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.