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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Ken Adams who wrote (3624)	9/6/1999 9:29:00 AM
From: marketbrief.com	Read Replies (1) \| Respond to of 18137

hi ken, i am able to write checks from the brokerage account if I want to take some money out to pay myself... I usually write at least one check a month to cover expenses... all my profits are short term capital gains and are taxed accordingly... it is very painful to write that particular check. ;-) ~Smart$

To: Ken Adams who wrote (3624)	9/6/1999 10:06:00 AM
From: KM	Read Replies (1) \| Respond to of 18137

I pay myself every two weeks by wiring money out of my MBT account into my bank account. I also keep a percentage of my profits in cash and don't expose them to the market at all. Here's a tax link which I have found decent: tradertax.com

To: Ken Adams who wrote (3624)	9/6/1999 10:54:00 AM
From: OZ	Read Replies (1) \| Respond to of 18137

What about taxes? And accounting? Are all profits considered taxable as ordinary income? If there is a URL someone knows about that would expand on these types of questions, I'd appreciate your posting it. KEN, #reply-11068745 Here is a post I made previously that nobody seemed to want to tackle. It does give you some good links though. If you start reading the tax threads, you will see major disagreement between the pros interpretation of the same laws. Taxes, seem to be very complicated if you want to take it to that level... regards, OZ

To: Ken Adams who wrote (3624)	9/6/1999 9:21:00 PM
From: Eric P	Read Replies (1) \| Respond to of 18137

How do you go about paying yourself? I mean, do you set up with the brokerage to have them send you a check once a month (week)? Ken: I like to 'pay myself' by removing money from one of my mutual funds. Although profitable, my mutual fund returns pale in comparison to my daytrading returns. I don't like to even touch the assets of my daytrading account, except to pay for the taxes at year end. It's a similar strategy to the often quoted "Cut your losses short and let your profits run." The only exception is that I am doing it with an account, and not a specific security. Good luck, -Eric