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.
@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.
@Joe_WallStreet Did that give you more than 3 day trades? Or were you over 25k?
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.
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.
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.
Oh and keep track as you go. I made 400 forex trades last year, I now have to manually type them all in.
@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!
My thoughts are the same but I like the idea of doing it quarterly.
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