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These are excellent words. Everyone should read then read again.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
The advice about pitfalls of success is some of the best advice I can contribute to this forum, given my lack of programming and mathematical skills and my questionable aptitude for screen based trading. And a young successful trader like @Firehawkaz27 is the perfect recipient. It's all first hand knowledge, either something that happened to me or to someone I know. As @tigertrader has said elsewhere, the unique perspective a floor trader of many years standing has is that we have known, known of, or worked with literally thousands of traders over the years.
I'm not a tax guy, but I agree, if he's trading in his IRA he gets the advantages of tax free compounding. However when the money comes out it will be taxed as ordinary income, instead of getting the 60/40 short term/long term treatment he gets now if he's trading futures or options. That's why I like the Roth: he gets 60/40 on the front end, tax free compounding, and no tax on the back end. But I don't know what the penalties are if he withdraws the money early.
About Boulder, not yet. We're rehabbing our summer home first, it's kind of a money pit. Then we have to sell our main house, which could take a while. Then we get to go.
"You don't need a weatherman to know which way the wind blows..."
Agree, and I wasn't challenging you on 'first-hand' knowledge but more of a with compounding and how long he can go without a loss, then a ROTH would be ideal for such wealth creation with the 10% penalty. Even if it is a regular IRA, you most likely will have losses to offset any income generated, but I have only cashed out on a Roth, not the regular kind so not sure.
Thanks for the update.
Oh, and the best thing you can do is set up a Roth with an older family member (Father/Mother) and trade that account. (if you can trust them!!)
Then, when they pass away, you can draw with no penalties pretty much anytime. It is sort of an early retirement bonus...
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I didn't think I was being challenged.
You kind of lost me with this Roth strategy. Do you put your own money into a Roth in their name with yourself as beneficiary? It doesn't really matter to me right now because I'm too busy to trade anyway and trading a Roth in Sim won't generate any income. I haven't graduated to live trading yet. Is the Roth thing legal? I'm not much of one for bending the rules. And I'm starting to run short of older family members :-(
"You don't need a weatherman to know which way the wind blows..."
Yes, you can contribute to anothers Roth. But, it is essentially their Roth and they control it, but you can get a POA and set up control to manage trades through Entrust/Millennium etc..
Yes, it is legal. haha..
You still have to adhere to any mandatory withdrawals or whatever, but when they pass away, you as the beneficiary can pretty much choose your plan for withdrawals.
A friend/colleague of mine in RE does this with his mother and has set up others to do the same to invest in his REIT. Kind of an interesting concept and a great way to contribute to your folks retirement and make sure you get it when they are gone.
U talk like u are single.. Its hard to ignore the greatest marketing machine the world has ever know,, the USA. Saw a stat that 80% of the economy (the highest of anyone in the world) is based on consumerism in the USA.........Comon u need that 3 caret diamond in ur ear lob a 60k auto, and credit debt, no one lives on in their means its unamerican...
What really amazes me is that just a 10% imbalance (like unemployment) can crash the system,,, is this being over leveraged or what?
Well said!! Another pitfall of being a trader at home is the isolation. Sitting in front of monitor for 4 to 8 hours a day without seeing another person can be lonely and can cause depression for many people. Even with family, friends, chat rooms etc, you still need to be out among the living, so to speak. At the point I become a full time trader I will have a part time job or volunteer just for the human interaction.
I believe, knowing who you are and what you need to keep you sanity is a key element to becoming successful at this job.
Hi all,
Just signed up to the forum, and this is my first posting.
Hope it's in the right place.
As regards being succesful, in this business.. It requires many hours of screen time.
I probably have over 200,000 hours and counting, but after all that, I'm still learning something new.
I cannot afford to give up now, it's cost me so much in time, investment and family life, "However, this is what I want to do
for the rest of my life!"
:-)