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  #1 (permalink)  
Old 01-12-2009, 11:24 AM
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Thumbs up People interested in Trading Stocks ETFs

Hello All,

I found a unique way to cope with the stress of our immigration nightmare.
I always feared that this long wait to get the status issue settled would kill the entrepreneurial spirit that I have. The burning desire to do my own thing.


I have been trading stocks for the past 4 years or so now but just recently got interested in PDT - Pattern Day Trading (Clickable)



I have found it very interesting as well as rewarding in terms of fulfilling the urge to do something more than what I am doing right now.



It is not easy and it is not for the weak hearted but the rewards are wholesome and tremendous.


I would like people who are interested to "PM" me or post replies here so we can exchange ideas


IMP NOTE: Trading stocks is a type of investment so It is perfectly legal to do so. You do not even require an EAD to do so .

No doubt that if you do have EAD you can trade as business entity as well.


Last but not the least
Do not forget to to keep the momentum up at IV and do donate to IV as often as you can .


Now lets Play !!!!!
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  #2 (permalink)  
Old 01-12-2009, 12:04 PM
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Could you post useful information on this subject. We have similar threads on 401k and starting companies. If there is wealth of information on the thread, we will make it a sticky and IV spotlight topic so that it helps members interested to learn about stocks
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  #3 (permalink)  
Old 01-12-2009, 12:22 PM
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Default

(1) I found a unique way to cope with the stress of our immigration nightmare.

through Day trading??

(2) It is not easy and it is not for the weak hearted but the rewards are wholesome and tremendous.

(3) Now lets Play !!!!!

Have you just tried to sell Day trading to IVians?? LMAO. I am sorry but I disagree that Day trading is an investment. Day trading is risky business and one needs plush amounts of cash as SIPC/SEC will not release the money on the same day. Don't even get me started on the margin accounts.

I agree with (2) and would also like to point out that the risks are also substantial. One can get addicted to day trading and I dont need to tell what addiction can do to any one. It needs time during work hours. ie 9 30 am and 4 30 pm. A lot of people did day trading during the dot com boom and recently with FRE & FNM. We know the results.

While you might have taken refuge in day trading for the stress immigration has caused, it can be a serious double whammy/nightmare if the calculations go wrong.

All said, if you feel that there is enough money to be made and normal Joe Bloggs can cope up with the pressure, please share your thoughts in detail.
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  #4 (permalink)  
Old 01-12-2009, 12:28 PM
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Default

Thanks for the post, i am interested too, i am not a pattern day trader but a normal trader as of now.

Could you please post how this has affected your tax return filings, do we need to do something extra while filing tax returns if one is a pattern day trader?

Also it suggest that there should be minimum equity balance of 25K, are they referring to the value of stocks...

Yes as you said i too was thinking about it, there is only so much one can earn because in my situation i cannot shift employer, nor does the current one pay me enough or is willing too, so we all must look at alternate sources of income (but take our own risk and decision)....

I started trading with sharebuilder recently.... and they did give me a 50$ coupon to start with...

As pappu said, yes we need to share such info with our fellow folks so that everyone gets benefitted and if we make money we can contribute atleast a small part of it to IV.... (win-win for all).

There is so much information to share....

Quote:
Originally Posted by chintu25 View Post
Hello All,

I found a unique way to cope with the stress of our immigration nightmare.
I always feared that this long wait to get the status issue settled would kill the entrepreneurial spirit that I have. The burning desire to do my own thing.


I have been trading stocks for the past 4 years or so now but just recently got interested in PDT - Pattern Day Trading (Clickable)



I have found it very interesting as well as rewarding in terms of fulfilling the urge to do something more than what I am doing right now.



It is not easy and it is not for the weak hearted but the rewards are wholesome and tremendous.


I would like people who are interested to "PM" me or post replies here so we can exchange ideas


IMP NOTE: Trading stocks is a type of investment so It is perfectly legal to do so. You do not even require an EAD to do so .

No doubt that if you do have EAD you can trade as business entity as well.


Last but not the least
Do not forget to to keep the momentum up at IV and do donate to IV as often as you can .


Now lets Play !!!!!
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  #5 (permalink)  
Old 01-12-2009, 12:31 PM
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Default can non immigratns to day to day intraday trading ?

Quote:
Originally Posted by chintu25 View Post
Hello All,

I found a unique way to cope with the stress of our immigration nightmare.
I always feared that this long wait to get the status issue settled would kill the entrepreneurial spirit that I have. The burning desire to do my own thing.


I have been trading stocks for the past 4 years or so now but just recently got interested in PDT - Pattern Day Trading (Clickable)



I have found it very interesting as well as rewarding in terms of fulfilling the urge to do something more than what I am doing right now.



It is not easy and it is not for the weak hearted but the rewards are wholesome and tremendous.


I would like people who are interested to "PM" me or post replies here so we can exchange ideas


IMP NOTE: Trading stocks is a type of investment so It is perfectly legal to do so. You do not even require an EAD to do so .

No doubt that if you do have EAD you can trade as business entity as well.


Last but not the least
Do not forget to to keep the momentum up at IV and do donate to IV as often as you can .


Now lets Play !!!!!
I was under impression that being on H1b u cannot do intra day trading.. you can do only routine trading ( dont know excat term ) in which u buy stock and keep it for some time and sell it .. generally 3-4 days..
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  #6 (permalink)  
Old 01-12-2009, 01:10 PM
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Default H1bs can do day trading

Try tradeking

I know some brokerages go deep.. but tradeking works out cool no minimum.

Just a little hassle as it is not directly attached to your checking..

Have a margin account and options account, but stay away from using margin and options.
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  #7 (permalink)  
Old 01-12-2009, 01:19 PM
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Default

Quote:
Originally Posted by gc_on_demand View Post
I was under impression that being on H1b u cannot do intra-day trading.. you can do only routine trading (don't know exact term) in which u buy stock and keep it for some time and sell it .. generally 3-4 days..
while on H1-B status, one can do intra day trading in stocks, options, and/or futures, he/she can NOT claim trader status on federal tax return. Person on EAD can claim trader status and claim some trading related expenses to save tax on it.

Disclaimer - This is not a legal advice and trading involves risks and is not for everyone. Please seek professional advice before investing your money for trading.


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  #8 (permalink)  
Old 01-12-2009, 01:55 PM
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Default try Zecco

zecco.com is a good discount trader..
after you have accumulated 2500.. u get 10 trades per month free...
more than enough...for a retail trader..

its good if ur investment is less than 25k..



Quote:
Originally Posted by gcgonewild View Post
Try tradeking

I know some brokerages go deep.. but tradeking works out cool no minimum.

Just a little hassle as it is not directly attached to your checking..

Have a margin account and options account, but stay away from using margin and options.
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  #9 (permalink)  
Old 01-12-2009, 04:45 PM
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Default

You can day trade. I have been trading for a while in various different capacities. Just make sure you have a good tax guy, they usually charge more for day traders due to all the trade reconciliation needed while doing taxes. Since I got the EAD it has become much easier though. You open a regular trading account and trade. Here is the key to day trading- Risk management, Risk management & Risk management. I cannot emphasize this enough. Most people get in with out much knowledge and burn out fast because of bad risk management. Have an exit strategy before putting on the trade and exit AT that point. Don’t get emotional.
Key thing is; I quote "Plan your trade and trade your plan".

Retail brokerage accounts like Scottrade, Ameritrade are OK for regular trading but if you want to day trade they are not good enough. Day Trading is all about execution and you will need a faster broker than these guys.
Some good ones are Interactive brokers, Think or swim (I think TD Ameritrade bought them out) and e-signal with one of their partner brokers.
For the guys in and around NY/NJ there are a lot of day trading firms like Hold Bros (Jersey City), Lynx capital and Cymera capital in NYC which offer good execution and good commissions.
Commissions have to be factored in as you will be trading a lot and all those fees add up. Execution has to be very fast <2 secs or you will loose money in slippage. Another factor with faster execution is that you might be able to front run news which gives you an advantage.

But before you jump in with both feet, do a lot of research. Paper trade a lot and hone your skills. What you know in equities is just tip of the ice berg. There are tremendous amounts of infrastructure and brains dedicated to squeezing out "alpha" and to beat them is not easy. The real money is in trading options, but this is for the really sophisticated trader. In options you can loose your entire capital.
Any one starting out must read a lot. I would suggest:
1. Come into my Trading Room- By Elder
2. The Equity Trader Course- By Schwartz
3. Trading and Exchanges: Market Microstructure for Practitioners- By Harris

For those of you a little sophisticated:
1. Volatility Trading- By Sinclair or By Johannes
2. The Options course- By Fontanills
3. Bible of Option trading- By Guy
4. Quantitative Trading- By Chan

If anyone is interested to go beyond this (one step away from insanity), let me know and I can suggest some more reading.
The key thing to realize is pattern trading is a self fulfilling prophecy. The more you trade the more you realize it.


Quote:
Originally Posted by gc_on_demand View Post
I was under impression that being on H1b u cannot do intra day trading.. you can do only routine trading ( dont know excat term ) in which u buy stock and keep it for some time and sell it .. generally 3-4 days..
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  #10 (permalink)  
Old 01-12-2009, 05:56 PM
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Default

What is the advantage of claiming trader status on your tax return? I buy / sell shares on different days of the week (example: Buy on Monday, Sell on Friday). Does that make me a day trader?
I am doing this on H1B. I do have approved EAD.

Quote:
Originally Posted by desi3933 View Post
while on H1-B status, one can do intra day trading in stocks, options, and/or futures, he/she can NOT claim trader status on federal tax return. Person on EAD can claim trader status and claim some trading related expenses to save tax on it.

Disclaimer - This is not a legal advice and trading involves risks and is not for everyone. Please seek professional advice before investing your money for trading.


__________________________
Not a legal advice.
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Last edited by gchopes; 01-12-2009 at 05:59 PM.
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  #11 (permalink)  
Old 01-12-2009, 06:03 PM
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Default

Quote:
Originally Posted by gchopes View Post
What is the advantage of claiming trader status on your tax return? I buy / sell shares on different days of the week (example: Buy on Monday, Sell on Friday). Does that make me a day trader?

I am doing this on H1B. I do have approved EAD.
Introduction to Trader Status


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Not a legal advice.
US Citizen of Indian Origin
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  #12 (permalink)  
Old 01-12-2009, 06:50 PM
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Default

Quote:
Originally Posted by smisachu View Post
You can day trade. I have been trading for a while in various different capacities. Just make sure you have a good tax guy, they usually charge more for day traders due to all the trade reconciliation needed while doing taxes. Since I got the EAD it has become much easier though. You open a regular trading account and trade. Here is the key to day trading- Risk management, Risk management & Risk management. I cannot emphasize this enough. Most people get in with out much knowledge and burn out fast because of bad risk management. Have an exit strategy before putting on the trade and exit AT that point. Don’t get emotional.
Key thing is; I quote "Plan your trade and trade your plan".

Retail brokerage accounts like Scottrade, Ameritrade are OK for regular trading but if you want to day trade they are not good enough. Day Trading is all about execution and you will need a faster broker than these guys.
Some good ones are Interactive brokers, Think or swim (I think TD Ameritrade bought them out) and e-signal with one of their partner brokers.
For the guys in and around NY/NJ there are a lot of day trading firms like Hold Bros (Jersey City), Lynx capital and Cymera capital in NYC which offer good execution and good commissions.
Commissions have to be factored in as you will be trading a lot and all those fees add up. Execution has to be very fast <2 secs or you will loose money in slippage. Another factor with faster execution is that you might be able to front run news which gives you an advantage.

But before you jump in with both feet, do a lot of research. Paper trade a lot and hone your skills. What you know in equities is just tip of the ice berg. There are tremendous amounts of infrastructure and brains dedicated to squeezing out "alpha" and to beat them is not easy. The real money is in trading options, but this is for the really sophisticated trader. In options you can loose your entire capital.
Any one starting out must read a lot. I would suggest:
1. Come into my Trading Room- By Elder
2. The Equity Trader Course- By Schwartz
3. Trading and Exchanges: Market Microstructure for Practitioners- By Harris

For those of you a little sophisticated:
1. Volatility Trading- By Sinclair or By Johannes
2. The Options course- By Fontanills
3. Bible of Option trading- By Guy
4. Quantitative Trading- By Chan

If anyone is interested to go beyond this (one step away from insanity), let me know and I can suggest some more reading.
The key thing to realize is pattern trading is a self fulfilling prophecy. The more you trade the more you realize it.
I have "Come into my Trading Room- By Elder" as an ebook if anyone is interested.
__________________
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  #13 (permalink)  
Old 01-12-2009, 07:02 PM
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Default

I highly doubt any one with a full time job will trade enough volume for it to be cost effective to claim trader status when filing taxes. If you trade for a living,not work as a trader then it makes absolute sense to file as a trader.

Quote:
Originally Posted by gchopes View Post
What is the advantage of claiming trader status on your tax return? I buy / sell shares on different days of the week (example: Buy on Monday, Sell on Friday). Does that make me a day trader?
I am doing this on H1B. I do have approved EAD.
__________________
EB-2 Dec 2005
I-140 March 2006
I-485-Filed July 3
RD- Sep 4th 2007
EAD- Sep 17th 2007
FP- Sep 28th
AP- Oct 1st

First application:
EB-2 Aug 2002-Employer Shut Down

GREENED AUG 5th 2010
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  #14 (permalink)  
Old 01-12-2009, 07:29 PM
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Default

Quote:
Originally Posted by gcdreamer05 View Post
Thanks for the post, i am interested too, i am not a pattern day trader but a normal trader as of now.

Could you please post how this has affected your tax return filings, do we need to do something extra while filing tax returns if one is a pattern day trader?

Also it suggest that there should be minimum equity balance of 25K, are they referring to the value of stocks...

Yes as you said i too was thinking about it, there is only so much one can earn because in my situation i cannot shift employer, nor does the current one pay me enough or is willing too, so we all must look at alternate sources of income (but take our own risk and decision)....

I started trading with sharebuilder recently.... and they did give me a 50$ coupon to start with...

As pappu said, yes we need to share such info with our fellow folks so that everyone gets benefitted and if we make money we can contribute atleast a small part of it to IV.... (win-win for all).

There is so much information to share....
If you have account in BOA with 25K, you can do 30 trading per month for free. Also I have some good tips for long terms investors like people who are planning to settle here. The plan is to buy the stocks from companies directly and reinvest the dividend. When you are not paying the commission and investing the dividend, you can get very good return in the long run.

If any one interested please let me know...
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  #15 (permalink)  
Old 01-12-2009, 09:15 PM
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chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute chintu25 has a reputation beyond repute
Default

Here are few clarification Nix. Not that I need to explain to you but for all peop here

Pappu Thanks for your support

I will post relevant ideas as we gather momentum


My answers to your post are color coded in GREEN


Quote:
Originally Posted by nixstor View Post
(1) I found a unique way to cope with the stress of our immigration nightmare.

through Day trading??

Dude Day trading is stressfull if you dont know what you are doing ?

(2) It is not easy and it is not for the weak hearted but the rewards are wholesome and tremendous.

(3) Now lets Play !!!!!

Have you just tried to sell Day trading to IVians??

Relax Nix Probably this post aint for you . Why the hell do I need to sell anything to you. I am sharing what I feel is a great way to channalise negative energies towards something useful.


LMAO. I am sorry but I disagree that Day trading is an investment. Day trading is risky business and one needs plush amounts of cash as SIPC/SEC will not release the money on the same day. Don't even get me started on the margin accounts.


It is risky FOR SURE . It is a s risky as much as Crossing road is risky for the blind

People who can see can cross with ease provided they are not careless and have good judgement




I agree with (2) and would also like to point out that the risks are also substantial. One can get addicted to day trading and I dont need to tell what addiction can do to any one.

Nix people are addicted to VB too wht did they achieve.....Here atleast I am doing something progressive.

It needs time during work hours. ie 9 30 am and 4 30 pm. A lot of people did day trading during the dot com boom and recently with FRE & FNM. We know the results.

Well I am guessing your knowledge of day trading is limited to what Wikipedia has to offer. I work 9.00 5.00 Software engineer (no pun intented) And I make a decent 50-100 on the side .

While you might have taken refuge in day trading for the stress immigration has caused, it can be a serious double whammy/nightmare if the calculations go wrong.

Well Day traders that I have seen sucessful have NEVER EVER suggested to go all in. Play small play consistent

All said, if you feel that there is enough money to be made and normal Joe Bloggs can cope up with the pressure, please share your thoughts in detail.

I wanted to address this post first cause I want the notion that this is for my benefit to be outted. I have been here long and supported IV in all ways possible.
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