Zero_Sum and Serendipper Discuss Currency Trading.

research.tdameritrade.com/grid/ … onfree.asp

DYB is on there. And you can trade it for free along with 100s of others.

So you’re basically saying $200.00 on the Forex wouldn’t last a day? :-k Just out of curiosity how many times do you check your Forex accounts daily? When the stock market closes for the day so does your FOREX account stop until it reopens or is there buying and selling after hours?

Thanks, I will have to check that out.

At the end of the day, you should take this time to study how these kinds of things work, and write down the picks you’d make if you had the cash, and the date, and the price on that date and keep track of yourself.

Get an app for your phone called “seeking alpha” and follow ticker symbols that interest you. Private prisons? Evil oil companies? Frackers? Walmart? Read the news about them every day and like anything else, it’ll all make a lot more sense. In the meantime, throw 50 or 100 bucks into that ameritrade account, or buy and hold shares on computershare without paying any fees, and then once you got enough cash to get in the game you can start flipping some shit.

It’s like this. If I got 100 bucks and you got 1000, and we both buy the same stock on the same day and it goes up 10 percent…I’d pay 14 bucks for the buy then the sell, and 1.50 in capital gains tax. So I’d have 110-15.50 which would leave 94.50. So even though it went up 10 percent I’d be at a loss because of the fees and my small initial investment. My gains wouldn’t cover the fees. But, if you had 1000, then you’d have 1100-14 in fees - 15 bucks in capital gains tax which would leave you with 71 bucks in actual profit after fees and taxes.

So it’s super important to get up some cash so you can utilize the information in your head to make money. So go to computershare and start drafting monthly for shares of some old school dividend stocks, or if you’re more risk averse, then just open the ameritrade account, add cash services and checking, and since the checking there is money market checking you’ll get paid interest that’s more than you would on a basic savings account, and since it’s attached to your individual brokerage account you’ll be able to make instant trades and transfers and all that from an app on your phone.

Are there TD Bank branches where you live? If not, then you’ll need a local bank to deposit in and then transfer into the new account.

No I’m not saying that. You could expect, idk, $10 change per day. So if you had $200 deposited, you’d either have $190 or $210 in equity. More or less. The next day might be back at $200 or down to $180. Everyday it’s probably going to bob around $5-$10.

The biggest mover is the 1st friday of every month when NFP nonfarm payrolls are announced. You could double your money or get a margin call in an instant.

All the time. I occupy my time on here.

It’s 24hrs and closes friday at 5pm NY time and opens 5pm on sunday. I hate that it’s closed saturday.

Can somebody give me then run down on what has to be reported on taxes yearly in all of this? I thought I heard currency trading is reported differently than stocks, bonds, and the like when it concerns filing taxes.

Yeah, I am nowhere near having $1000.00 in real money to spend. :laughing:

I have a little bit of chump change and some pocket lint, that’s about it. :laughing: I bank through Wells Fargo.

Alright so the poor gadfly like me with my meager $200.00 can still get some action on the For ex. What’s the largest spike increase you’ve seen in currency trading? Ever see $200.00 become $300.00 instantly?

Explain margin call to me, is that when a heavy drop in the market wipes out my $200.00 in one single full swoop?

What did you mean earlier that I wouldn’t have enough money for the China trade?

You’ll get a 1099 and you might as well just take that shit to whoever does your taxes.

So start putting a little at a time into ameritrade and don’t take it out. Won’t take as long as you think it might to get up enough cash to be able to play the game a little.

It’s capital gains just like stocks. Schedule D. I figure the interest into the capital gain just to make it easy. Stocks would separate the gain from the dividend and you would only realize a gain (or loss) when you sell, but you’d have to pay tax on the dividends you received.

How bad do they fuck you on taxes profiting on trading or investments? I’ve already got my ass reamed by taxes this year where I am trying to avoid that next year if possible. (If there is even a next year at all with the world being what it is now.) :laughing:

Are the taxes pretty steep on capital gains?

Same rate as your regular income tax rate for short term gains.

Is there a standard percentage rate for all of that?

It’s whatever bracket you fall into. Don’t get too much money…the government will start asking you to give them some to help society.

Oh yeah, quite often. I’ve been at this since 2009 and stocks since 2003. The largest spike was the Franc depegging in 2015. Brokers went broke. I’ve seen 100% increase a few times and 50% is common… nothing to write home about. Realistically, you could just trade the NFP day each month. Make all your money in 2 seconds for the entire month (or lose your ass).

No it leaves you with the required margin. It’s $100 for the USDCNH which means you’d have $99 left after the software sold you out. If you buy the USDCAD, you’d have $20 after the margin call, but it would have to move a long way for that to happen.

It takes $100 to maintain the position. If you fall below that, the software will sell it. So you need at least another $100 for cushion.

[youtube]https://www.youtube.com/watch?v=upa__upThsQ[/youtube]

Made $100.00 with original $50,000.00 on DEMO Forex account. Did this by betting against the United States dollar with Canadian loonie, European euro, Japanese yen, Chinese yuan, and Australian dollar. I could of probably made more money but I wasn’t paying very much attention to the daily volatility as I should of been. Won’t make that mistake again.

Decided to take my $50,100.00 and go all in the Chinese yuan just now. I am now holding and waiting for when its value goes up again.

Well that’s cool! Yeah, play around and learn how it works. FXCM has other things you can fiddle with dailyfx.com/real-time-news?ref=SubNav

And dailyfx.com/sentiment#pairsEURUSD

And oanda oanda.com/forex-trading/ana … ion-ratios

You might try placing more realistic trades, for instance, if you had $500, you’d place a 1 microlot trade, so with $50k, you’d place a 100-size trade (1 lot). You have to learn what’s it’s like to get a margin call and you’ll never do it trading that small lol.