So I'm finally getting the hang of trading pretty well. Literally the only profits I've made are the ones where I hold overnight. I can't really get the chart patterns down all that well, but I've been pretty good at anticipating news coming out and the chart pattern overnight. There hasn't been one trade where I've lost overnight. So I think I'm getting the hang of it. I'm going to keep studying as much as I can so I can really get the hang of price action in the charts.
Next week, I'm not going to be trading at all. Since it's my spring break, I'm going to be working full time every day so it would just be a big risk to get in a trade and not be able to look at the markets or price action while I'm working. Unfortunate that it's happening, but I'm fine since I'll make a little money. I think it would be better to just trade everyday, but I'm helping people also by working. So I'm ok with it.
So a really unfortunate thing about trading on a small account with tiny gains is the commissions and taxes. I mean I've literally made $135 up on my account in all, but I'm still down $13 due to taxes and about $90 in commissions. So it's unfortunate, but I guess that means I need to quit being scared and take larger positions. I mean, I've made good money, but I take such small positions that I can't optimize my profits. So next week will be a full week of working and studying. A nice little break into trading, but I'll learn a lot and be ready to go the next week!
your taxes on trading profits should be less than payroll taxes. in my state payroll, FICA, federal, state, unemployment eats 33% of my paycheck. my short term capital gains are 20%.
Join now or log in to leave a comment