The Red 99 PvP Blog

[s1ckness]

Cast> all


sry sam

[SamwiseRed]

im going to get rich off man-cave

[SamwiseRed]

cast's investigations are supplemented with amphetimines i hear, my work is legit and drug-free

[Herb9]

Originally Posted by SamwiseRed [You must be logged in to view images. Log in or Register.]

im going to get rich off man-cave

Nah, even people as smart as I am usually don't have the drive or discipline to become independently wealthy by their own means.

[GrobbGangsta]

Originally Posted by Herb9 [You must be logged in to view images. Log in or Register.]

Well it's my wholesale account, so I only pay $4.50 in and out per trade, and I keep 100% of profit less 15% cap gains. +6k from dec 1 to dec 11 -15% means I can take off until the holidays are over.

Only slightly difficult part is waking up for london opens but I only have to roll out of bed to trade. Also,illegal for brokers to leverage trades from Roth IRA or I wouldn't even have to pay that 15% tax, sigh.

Sorry you had to sit at a desk and trade someone else's money. I got a 15k loan to get mine started and get to set my own hours, make my own system, and be my own boss, sucks you didn't have the drive or resources to do this yourself and got burnt being someones bitch.

Retirement by 35 with a dozen free n clear sfh rentals and 1m+ liquidity is the goal. Im on pace to hit that by 33 but new regulations may be coming to severely limit individual retail traders ability to leverage so I gotta make hay while the sun shines.

Unfortunately you may also see a huge spike in cap gains in the second half of this administration. Because your typical idiot doesn't know what capital gains tax means (i.e. Buffet Rule), everyone supports increasing it.Obama thinks 35-40% is a better number.

In addition, to the best of my knowledge, new regulations will only directly limit retail trader's ability to trade on unseasoned investors' capital. I guess other regulations could indirectly limit your ability to leverage by decreasing flow of loans from banks.

Volatile market means arbitrage everywhere

[karsten]

i'm still trying to reconcile your apartment versus your claims of wealth and it's just not adding up

[heartbrand]

Originally Posted by karsten [You must be logged in to view images. Log in or Register.]

i'm still trying to reconcile your apartment versus your claims of wealth and it's just not adding up

One of dumbest comments I've ever read on these forums. I played with guys who were pulling in 25k+ a month on FTP who still lived with their parents / studio apartments. Not every1 makes money and burns it on pent house or baller mansion.

[karsten]

oh you

[Obwin]

Originally Posted by Herb9 [You must be logged in to view images. Log in or Register.]

Well it's my wholesale account, so I only pay $4.50 in and out per trade, and I keep 100% of profit less 15% cap gains. +6k from dec 1 to dec 11 -15% means I can take off until the holidays are over.

Only slightly difficult part is waking up for london opens but I only have to roll out of bed to trade. Also,illegal for brokers to leverage trades from Roth IRA or I wouldn't even have to pay that 15% tax, sigh.

Short term capital gains are taxed as ordinary income, unless you are making less than $35,350 a year you will be paying more than 15% taxes on your gains. I assume since you are trading you won't be holding any investment for over a year.

Just FYI - might want to set aside a little extra loot for the tax man.

Congrats on coming up with a successful system. Life as a self employed trader ain't easy over the long haul. Income properties is a solid plan as it provide you with decent tax benefits on the first two. Good luck and stay liquid.

[GrobbGangsta]

Originally Posted by karsten [You must be logged in to view images. Log in or Register.]

i'm still trying to reconcile your apartment versus your claims of wealth and it's just not adding up

I will break it down for you, Noah.

As a preface, I have no doubt that Herb/Oddjob is a smart guy and has realized some short term success with his day trading. The problem is he is making the same wrong mistakes/assumptions that all "retail" investors (day traders) make:

1. Because we have semi-efficient capital markets, the only people that can make money on the market over an extended period of time are institutional investors with inside information. Studying past models or forecasting future performance is essentially completely ineffective according to every person who knows anything about finance. OJ's "system" has a shelf life of months or maybe a year before it breaks down because he does not have access to any inside information. Semi-efficient capital markets work/are legal because some integration of inside information with institutional investments is still permitted by SEC regs.

2. When OJ's system breaks down (and it will), he will not have any exit opportunities. The only thing his skill set as a day trader translates to is being an institutional investor. PE funds and hedge funds are not going to hire some guy who has "failed day trader" on his resume. There is no pedigree. In addition, trading desks for big IBs will not hire someone with no institutional experience in their mid 30's.

If you are a smart guy with a penchant for finding arbitrage opportunities, you should start studying for the CFA/Series 7/etc. and apply for an analyst job before you inevitably fall off the day trade cliff.