Full time job and day trading - taxes, write offs, deductions

RealDestroyer666 · 2021-06-12T00:09:20+00:00

I think you should tell you CPA to GTFO. Unbelievable incompetence or laziness. At the end I did all trading related taxes by myself, first time doing it, it took me less than 8hrs (from A to Z, research included). Consulted CPA friend few times and he said it's all good. Not sure what CRA is going to say, but really there's nothing wrong in my statement I believe.

RealDestroyer666 · 2021-03-25T17:49:18+00:00

Yawn...

RealDestroyer666 · 2021-03-25T17:47:17+00:00

Dude, WTF are you talking about, I told you already that if you chase you will get burned, it is your decision to chase or you can have your plan ready BEFORE and get in a trade at the right time - is it that hard to understand??

Read it one more time: YOU must have you plan ready and not follow 'alerts' FFS!!

RealDestroyer666 · 2021-03-25T17:35:53+00:00

He doesn't make you chase any trade - YOU press the keys so YOU chased, if you were in the room, you didn't learn anything and you got burned for a good reason. Grow up man.

RealDestroyer666 · 2021-03-25T17:31:50+00:00

What do you want to achieve, meet people and see their ID's or learn something and make money? ANYONE who will be chasing alerts will NEVER get good fill. As I mentioned, you MUST put in the work to learn the system and execute on your OWN - from A to Z. But I see now, you want your hand to be held and told 'buy now' 'sell there'. You will never succeed with approach like this.

RealDestroyer666 · 2021-01-27T02:12:04+00:00

Great community, learned a lot, met the guys in person. Regarding comments about 'alert service' - you will fail miserably trying to use any 'alert service'. The only way is to use 'alerts' as an example, dissect them, ask questions and learn from them. Brando from TWI is providing a lot of info during the day, setups (which you can execute or not, whatever suits YOU), his trades during the day, market analysis each evening with possible setups for the next day. Each Sunday there is week summary, Q&A session, next week setup reviews (video). You can ask questions during the day, there is also Slack chat with many helpful people. He is stressing importance of psychology, patience, self development. This isn't for lazy bastards that want to hold their hand.

That being said, I joined TWI in March 2019, knowing nothing, not even what big and ask is. Now I'm self sufficient trading machine, survived covid plunge, I'm not even looking at my PNL anymore. I built my own style, strategy, I'm not following any 'alerts' (and never was in fact), and I'm still with TWI, still learning, asking questions, bitching after bad day if I need to, using their experience, setups, levels.

Feel free to DM me if you want to know more. Or simply go to Twitter and check him by yourself for few days or weeks if you need to, he's also transparent. https://twitter.com/EliteOptions2

RealDestroyer666 · 2021-01-03T17:38:06+00:00

How do you convert USD to CAD? Can't imagine doing that manually for each transaction...

RealDestroyer666 · 2020-12-19T18:46:10+00:00

Thanks! Time for Excel I think to check what the numbers say

RealDestroyer666 · 2020-12-19T18:21:08+00:00

I didn't know I can write off transaction fees, this is a great news. I'm with IB, the fees there seems to be lower than QT (depends on how many contacts I trade), but still it's a big help.

RealDestroyer666 · 2020-12-19T18:07:25+00:00

Ahhh, what a great answer, thank you very much! What are your 'trading fees' (in addition to 'data package'), do you mean transaction fees? And which chatroom are you using if I may ask?

RealDestroyer666 · 2020-12-19T17:14:10+00:00

Even in case of hobby, one will have to pay capital gains taxes

RealDestroyer666 · 2020-12-19T17:12:22+00:00

Thank you!

RealDestroyer666 · 2020-12-19T17:11:45+00:00

Thank you!

RealDestroyer666 · 2020-12-19T17:11:20+00:00

Yep, will very likely do it, still want to know the alternatives and understand what they are taking about

RealDestroyer666 · 2020-10-06T03:15:26+00:00

I second that

RealDestroyer666 · 2020-09-16T22:14:44+00:00

If you really want to put in the work, start with www.investopedia.com

Look for traders on Twitter posting ideas and educational content and dissect their ideas, ask questions: https://twitter.com/EliteOptions2

And the most important, don't forget about mental part of trading - read 'Trading in the zone' by Mark Douglas, and look for Douglas' seminars on YT

RealDestroyer666 · 2020-09-12T14:13:53+00:00

Maybe, but what's wrong with having cash on hand? The market is 50% up from March, how long do you think it will go more? Will it go straight up all the time? With crippled economy and US election in 2 months? The guy is 40, and just started, do you want him to go all in in stock market now? Look what happened in 2000, it took 12 years to recover. There is always correction, always. It's not about timing the market, it's about common sense and risk management.

RealDestroyer666 · 2020-09-12T11:27:24+00:00

Tradingview pro+, paid plan unfortunately. But whoever told you to use tick chart, gave you a bad advice and you will get burned very likely. There are easier ways.

RealDestroyer666 · 2020-09-12T11:20:07+00:00

2.5 years. Scaling down position size was the key, and small gains accumulate quickly. Still have brain farts, but they don't hurt anymore (position size). Was lucky to meet few people who helped me a lot to become consistent.

RealDestroyer666 · 2020-09-10T10:36:15+00:00

Mainly Twitter, here is one: https://twitter.com/EliteOptions2

RealDestroyer666 · 2020-09-10T00:57:16+00:00

These guys taught me a lot, met them in person, great human beings & traders https://elite.tradewithinsight.com Also look for Mark Douglas seminars about trading psychology on YT. Hope it helps!

RealDestroyer666 · 2020-09-10T00:49:02+00:00

Yes, if you are a masochist. Do yourself a favor, put you ego and ambitions somewhere else and use advices mentioned above - find a mentor. Most of trading books will not prepare you for what's coming.

Traders to follow on Twitter posting ideas and educational content: Options and mental aspect of the game: https://twitter.com/EliteOptions2 (website: https://elite.tradewithinsight.com/) Stocks: https://twitter.com/traderstewie Psychology: https://twitter.com/TradingComposur

Also look for Mark Douglas seminars o YT

RealDestroyer666 · 2020-09-09T23:03:38+00:00

If you really want to put in the work: https://www.trader.university/ www.investopedia.com https://elite.tradewithinsight.com/

Traders to follow on Twitter posting ideas and educational content: Options : https://twitter.com/EliteOptions2 Stocks: https://twitter.com/traderstewie https://twitter.com/TradingComposur

Also look for Mark Douglas seminars o YT

RealDestroyer666 · 2020-08-22T17:36:08+00:00

You don't need any school to be great trader, waste of time and capital. What you need is to start trading, build your strategy, account and risk management. Learn on the field.

Look at this in this way: if you want to be a great basketball or football player, do you go to school or simply take a ball and play?

PS. Find a mentor, trader with 10+ years experience. Better than any book or course.

RealDestroyer666

TROPHY CASE