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I'm trading using an ESL Financial Program and am thinking of going into a full time capacity. What are some of the tax implications of day trading?

francsandcents
by francsandcents 24 January 2012  |  Comments 1 comment  |  Love Love  0 loves

Any advice on day trading and operating a home based business would be great.

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  • jakeyoung
    Love rating 0
    jakeyoung posted

    As modern trading is electronic, the exchanges are run by computers, and are accessible via the Internet, so traders can work from almost anywhere in the world using only a few tools and services. Some of these tools are things like a computer, Internet access, and a telephone, so most people already have some of the tools that are needed for day trading. The remaining tools are services are specific to trading, such as a direct access brokerage, and real time market data, and these services are also available via the Internet. ESL Financial is world renowned for their systems and support. I would suggest contacting them directly to discuss your options.

    Hardware and Software

    The following tools are the hardware (such as a computer), software (such as charting software), and other physical items (such as a telephone) that are needed for day trading.

    •Day Trading Computer

    •Telephone

    •Trading Software

    •Charting Software

    Services

    The following tools are the services (such as Internet access) that are needed for day trading.

    •Internet Access

    •Backup Internet Access

    •Day Trading Brokerage

    •Market Data

    Recommendations

    Whether you are a new day trader, or an experienced day trader, I recommend that you use the following choices for the above mentioned tools :

    •Computer : A laptop computer, running at least Windows XP, with as large and high resolution screen, as possible

    •Internet Access : ADSL with at least 256 Kbps down, and 128 Kbps up, with unlimited traffic and connection time

    •Backup Internet Access : A mobile phone with full Internet access

    •Telephone : A mobile phone

    •Brokerage : Interactive Brokers

    •Trading Software : Trader Workstation / ESL Financial

    •Charting Software : ESL Financial

    •Market Data : Interactive Brokers' / Netway Solutions

    These choices will provide the basics that are needed to start day trading, while still allowing more experienced day traders to expand into multiple markets, advanced trading systems, and even automated trading, without changing their tools, and at no additional cost.

    Posted on 31 January 2012 | Love Love  0 loves Report

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