Today’s trade is running long… bouncing back and forth between SL and TP. It got close to TP while I was working and now is hanging out around break even. A bunch of stuff is in range, but we will stick with this trade for a while and see what happens.
I did make $2 on the overnight hold exchange rate though…so counting that as a win…lol
Trade finally came around. And the first Milestone…
Its big news when the position size ticks up…love that tool.
Made a Rookie mistake this morning…not sure yet if it is going to be bad or not yet. Last night I was looking at Longer time frames to determine trends for today…and did not change my time frames back to normal. This morning, I used the higher TF to make entries…let’s see how this goes…if the first 30 min is any indication…not well.
It is not a terrible mistake, as I am still trading in the direction of the trend. However, the entries were awful. I have elected to increase the SL and treat them like Long Term trades…hopefully, just need to wait a little longer. I don’t see any Big News which I have to avoid… just need DJT to stay quiet for a few hours.
Mistake analysis…I do NOT normally do my High TF trend analysis the night before. While this does make my morning routine easier, it created the opportunity to miss my TF check prior to entry. Solution - move the TF check to the top of the board for now.
Mistake update…
spoiler alert…Was able to get these trades out of trouble, but it took a late night for some and an overnight for the rest. If I would have used my normal Strat, One trade would have never existed, and this is the one that lost, and the other would have been a TP winner.
Now, the loser would have been a TP winner too BUT I moved the overnight SL to a much tighter position. I was not going to be up before news AND it was not a Strat trade. I am perfectly happy taking this lose.
Overall, it was a positive day…
Morning Coffee…
Reminder for some, information for others…Morning coffee are the trades I take from the time I wake up (usually around 0830 mst) until I have completed my morning coffee (usually around 1000 mst)
Today is the last day at the Golf Course. Then its packing and getting ready for the move to Coeur D’Alene. The adventure is just around the corner.
Yes, they have adventure in Idaho, I’m sure. Wishing you good luck with everything!
Took another trade yesterday after Morning Coffee and before my final shift at the Golf Course. Was not able the shape the trade through the day but was able to close it at a profit late last night. Was not ideal…but a win.
Thank You!! It will be interesting for sure. Don’t know a soul in the area, but excited to make new friends.
Morning Coffee went well again today…and I don’t “plan” to open any more trades today until after the Doldrums.
Well…saw a set up and had to take it. Entered a touch too early but it provided great spots to massage the trade.
Ended up taking 3 more trades before the Doldrums. All small winners. In case I don’t trade tonight and the Friday before Easter…a quick summary.
All trades closed going into the Doldrums.
Moving News…the first of 3 PODS will arrive in the next 30 min. Guess I’ll be packing for the rest of the afternoon.
Guess we are done for the week as the spreads have become prohibitive going into the Easter weekend.
Solid week! 47 trades with an 85%-win rate for the week and 11% gain will have to do. It was the usual no single trading style over various pairs. This week makes 9 weeks in a row where Morning Coffee didn’t miss.
Confidence is still growing with each trade, and emotions are in check (except for the trade that lasted over 24 hours. That one tested me.)
The mistake using the wrong time frame was a lesson well learned.
Overall, a great week.
I am a big believer in manifesting one’s own destiny. So, today I am creating a Tax Calculator for my personal use. I understand that Tax rules are different for everyone for many reasons (country, state, type and style of trading, income sources, total income, etc…), but this calculator will keep real-time expected tax requirements for my profits.
For the Tax year 2025, I did not opt out of rule 988, so any profits for this year will be treated as ordinary income. As long as I don’t make TOO MUCH money…lol…(greater than $201,050 for married filing jointly) then the difference between 988 and 1256 is negligible (for me anyway).
I am manifesting that I WILL have profits so I will need to pay taxes (US Federal and State)
Below is the tool which will be part of the spreadsheet. (It will overestimate the amount due, as it will not discount for the first 92k)
What does it say that I would rather work on Hypothetical taxes than pack the POD for the move?
Once I am settled after the move, I will look into a local CPA with trader experience to assist with decisions such as…
Do I form an LLC?
Do I switch to 1256 for the next Tax Year?
What about Social Security Tax and Medicare?
Fun to think about…
Slippery slope this tax topic is…lol
My concern in year 1 is low, as the amounts will be small. However, if things progress like we all hope they will, then I’ll need help keeping up.
Happy Easter everyone! Looking forward to the week ahead. Trading should be a nice distraction from moving.
I’m in a trading mood, but the markets are not in sync. Low volume and out of the range…so I guess I’ll watch a movie and check back in a few hours. Then again, I am not used to being home and in front of a computer before 7 my time.
I recently wondered the same thing about myself.
I think it’s because when we are in the negative it frees us of the responsibility/burden of correctly managing a winning trade.
What do you think?
Have you read any tax books for traders?
It might be good to get a little familiar with that stuff prior to meeting with a CPA.
Have fun!
I have a Master’s Degree in Financial Analysis, but I am going to want someone who is required to keep up with the new stuff.
I don’t tend to change how I manage a trade based on how it is performing, but I can see where you are coming from.
