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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (18067)1/3/2010 5:59:29 PM
From: Dave O.  Read Replies (1) of 18137
 
Eric,

I just finished my 13th year trading. Funny to think back to this thread in the late 90's and all the activity (posts) generated. I continue to love what I do and the freedom it allows. As in previous years I tend to be more of a hybrid trader in that I day trade and also tie up some $$$ in position trades lasting a few days to a couple weeks).

With reduced volatility some vehicles one might trade are the multiple leveraged ETF's. I've traded SDS quite a bit. Slow day or not it's going to move twice the S&P. Depends on ones time frame for trades, comfort with trading such and ability to bail when a trade is quickly moving against you.

I also hope the transaction tax doesn't go anywhere. However, if it does I heard that perhaps tax deferred accounts (401K's, IRA's) might be excluded from the tax which would permit me to continue trading.

Last, whereas we all likely hate to pay taxes, depending on your age, financial goals, etc. you may want to consider doing a re-characterization of a Traditional IRA to a Roth. The ability to run up an account that you'll never have to pay taxes on in the future was appealing to me and I converted one smaller IRA in 2009. Sure, it means a tax hit but there is no required time one has to start taking distributions from a Roth down the road.

Best to everyone in 2010!

Dave
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