I need assistance in learning the fundamentals of day trading. Where should I begin?

Wednesday, January 1, 2014 , Posted by Ryanita at 7:00 PM

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Vive Venus


Where do I start?... What seminars should I attend? What accounts should I create for myself? What websites have most day traders found to be esp. useful? I am a newbie requesting legitimate advice pertaining to trading commodities or simply trading in general.
Thank You!



Answer
I watch this every day after market closing;
http://www.alphatrends.net/

Learning to trade (day or swing trading) can take on average 3-5 years. Reading a new trading book every month (for your entire career) is done by many of us.

Pick up a basic intro to technical analysis like;
Technical Analysis for Dummies

Move on to trading books like;
Mastering The trade, John Carter
Trading in The Zone, Mark Douglas
Technical Analysis Using Multiple Time Frames, Brian Shannon

See the book list (Essential Reading);
http://tradermike.net/

My favorite broker. Great charting. Great tools. Great Webinars;
http://www.thinkorswim.com/
https://www.thinkorswim.com/tos/displayPage.tos?webpage=onlineSeminar

Forex, Futurers, Options and Commodities are not the best place to start to learn trading. Stocks are the better place to start your quest.

I am a US based Forex trader opening an account in the UK. Do I file with the US or UK for taxes?




Fourth Cub


I would like to know whether I would simply report my gains on my US federal tax return or would I have to file a tax return with the UK. Also am I subject to any special levies or fees from the UK for having my account there.


Answer
There are tax treaties between the US and UK intended to avoid double taxation. If you are in the US you would be responsible for paying US taxes. It's best to consult with a knowledgeable tax advisor. Robert Green of Green Trader Tax gives more detailed answers about this on the DailyFX forums http://forexforums.dailyfx.com/forex-tax/ and he will always be giving some live webinars to explain more.




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