Daytrading Newsletter for Active Traders
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The Daytrader's Bulletin Newsletter April 2000
Time - Tips for Traders
If you are a U.S. taxpayer, taxes may be on your mind (filing deadline this year is April 17th). If you think the markets are uncertain, wait until you see the U.S. tax code. We now have "trader status," but if you ask, you'll find there is no clear definition of just who can qualify for this coveted status. Because electronic trading has opened the flood gates of new traders and investors, our Internal Revenue Service (IRS) will have its hands full as it decides how to deal with the tax filings.
Just what is a "trader?" This is the question the IRS has yet to answer, although if you "qualify" as a trader, your taxes are simplified and you have some benefits not available otherwise.
In a nutshell, if you daytrade (hold for less than one day), swing trade (hold for a few days to a week), or very short-term trade (hold for less than a few months), you most likely would qualify as a trader. If you buy stocks and hold them with a longer-term outlook, you are an investor, even if you occasionally dabble with short-term holds.
Only consistent, short-term trading will qualify you as a trader, and make note, trading should be your "primary source of income." In other words, if you still have your day job, but manage to work in a few trades on the side, you most likely will not qualify as a trader, since your primary income is from another occupation.
Our advice? Read all you can and if you are unsure of your status or have questions, consult with a qualified tax professional who understands trading. Remember, the IRS is presently vague about "trader status" and it will be left to later interpretation -- be prepared to defend any tax filings you make now with good records, and keep those receipts.
We searched the Internet for web sites with good information regarding taxation for traders such as accountants who specialize in working with traders, discussions, and tax sites specifically focused on traders. We found too many to list here, so we've added all we could find to our Trader's Links & Resources page.
Category : Tax Resources
If you just can't manage to get things together in time, use Form 4868 to receive an automatic four month filing extension.
If you believe or even think you might owe, make your best guess or estimate and send that amount in by the due date of April 17th.
Form 4868 is an Adobe PDF file and can be read with the Adobe Acrobat Reader. Follow this link for instructions to download and install this free software.
Excellent articles written on Historical Stock Market Anomalies. Including: Fundamental Anomalies, Technical Anomalies, Calendar Anomalies, Other Anomalies (including the S&P Game) and more. Great, fun reading for the market enthusiast.
A timely suggestion:
The Trader's Tax Solution: Money-Saving Strategies for the Serious Investor by Ted Tesser
This book attempts to unravel the complex tax code and covers many areas of interest to traders and investors including whether you might qualify for traders status.
Traders & Investors Bookstore:
Books are the single best and least expensive way to learn more about trading and investing. Our bookstore has been vastly improved with the ability to search Amazon's entire inventory. Just type a word or phrase and click Search, the results will be displayed in the same page. Clicking on an individual book will open the review in a separate window.
To close pop-up windows use Ctrl + W
Suddenly there seems to be an epidemic of low user resources and out of memory problems. We have written a short tutorial on various things you can check to attempt to determine which application is causing the trouble.
There you will find:
You also might want to check out RamBooster, our featured software package below.
Sometimes you might learn a software package you need and want to use has a memory leak. For a software solution to help with this you may have good results with RamBooster (freeware).
It works by constantly monitoring your system's available Ram memory. When it gets too low, it will either flash you a warning, giving you a chance to shut some applications down, or it can be set to deal with the problem automatically, and hopefully avoid a system crash.
Our cumulative net result up to and including April 12, 2000 on our model account ($30,000) is $42,925. This is a 143% return to date.
These results are posted after each trading session (late evening) on page 6 of the Overnight Update and also can be viewed on our Cumulative Net Results page.
We train a few dedicated, qualified individuals each month who are willing to expend the energy to learn our proprietary approach, or traders that want to fine-tune and improve results with their own system. Every program is tailor made to the individual.
This service is for those who have either been trading but are unhappy with their results, have particular sticking points, or new traders that just want to avoid the pitfalls.
Details - Daytrader's Mentor http://www.daytradersmentor.com
It is our sincere desire that our web site and Real-Time Signals service is an informative and educational resource for you as a trader. Please be aware that you may trade in front of us, with us, or after us and that it is imperative that you make your own trading decisions based on your specific risk tolerance and discretionary funds. There is a risk of loss in trading futures.
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