Day One

Yesterday, I wrote a post about a Trader Community and how great it was and badly I wanted it at that time. It also sounded like I might be this old pro that did not need it any longer. Nothing could be further from the truth. I still love trading and I still love talking about it. Thus I write.

Also I still have contact with other traders through the support I offer on the products I sell. Many are new to this trading busines and some need a lot of help. It is as much reward to me as it is to them. I am still getting my dose of satisfaction talking about trading with someone one on one.

In my previous post I talked about how we shared how our day went. Well today was rather uneventful trading day but it certainly represents things that might happen while one is trading. Today I visited my accountant and talked about K1s and changes in tax laws regarding trading. There was some thought given to becoming a corporation since the tax laws favors what a corporation can deduct. But more on that later since there are always upsides and downsides to any decision. One thing you might check out.

As an individual you can no longer deduct trading expenses and fees. However, if your broker includes those fees into the cost of the trade you get the benefit of reducing your profits with the fees. TDAmeritrade is currently doing that. I called to find out why the fees where not being displayed on my 1099 and they explained that they were already worked into the cost. My accountant tells me his broker does not do that, but rather details those fees separately. So if you make a lot of trades it might be to your benefit to find a broker that includes those fees in the trade cost.

I was up early trying to get ready to leave and find a trade before market open. It was not to be as, volume just was not potent enough to keep a trade running more than for a little gain before it came back. That left me with two thoughts.

The first thought was that I need to include a volume gate on my TWIT (TestedWisdomIndexTrader) just as I have on my TWPT (TestedWisdomPowerTrader). The second thought was that stuff that I really do not like to do keeps getting in the way of me doing what I love to do. Unfortunately, that is just the way it is. What really sucks is that today is Friday and I cannot get back on the computer tomorrow morning.

About off market hours trading; I have posted some examples of pre and post market trades under the “Tested Tips” section on my website. It really amazes me just how profitable they can be IF you can get enough volume to drive them. When IF happens they are incredible smooth and easy to determine when it is time to bail on the trade.

To day was a good day aside from the lack of trading. I got out of the house and took my Lady out and did things SHE like to do. It was great, I even got the opportunity to buy her a gorgeous necklace. It is so totally great to be able to that without blinking an eye. Making money is fun but spending money is even more fun.

Thanks for letting me share, it as though your are right here.

TestedWisdomTrading

Trader Community

I recall so many years ago when I had few to speak with about my trading. My spouse certainly did not have a clue of what I was talking about and my friends and fellow workers were totally confused or else they thought they knew it all and yet knew nothing at all. I found it incredibly frustrating.

Eventually, I established some on-line contacts to do nothing but talk about trading. We met on-line every Saturday morning and shared trades by displaying our screens and talking about what we did and how we either crashed or cashed in. We were all learning, so there was much to be shared.

Now, the lack of contact is much the same except for different reasons. Now I am a consummate trader just going through the paces as though on auto pilot. I miss those days of leaning and sharing. But times have changed and people have moved on and I am left with those that became friends. We still communicate now and again, but not nearly as often as I would like. We have all stated the same disappointment in not being able to meet more often.

Now my friends are entrepreneurs, some professional traders and some have just dropped by the wayside and are no longer interested in trading. Those of us who are still trading look forward to those cherished moments of sharing. But we are busy now and that is sad for that was a beautiful thing that we experienced.

If you find yourself with same need, form a group and do as we did. You can always use the social networks, though those tend to be cluttered with people we do not need. They invariably find their way in. You can form closed groups and perhaps that is the way to go. After doing a litte search on Facebook I found mostly promotional sites and nothing to allow a bunch people who love trading to exchange ideas.

I would establish a forum for such a need, but I do not have time to moderate it. People being people, I am pretty sure moderation will be necessary. In any case, you may find trading lonely and it certainly can be but it is still profitable. The reward is worth the isolation I can assure you. But it isn’t about the isolation is it? It is just wanting to talk to someone who “gets it” and share something you love.

See you on the other side–