MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[Maitreya]

Hi, not new but returning after a lenghty pause from the market.

I previously was trading "fulltime" (roughly 8h a day) in my last year of university with a mini account with real funds and after 6 months or so, broke even (~5% loss). I then moved on to other things to clear my mind, moved around, etc.

A year later, I now find myself again lured by the market's song. I love trading and would like to start trading again, part time this time around. However, I have limited funds at the moment. I have no problem funding a mini account with 3-4k but my trading time is greatly limited. However, to make the most out of my system, I would required to at least watch the charts once an hour while on the job, at least in early morning up to about 2pm EST. I am not quite comfortable trading from my work pc (not very professional or ethical imo) and was looking at maybe getting a smartphone and trading mobile. Sadly, smartphones aren't cheap and their monthly fees aren't either. I'd love to go wifi but my office only offers wifi to executives. GSM/3G seems the obvious last resort for this. (plus I'd get reception while I commute to/from work)

I am not comfortable right now on shelling 40-50$ a month for something I am not sure will turn profits anytime soon (50$ a month is still 50pips @ 10k lots). To mitigate this I was thinking of starting a business (the home business kind), simple to set up or to get out of and cheap. My reasoning is that the cost of the phone+internet+maybe-other-stuff could be filled as losses (expenses) until I turn a profit. This has the added benefit that in the event where I lose more than I make, it reduces my overall income thus saving me on taxes.

How do other traders trading part time from home tackle this? Did you create a business for it (to expense parts of the costs) or do you simply declare profits as other revenue (or not declare at all?).

I'm from Canada but i'm fairly sure it could be relevant elsewhere as well.