Archive for March, 2010
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Open Question: forex and stock trading?
I am a stock trader here in manila trading Philippine stocks. At the moment, I want to diversify to a faster market but i have limited funds. I only have $1000 for trade and the requirements for day trade is around $25000. Does any one have any suggestion how i can earn on a daily basis using online trade? I want to try forex but i believe they have different terminology against stock trading? Do you know other country I can trade? Do you have any suggestions? I open..PLEASE NO MARKETING COMMENTS PLEASE..
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Open Question: Is it possible to invest long term on the forex market with a margin account?
Is it possible to invest long term on the forex market with a margin account ? Like can I trade a currency against another and hold it for a few months ? Thanks
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Open Question: Do I have to declare forex trading losses on my tax returns?
Hi, I experimented with Forex (Foreign Exchange) trading last year. I started with $200.00 and at the end of the year I had $40.55 in my forex trading account. My $40.55 is still sitting with the broker (FXCM). I am wondering if I have to report this on my taxes? I know that stock brokers send you 1099 but I have not received anything from Forex Broker. Since I did not make any money, do I need to report this? Is this amount significant? Does IRS care about this kind of trading profit/losses?I usually do my own taxes but I am thinking of going to an accountant just because of forex trading but I am afraid that I will end up paying alot of fee for tax filing when maybe I can just file the taxes myself. Please suggest!
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Open Question: what do you think of my life plan?
Let’s say I’m 23, and let’s say I have just gained $30M into my bank account from some forex trades I made over the years. Of course, I currently live with my parents, but have made plans to move into my own place. My 19 year old girlfriend, is planning to spend her life with me, and wants to get married next year, so she will be living with me as I move out.I have no idea of the true cost of owning a house, but I have done some research. I have learned that even if you own something, you still have to pay this thing they call property taxes on it for the rest of the time you own it.My girlfriend and I have thought about a house, a particular one that is listed for $1.2M. Because my credit isn’t great, I have decided that it would be better to pay for it in cash instead of getting a mortgage loan because my credit isn’t good and my income doesn’t come from some corporation.Now, $30M is sitting in my bank account, and since this income didn’t come from some corporation, I figure I’ll have to stash away 38% of it in another account and that is what I’ll pay the taxes for the $30M next year. This will now leave me with about $18.6M. So I buy the house at $1.2M. I’m assuming there’s going to be some brokers fees, insurance fees, title fees, all that jazz. So I might end up paying $1.3 or $1.5M. Now that leaves me with $17.1M.My plan here is to be spending $3000 to $6000 a month for utilities, food, and other expenses, which include the occasional luxury expenses. That’s every month for the rest of my life, or at least for the next 50 years. So I take $100K and keep the rest of my money in high yield savings account or a high yield CD. Not sure about IRA accounts. How exactly savings accounts and CDs earn interest with their APYs and compounding monthly… I have yet to figure out. But I’m assuming if I put the rest of my money into a couple of CDs for 5 year leases which have say 0.25% APY, then I could expect something like $50K in paid interest a year.Now I don’t know if they tax paid interest, but I figure I could use that money to pay for the property taxes on the house and the cars me and my girlfriend will own once we are married. This would keep a balance so that I’m not losing money every year, but either breaking even or gaining a little bit. Given that we plan to have kids in the next couple of years, I figure they will inherit the rest of our money in the event of our death, or after 50 years. There are some things I have not mentioned such as kids going to college, medical insurance, unexpected disasters, future employment, kids going to school, and some more, but I have considered those in my plan.I would like your opinion on my life plan and any suggestions you might have. Please, no harsh comments that I’m too young to be getting married or anything like that. Please, do not judge me.
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Open Question: any1 here got trade forex?expert or new?
can u tel me hw do u trade..mayb i can join u trading..i wan to earn money fro forex..favour
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Open Question: would I have to pay income tax or any tax for that matter on any money I was to make on Forex trading in NZ?
Im keen too try Forex trading but done really want to have too bother with it if i have too try sort taxes as well just dont have the time for both
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Resolved Question: Is it TRUE that someone can make money in forex Trading?
I need someone to explain to me if it is actually true to make money via FOREX TRADING…I will be happy if there is a reference. Thanks
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Open Question: What’s the best way to get started using Forex Social?
What’s the best way to get started with Forex Social? I know a little something about trading pairs and pips but I would like to know how someone else got started. Setting up an account, making the first trade, etc. Thanks!
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