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Getting Started in Futures Trading

13 Jun

If you currently trade stock and options you’ve probably pondered the idea of futures trading. I’ve outlined the basics in my post How Futures Work over at EminiMind.

One advantage to trading futures over stock and options is the ease of entry and exit. The futures markets are extremely liquid meaning there are a lot of buyers and sellers at all times making producing tight spreads, quality fills, and less slippage.

If you’re considering trading futures, you may be interested in my guide:  Trading Rules for the ES & 6E Futures. This comprehensive guide outlines the specific rules and setups used to trade these markets.

EminiMind – Futures Trading for a Living

26 Mar

For those who are specifically interested in trading futures for a living I’ve put together a blog over at EminiMind.com

Becoming a Trader, Is it Right for You?

9 Mar

The road to consistently profiting from the market begins with the question, is becoming a trader right for you? Is it a career you’re looking for? A job? A lifestyle? Most people become or strive to become consistently profitable traders because they think it will bring them endless amounts of money and while this may be the case for a select few (less than 1% I would estimate) trading is a hard way to make an easy living.

Really, what I think most people are looking for is a passive income stream that will allow you to escape the 9-5 world and do the things you really want to do. Timothy Ferris talks about this extensively in his book The 4-hr Work Week. It’s one of the few books I would highly recommend reading, I just ask that in doing so you try to keep an open mind, as his ideas (at first) may seem a little out there.

If being self-employed, working 12+hr days, 100% commission, and no salary is what you want then trading is the perfect profession. That is what this career path entails (At least for the first 5yrs or so). If you really want to trade for a living then Alexander Elder’s book, Trading for a Living, is a great way to get started. There are also some great resources over at EminiMind. One of the most important things you can do is associate with other traders, on forums, chat rooms, twitter, or facebook, it doesn’t matter. Talking to traders, and learning from each others mistakes will greatly speed up the learning curve.

If you are truly passionate about trading and want to make it your career then the only thing standing in your way is any self doubt you may have. Make the commitment to doing whatever it takes to achieve your goals in life and you WILL achieve them. I can guarantee it will be difficult, cause pain at first, and test your dedication, but if you truly have that burning desire, you can do it.

Getting Started in Trading

24 Nov

For those looking to get started in trading futures, or trading in general I can relay my personal recommendation with charting package thinkorswim and futures trading platform Infinty Futures. Both companies have outstanding customer service, something greatly overlooked in the trading/investment industry. Both are on the cutting edge of innovation in the industry. And, best of all both are free (for personal accounts; entity account who sign up with TOS will pay a monthly data feed of approx $200 for all exchange data). This is the duo I use for futures trading and have been members with them for years.

Filing for Trader Tax Status

10 Nov

“In this world there is nothing that is certain except death and taxes” -Benjamin Franklin

Green Trader Tax

If you trade full time and even part-time you may be eligible for “trader tax status.” Trade tax status is especially important in you trade equities. The biggest advantage to claiming “trader tax status,” is the ability to elect Mark to Market accounting. MTM accounting allows the trader to treat capital gains and losses as ordinary gains and losses. Filing under “trader tax status” also allows the deducting of our trading business expenses on a Schedule C.

The Tax Guide for Traders

I highly recommend the book The Tax Guide for Traders by Robert Green for anyone who thinks their trading falls under “trader tax status” or who has been trading professionally for some time. Green is the expert when it comes to trader tax laws and there are many tax advantages to your past filings by electing “trading tax status” on this year’s return. Green’s website Green Trader Tax has a wealth of information as well.

Creating Your Trading Business

10 Jun

Infinity Futures AT Demo

5 Mar

Creating your own Trading Company

5 Mar

Robert Green from Green Trader Tax talks about what you need to know to setup your own Trading Entity and important information regarding taxes. Click here to view the video presentation after registering for free at moneyshow.com.