29 yr trader of ES, NQ, USA(ZB)Gold. Happily married-father of 5. Trad-Catholic. I have made every mistake so you donât have to. Live in Faith, Hope and Love.
This was a big trading week for many of us. If you made money, I suggest you take it out of your trading accounts and properly fund your tax account. Trading to grow my personal accounts, not my trading account.
If you want to trade bigger size do so after consistent weeks, but donât do it just cause you have extra money in your account, itâs a passport to poverty. When it comes time for you to increase your unit size, I found it best to add money that I have earned back into my trading account.
Remember, we are small business owners so we must properly maintain our tax accounts. I am not an accountant, so please consult one that specializes in futures. However, what I suggest you do is put away at least 30% of everything you take out of your trading account into an into a different account that you call âyour tax accountâ. I maintain my tax accounts at a different bank that I maintain my personal account in so that I donât mess with my tax account.
Proper account management is very important to a long-term profitable career. I donât see many people talk about it. Please consult a CPA.
Have a great day and a blessed weekend same thing