Notwithstanding TH's points, any business/profession has to pay tax. What's the difference?TAX
Never seen this discussed.
I'm surprised that full time traders don't talk at length about this scourge!
If they're making as much as some claim (appear) to be they would realise its something that cannot be ignored for any day trader! I don't trade full time but my Tax bill from trading really really "P"s me off!
You want to make $100K then you'll need to make $200K
You'll need to be twice as good as you think you'll need to be.
just dont get it.
But hey everyone has an agenda.
I think what an experienced trader considers "regular income" is a million miles away from what a wage slave considers "regular income". Thus the reason why Nick Radge recommends 3 X wage before giving up the day job.
What do you mean here T/H? Do you mean Nick says to be able to earn 3 x your normal wage before giving up job? Eg, if i earned 60k, i would be aiming at 180k per year from trading?
Why wouldn't 2 x wage suffice? I don't see how trading expenses could equate to 1 x wage per year...
2 x wage is just not good enough. Earnings are lumby, edges disappear over night. Markets lock up and stop for months at a time. Not uncommon to earn nothing for a month. Add to that the drag on capital and position size each time you do the groceries, pay the rent, pay your tax etc.
Only someone who hasn't been in biz would confuse revenue with profit.
Yes they do. You just have to look at the "5 trading rules thread"
I sort of see what you are saying, that extra wage for downtimes etc. I'm not confusing revenue with profit, however, i forgot about downtime.
Notwithstanding TH's points, any business/profession has to pay tax. What's the difference?
If you want to earn $100k as a plumber or running earthmoving equipment or giving dodgy financial advice, you have to make $200k as well.
You want to make $100K then you'll need to make $200K
You'll need to be twice as good as you think you'll need to be.
Yes they do. You just have to look at the "5 trading rules thread"
You should aim to have $300,000 capital & working part-time (20 hrs).
I was a novice when I started trading in Feb 09 & lost 10k in 1 month, but luckily markets have been good since then & I have made back my 10k, then plus over $60k using my base of $165k. I'm hoping this is my one in a life time opportunity to make big bucks which is one in a life time opportunity.
i'm aiming to work part time in 5 years time when i'm 32, saved up $400k
but to have a max of 80k in the market.
this is for meA comfortable figure completely depends on his personal circumstances. What are his expenses? Does he have a family to support? What kind of return can he generate? What kind of fluctuation in capital is he willing to put up with? Can his strategies adapt to different market conditions or different markets? He may only need a fraction of $300k, or he may need many times that.
I have made over 60 trades since feb, but lately have made minimal trades since the market is surging!! trading is also about luckThey sound like the results of someone that bought sometime in Feb and has held since. Have you actually been trading, or did you buy and get lucky?
still have 100k savings, would only expect 10% per year profit which includes dividendsDoes that include what you have now, and will you spend any of your trading profit. I.e. do you plan to do better than 225k->400k in 5 years?
both long & short termSo you make longterm trades?
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