If you want to be a day trader, then you’ll want to definitely understand how the tax system works within the online trading world. I’ve been working with beginner traders since 2013 and there is one tax trap lurking in the markets that I’ve continually see snare unsuspecting beginners. As someone who is just getting started within the stock market (or any financial market for that matter), you could be doing quite well within your wealth generation to then be set back due to this trap. I wish I was being overly dramatic here, but I’m not. This tax trap could have some relatively large negative financial impacts on your cash flow, slowing down your overall wealth building strategies. The good news is, once you are aware of some basic trading principles in regards to “profits” and “loses”, you’ll know exactly how the trap works but, more importantly, how to avoid the trap. As traders we need to always be focused on mitigating risk and factoring all forms of risk into our trade plan. This behavior needs to also extend out into the general management of your day trading business. Remember, day trading should not be treated as a hobby! This tax trap is an exact reason why! I hear it way too often, “I was just doing all this for some fun and did well, but now I’m in a mess!”. Let’s get knowledgeable on some basics of trading so you can avoid a much larger potential mess in the future with your trading results!
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