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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TFF who wrote (2739)	2/1/1998 10:37:00 AM
From: funk	Read Replies (1) \| Respond to of 12617

I was curious if any daytraders reading this thread, are planning to file a return with trader status. After reading the 532 posts on the Record Keeping and Income tax thread, I am left with serious doubts about the wisdom of submiting a return as a "Trader". From everything I can gather it would be akin to becoming a lab mouse for a giant experiment. I did not see many posts from active daytraders on that thread, but wanted to get an idea if anyone was actually going to impliment that tax strategy. These complex issues are beginning to tax my trading mentality. : ) funk

To: TFF who wrote (2739)	2/2/1998 8:45:00 AM
From: Mike Schoonmaker	Respond to of 12617

Irby... I understand your point re:remote brokers. However, there are those of us who, although do trade frequntly, have another job which pays the mortgage and requires that one be away from the market for undetermined period of time (hours, days, etc). WITHOUT stop orders, I cannot easily protect my capital. At the same time, when I AM able to be close to the market, it's great to be able to intraday/short term trade at a comm. level that one can live with. Frankly, I have no problem paying 20-25/trade, when the extras make it worth it (L2, ECNs, Instinet, etc). FWIW, I did trade at AllTech for a period of time, but my "day job" required more of my time than was available to work through a pure SOES/ECN shop (no stops, etc). Finally, my strategy is one of (primarily) a mechanical system, which requires that the issues I'm trading reach certain trade prices before I enter, a strategy well served for buy stops. A review of my last 2 months performance using this strategy (along with my daily picks) is available at www.stockpicker.net Schoonie