is it possible to day trade forex or crypto in the US starting with a only a $1-2k investment and be able to pay taxes and then also make a profit that allows you to keep growing your stack?it almost seems impossible for a small time trader to follow the red tape and still be succesfull
no.crypto maybe swing trading. but not forex. youll get eaten alive.
>>12410670This always makes me happy to be a fucking leafDon't have to claim shit about my crypto to the government til I convert to cash over 5000 which il never do because I'm always getting rekt
>>12410906i see so many forex traders in the UK who are in their mid 20's who are succesfull...its sad that we are so backwards in the US that it keeps young beginner traders from even having a chance in this global market. The US stock market trades around 20 billion per day, while the global forex day trading market is over 1 trillion dollars traded per day and our people are people shut out. its quite infuriating.
>>12410919i hope for your sake the day of the rake never comes, but i can only imagine trudeua is going to want a piece of that action to help pay for your replacement
>>12410963Americans are shut out of Forex?
>>12410981no you just have to jump through so many hoops and pay so much tax even if you only invest a couple thousand that it almost makes it impossible to pull a profit at the end of the day...maybe if you had a large chunk to start with like 10-20k you might be able to pull it off but im a broke neet who wants to start with only 1-2k investment if you have to pay over 50% tax then i would never be able to make gains at a rate that would be sustainable....im still doing more research though but it seems you have to peform over 1000 trades per year in order to be considered a trader, if you only make a few hundred trades per year then the IRS considers you an investor not a trader
>>12410670It's not possible to day trade U.S. markets profitably for any extended period of time unless you write a book or have an "educational service" that you provide to supplement all of the money you're losing day trading. Commissions and taxes deplete your gains and extend your losses. That alone destroys the majority of people the same way the 0 and 00 destroy any edge you might be able to build on a roulette table. Then you factor in market microstructure and the relationship between retail brokers and the exchanges, that is, you are an outsider and everyone knows it and can see it except you. When you move up in time frames to things like swing trading, the only reason things work there is because at that point your order flow has dissolved into the overall order flow of the market and the institutions that can pretty much set the price of anything at any time figure you're just buying and holding it and they leave you be because it's not worth moving the market in dollar terms to melt your ass. Go sell some OTM options and watch how often price pins to the strike. It's all a scam and there's a 95% chance you'll get absolutely be destroyed. Maybe it'll happen fast, maybe it'll happen slow, but 95% is the number you need to keep in mind. That comes from the fact that 95% of traders fail and it's not because trading is particularly hard or this mystical process requiring the meditative discipline of a zen master that you hear so many of the gurus try to make it out to be. Some of the most mentally unstable and biggest dumb asses on the street did it for decades, but it's legitimately rigged now. There are so many traders though that a few of them are bound to be lucky and that's a big part of the 5% that succeed. Not trading U.S. markets is another part of that. You'd literally be better or at the very least no worse off trying to learn to be a professional poker player.