Joe_Wall_Street May 07, 16 12:40 PM

At one point all 3 of my TD Ameritrade accounts were margin accounts. I ended up requesting that they remove margin from one of the accounts and converting it to a cash account so that I could day trade Options without having 25k in my account. Stocks settle in 3 days but Options settle overnight, so as long as I trade with settled funds I can trade as often as I'd like.

Joe_Wall_Street
Joe_Wall_Street May 07, 16 1:01 PM

My current account setup with TD Ameritrade is this: Account #1: Margin + Options... Account #2: Roth IRA with Margin + Options... Account #3: Cash + Options... I only trade with account #3... Account #1 is pretty much used for banking.

Join now or log in to leave a comment
Page
of 5