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Hi there, I could really use some help here. I day trade using IC Markets (I believe they are Australian), Raw Spread account. I withdraw money from IC Markets every other week, maybe GBP 1,000.00 (now I am getting the hand of it), however, overall, I am still very much down.
Do HRMC see this going into my bank account, do they then, see the total loss I have with my deposits to IC Markets and my withdrawals or only look at the withdrawals I am doing?
The big question, is this taxable, is day trading taxable in the UK, I know there are three areas you can fall into, however, how do I know what area I fall into. Additionally, when does it get to the point I need to file a tax report (if I do?).
Is there a broker out there I should be using that means I do not have to pay tax, everyone mentions spread betting, but I just contacted IC Markets and they do not do spread betting. Can you please let me know all the information and your thoughts as I beyond confused on all of this and really could do with some advice.
I have done so much research on the topic and do not have an answer yet.
I was like many of you. Searching stocks premarket ... Trying to find the one that would explode. Only once have I been lucky in 5 months. I got into forex. Now I'm setting daily targets of 50 on Monday and up by 10 per day every day I can hit target. If I can't hit target i lower it by $10 the next day. In 3 wks I've been able to grow my account by over $200 so far. And that's only on a $1k account. I'm now moving more capital over to forex.com from E-Trade. . Anyone else on similar findings ?
The Minimum Capital Required to Start Day Trading Forex
rade during the best times of the day for your strategy, and you won’t miss out on much profit compared to trading all day. Final Word on Part-Time Day Trading You can easily day-trade on a part-time basis with stocks, futures, or forex. Learn the times of day that offer the best trading opportunities for your trading strategy
Foreign Currency ACB Reporting for Day Trading Forex
Hello, I am looking for any advice and insight into tracking trading and investments with USD borrowed margin involved as a Canadian, as well as Day Trading / Forex multiple pairs. It sounds like it is possible to track the Adjusted Cost Base of Forex Trading through tracking long and borrowed positions when doing a spot trade on a currency pair such as EUUSD with Canadian Currency, but I can't find too many resources on how-to, or software that assists with this other than. https://www.adjustedcostbase.ca/blog/calculating-adjusted-cost-base-with-foreign-currency-transactions/ Holding Canadian Dollars as the Account Currency in a Forex Trading Accouunt My understanding is that 1) Going long on EUUSD, with EUR being the base currency, USD being the quote currency, you're purchasing EUR, and borrowing USD to cover the EUR position? 2) Going short on EUUSD, you're borrowing EUR and selling it, and also borrowing USD to go long on USD position? Anyone have any insight, or resources, or referrals to trading/investment tax accountants? If the frequency of trades are say 2-3 times a week (with say 1-2 trades per day, enter and exit same day), but this is not a full-time profession, would this be better tracked as capital transactions (therefore need to track ACB in a capital account) or just claim these transactions as income transactions for simplicity? Thanks
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I’m new to trading so apologies if I did not phrase the title right but I need a good strategy, one that has worked for YOU and is not some made up bs provided from a trading guru. I never trust the guru’s because that is how I’ve failed in different money making platforms. Anyway thanks in advance for any advice.
So doing the longer Forex day trade, M30, H1 or H4 really is a nice break for me. I have been trying to learn Forex for the past two and a half years. Love your color MA's and the divergence indicators. They are spot on. My goal tomorrow is to trade just two currencies, and I can see where you can get 100+ pips using the new system. Forex trading is a huge market that started in the 1970s. Trillions are traded in foreign exchange on a daily basis. Whether you are an experienced trader or an absolute beginner to online forex trading, finding the best forex broker and a profitable forex day trading strategy or system is complex. So learn the fundamentals before choosing the best path for you. First, we assign you a professional day trader as a coach to teach you how to trade in a one-on-one setting. Most traders make a lot of mistakes their first year of day trading, but with a day trading coach to teach and mentor you, you can bypass many of those mistakes which reduces the risk. Forex . The forex or currencies market trades 24 hours a day during the week. Currencies trade as pairs, such as the U.S. dollar/Japanese yen (USD/JPY). With forex trading, consider starting with at least $500, but preferably more. The forex market offers leverage of perhaps 50:1 (though this varies by broker), so a $500 deposit means you can ... Many successful day traders risk less than 1% to 2% of their account per trade. If you have a $40,000 trading account and are willing to risk 0.5% of your capital on each trade, your maximum loss ...
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