Current Markets with Dr. Elder -- December 15, 2009 -- 9:00 - 10:00 PM EST We invite you to review current markets with the author of international bestsellers Trading for a Living and Come into My Trading Room . Dr. Elder will share with you his favorite chart and indicator patterns, as well as key aspects of trading psychology and risk control. He will show how he uses SpikeTrade picks in his own trading and review a number of current stocks to show how he makes his decisions to go long, short, or stand aside. You have a rare opportunity to look over the shoulder of a professional trader and watch how he goes about selecting stocks and making trading decisions. Dr. Alexander Elder is a private trader and a teacher of traders based in New York City. He is the author of several international best-sellers: Trading for a Living (1993; considered a modern classic among traders)
Come into My Trading Room (2002, named a Book of the Year by Barron's) Entries & Exits (2006, named a Book of the Year by Stock Traders' Almanac and SFO Magazine)
Sell and Sell Short (2008)
Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship's doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading. Dr. Elder actively trades, and is a sought-after speaker at conferences in the US and abroad.
Put your capital in an entity!!! Traders Accounting advises clients on the most advantageous entity structure for your trading activities. If you are an investor or part-time trader, and are frustrated with the tax code's restriction on deducting investor expenses, here is your answer. (1) Establish a legal entity, such as an LLC or corporation in your state of choice. Typically, you will register it in your home state. There are some individuals who choose to use a state such as Nevada that does not have a state corporate income tax. After completing the IRS SS-4 form, you will be issued an Employer Identification Number (EIN). That is the identifying number that the IRS uses for your new business. The next step is to transfer your brokerage account, or some portion of it, out of your personal social security number, and into the new EIN.
(2) At this point, business can begin and all "ordinary and necessary" business expenses incurred in your business of money management are 100% deductible. Of course, meal and entertainment expenses are subject to a 50% limit. It is very exciting to offset trading gains with expenses you are currently incurring, such as computers, training, subscriptions, meals with fellow traders, and internet access.
Join Traders Accounting at the International Traders Expo in New York! We will be holding three special events in addition to a full booth setup for you to visit us at this Expo. Event 1: Five Ways Traders Throw Money Away Every trader knows there is one critical aspect to trading that can't be ignored – it is easier to trade with more money than with less. The concept may sound simple enough, but most traders are unaware of the available tools that will impact trading capital. In this presentation Traders Accounting present five areas that have a direct impact on trading cash flow.
Wash Sales Capital Losses Medical Expenses Trading Expenses
Event 2: 5 Critical Mistakes Active Traders Make. Traders Accounting engaged an independent research firm to investigate the trends outlined in this study. In a report from the Wall Street Journal, Drew Niv, Chief Executive of FXCM stated, “If 15% of day traders are profitable, I'd be surprised.” During this fact filled presentation based on market research see the statistics on:
1. The Investors Landscape
2. Exposing the Markets
3. The Five Critical Mistakes Traders Make
4. The Business Front
5. The Five Steps to Success
Event 3: Increase Cash Flow With Tax Efficient Trading Part of the survival for any successful trader is cash flow management. The largest expense a trader has whether the trader makes or loses money is taxes. Every dollar we spend on taxes means we have one less dollar to trade with. With this in mind it is obvious that as traders we have the obligation to do everything possible to keep as much money in our brokerage accounts as possible. Jim will teach us about increasing our cash flow through Trading as a Business. In his presentation he will lead us through an interactive workshop on:
Trading as a sole proprietor
o The IRS “special rules” surrounding “Traders Status”
o The recent Frank Chen Tax Court Case, and what it means to all traders
The advantages and disadvantages of trading as a formalized business—What type trader would use a formal business?
o Partnerships
o LLC's
o Corporations
Is there a cookie cutter approach to tax savings for a trader?
The taxation of 1256 contracts
o The difference
o What types of trading business would fit in this category
Mark to Market
o A panacea or an empty promise for a trader?
Trading in a retirement account
o What is the best way to approach this
Traders Accounting provides this free Newsletter as a service to our clients and subscribers. The publication is sent out twice each month on average and is intended to keep Traders aware of changes to the Tax code, educational opportunities, and general news that pertains to the business of trading.
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