What Every New & Or Aspiring Forex Trader... Still Wants To Know

[matty44]

Is it automatically 35% or short term capital gains based on your income, in which case I’m not to 35%…yet ?

I’m not sure, that’s just what I found on the website. I still don’t have a great understanding. Maybe someone who actually has made money with forex and paid taxes could enlighten us…ICT? Do you have any plans to discuss tax considerations?

[lazydogs]

nice trade Matty! I saw the divergence unfold, but it was too close to the news for my comfort. You did the right thing by scaling back on risk today. I will trade the LC on NFP since the markets have usually settled down by then and have done just fine, just scale back on the risk to 1% or less

I took a short on the Fiber today…

I know we aint supposed to trade NFP, but at least I cut way back on my risk from my standard trade.

What I was seeing:

1. Trading up to longterm S/R at 1.3540
2. TT sell zone
3. PP sell zone
4. Was just watching the market at the time and saw a very quick move up in price, and I recalled ICT saying something akin to “they don’t move it up real fast like that without a reason.” The reason I concluded was to blow the stops above Wednesday’s high before a big move down (which would sync with my overall bearish bias for the euro).
5. Additionally, I knew if price ran up above Wed’s high it would create a bearish divergence on the SMT
6. We were also at the 50% fib of the Nov high to low
7. OTE from swing high on Nov 18th
8. Finally, I don’t even know what it is yet, but it kinda looked similar to the riptide reversal mentioned in one of the recent videos : )

I’m slapping myself on the wrist for trading NFP, but it did turn out okay and I gained some more experience ; )

Entered at 1.3535 with a stop at 1.3570 above nov 18th’s high. Took 1/2 off at 52 pips, 1/4 at 110, and the last 1/4 at 160. TPs were determined by probably resistance levels (see next post).

[LearninToPimpPips]

Is it automatically 35% or short term capital gains based on your income, in which case I’m not to 35%…yet ?

ST Capital Gains are taxed like ordinary income. not a flat 35%. What your tax rate is, that would be your ST gain rate.

[fury]

I see all our green lights are on saying we are staying up for Santa. Apparently it doesnt work that way; you have to go to sleep. Oh and don’t tell me he is gonna be expecting milk and cookies

[sladhaFX]

nice trade Matty! I saw the divergence unfold, but it was too close to the news for my comfort. You did the right thing by scaling back on risk today. [B]I will trade the LC on NFP[/B] since the markets have usually settled down by then and have done just fine, just scale back on the risk to 1% or less

Keep in mind that liquidity runs thin around/after LC on Fridays, so I’d recommend checking historical charts to see how price reacted around LC on NFP days. Just my 2 cents.

[Artificial_Trader]

I agree it is all just theory and it’s hard to even imagine this happening. I guess it’s just a goal and something to strive for.

I am starting a blog starting next year to try this challenge out. I am going to dedicate it to ICT because without him I wouldn’t be able to achieve it let alone make any money at all. I am going to document every trade I take and have something like a progress meter showing how far I am a long on the challenge and if I am on track or not.

One thing that makes me think this is very possible is ICT made 300% in 3 months which is no brainer 100% every month. One thing he said in a video was that he made the 100% per month without even hardly trying and didn’t even take very many trades at all, basically just took it easy. What he said really made me think that 20% should be very possible next year with him helping us do the technicals.

I guess we all have to have dreams and if we didn’t life would be boring…

So yes AK I am up for the challenge even if I do blow up the account it will be an interesting challenge and something like a competition to push me even harder to try and study as much as I can and help me get up every night at 1am for the LO trades even tho I have to get up at 5am for work…It will be a big motivator.

Is ICT risking 2% or less per trade and still managing those returns? If so, that’s just mind boggling. :o

[PipARush_Petru]

Has anyone found any free sites that offer something close to what ICT’s COT data looks like. I’ve tried a couple of sites and haven’t really found anything that I like, or maybe I’m not using their site correctly? I just can’t see me paying $40 bucks a month on COT data right off the bat. I intend to if I start making some decent money at this…

P.S. maybe ICT can copy all of use in an e-mail for his COT reports… wink wink

Charts | Commodity Futures and Forex Trading Charts

and BTW:

only on demo,my second rule didn`t allow me to take it on real account.RR 1/3.3

[Clint]

@PIPhanger

Has anyone found any free sites that offer something close to what ICT’s COT data looks like. I’ve tried a couple of sites and haven’t really found anything that I like, or maybe I’m not using their site correctly?

@PipARush_Petru

Charts | Commodity Futures and Forex Trading Charts

Okay, what am I doing wrong?

I tried your link, and I can’t get the chart to include data from the past 2 months. The most recent price and COT data is from about the first week of September.

Here’s what I’m getting —

So, how do you bring this chart up to date?

[PIPhanger]

Okay, what am I doing wrong?

I tried your link, and I can’t get the chart to include data from the past 2 months. The most recent price and COT data is from about the first week of September.

Here’s what I’m getting —

So, how do you bring this chart up to date?

I have tried this site also but am having the same issues. Also it looks like they have so many different options that my head just was spinning and couldn’t figure out what everything was for.

[PipARush_Petru]

Okay, what am I doing wrong?

I tried your link, and I can’t get the chart to include data from the past 2 months. The most recent price and COT data is from about the first week of September.

Here’s what I’m getting —

So, how do you bring this chart up to date?

Did you push the button “get chart”?
This is what I see.When I put my mouse arrow on the chart ,they show me the last day data,the blue-white little box.

[TalonD]

For commodity if you select British Pound - day session it only goes through Sep. If you select GBP/USD then it goes to Dec.

[PipARush_Petru]

I use to make some changes here

and here

and here

For 1 year history, interval is set to daily
For 4 years history, interval is set to weekly

[PIPhanger]

Yeah I thought we need the British Pound information and not the GBP/USD information…I know they should be about the same information, wouldn’t it throw you off that much if you changed it up?

[PIPhanger]

So which one of you kidnapped Santa when he stopped by your house last night?..:17:

[Clint]

Thanks, guys, it’s all good now.

[PerchTird]

Not advice: but for taxes;
I started live 2.5 yrs ago - and simply told my taxman, I have an online business, I told him - trading in foriegn currencies - and he was confused.
He simply told me to bring in an account sheet - so Ihave for 2 years just turned in my yrly report that shows deposits withdrawls net gain or loss for the year.
Of course we’re talking 100’s of dollars - so I am pretty sure he prolly just throws the thing away???

If you have a tax man - let him figure it out! that is what I am doing. (IF this is wrong - I’d like to know,so I can fix it)

If you don’t have a tax man- sorry I don’t know.

[PIPhanger]

Not advice: but for taxes;
I started live 2.5 yrs ago - and simply told my taxman, I have an online business, I told him - trading in foriegn currencies - and he was confused.
He simply told me to bring in an account sheet - so Ihave for 2 years just turned in my yrly report that shows deposits withdrawls net gain or loss for the year.
Of course we’re talking 100’s of dollars - so I am pretty sure he prolly just throws the thing away???

If you have a tax man - let him figure it out! that is what I am doing. (IF this is wrong - I’d like to know,so I can fix it)

If you don’t have a tax man- sorry I don’t know.

That is the problem I am having, I asked my taxman about forex and how to do taxes on it and he just gave me that look like what are you freakin talkin about…I pretty much just said nevermind in frustration and left…lol

[eremarket]

Look on the internet for someone who specializes in securities and investing related tax handling.

This is a very specialized field, and i’ve found if someone doesn’t specialize in it…they don’t know their tooshy from their face. And those that do… can give you solutions before you ask the questions.

Jay

[ivordream]

Santa is buying a new modem … Tweet.

[PipARush_Petru]

For commodity if you select British Pound - day session it only goes through Sep. If you select GBP/USD then it goes to Dec.

I think is the same chart(GBP-day session and GBP/USD).