Yo Fellow Traders,
So you have ventured into trading. In your trading journey, you began as every newbie ever did, won some, lost some. You took some knocks on the chin, but persisted. Along the way you met several people, some of whom gave you invaluable advice and others who showed you what not to do! You kept going until you realised you needed a trading plan. You realised that there is no Holy Grail, and its all about knowing yourself and keeping it simple. You realised that for best results, you forget all about the money and concentrate on becoming the best trader you can be. You learnt to take calculated risks, and realised discipline was your best friend. You also realised that if you concentrated on becoming a better trader, the money would come anyway. You understood leverage is a double-edged sword and you focussed on achieving consistency first. You began to see trading as a business, and every loss as a part of the game, the risk any businessman takes. You began thinking of making a living being a professional trader.
If this sounds a bit of deja vu, what next? I am hoping to take the business route further and open a limited company with which to trade from. I am sure several traders here have at the very least considered the possibility, and some must be trading through a company they set up. However, I was a bit surprised not to see such a thread here, hence the rationale for this one.
Needless to say, it would be much appreciated if anyone who has taken this route helps with a few pointers as to how to go about it, and what the pros & cons are. For instance,
How do you get started?
What minimum requirements would there be?
Do you get tax benefits as a result?
At some point in the (far) future if you decided to manage funds, what sort of (independent) auditing should you adopt?
How many years of consistent profits would you need to approach a fund?
Are there any tax benefits for opening the company offshore?
Does it need regulatory approval?
Is there a wider range of brokers you can approach as a company as opposed to an individual?
Any response on any/some of these questions, or indeed on aspects that I have not even thought of, would be much appreciated.
Happy Trading!!!
Winners Never Quit && Quitters Never Win
So you have ventured into trading. In your trading journey, you began as every newbie ever did, won some, lost some. You took some knocks on the chin, but persisted. Along the way you met several people, some of whom gave you invaluable advice and others who showed you what not to do! You kept going until you realised you needed a trading plan. You realised that there is no Holy Grail, and its all about knowing yourself and keeping it simple. You realised that for best results, you forget all about the money and concentrate on becoming the best trader you can be. You learnt to take calculated risks, and realised discipline was your best friend. You also realised that if you concentrated on becoming a better trader, the money would come anyway. You understood leverage is a double-edged sword and you focussed on achieving consistency first. You began to see trading as a business, and every loss as a part of the game, the risk any businessman takes. You began thinking of making a living being a professional trader.
If this sounds a bit of deja vu, what next? I am hoping to take the business route further and open a limited company with which to trade from. I am sure several traders here have at the very least considered the possibility, and some must be trading through a company they set up. However, I was a bit surprised not to see such a thread here, hence the rationale for this one.
Needless to say, it would be much appreciated if anyone who has taken this route helps with a few pointers as to how to go about it, and what the pros & cons are. For instance,
How do you get started?
What minimum requirements would there be?
Do you get tax benefits as a result?
At some point in the (far) future if you decided to manage funds, what sort of (independent) auditing should you adopt?
How many years of consistent profits would you need to approach a fund?
Are there any tax benefits for opening the company offshore?
Does it need regulatory approval?
Is there a wider range of brokers you can approach as a company as opposed to an individual?
Any response on any/some of these questions, or indeed on aspects that I have not even thought of, would be much appreciated.
Happy Trading!!!
Winners Never Quit && Quitters Never Win
