Traders Accounting Seminars Are Moving To The Web

Traders Accounting, the largest online resource for day trading and advice on tax planning, announced they are going to put their popular accounting seminars online. The first will be discussing the biggest mistakes investors made in 2007 and show individuals and company's how to correct them for next year.

For more information on the June webinar, visit the accounting seminar's page or contact Ryan Gibson at 1-800-938-9513.

Practice makes perfect: day trading simulator

Here's a free tool that day traders (or day trading wannabe's) might find useful. It's a day trading simulator. Says the creator: It's free for 30 days - and after 30 days, it's free too :). It will allow you to day trade foreign currencies online. You can day trade currencies with less than $25,000 (unlike stocks).

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Traders Accounting provides tax consulting, entity formation, tax preparation and 401(k) services that help you efficiently establish and maintain your trading business. Lower your taxes, save time, and maximize the benefits of your trading business. Visit our site for a FREE trader tax action plan.

Daytrading Tip: Using Mental Stops

Using Mental Stops

from Daytradersbulletin.com

Many traders prefer mental stops for protection. Some traders feel that by having a stop order resting on the floor, they are vulnerable to a run on their stop, and in many cases, they are correct. If you want to use mental stops, you need to be aware of the amount of slippage that occurs from the time you decide to place an order until you receive your flash fill.

Check the time it takes to place a market order on a number of occasions and average the number. If it takes one minute to get your fill, then see what dollar range the current 1-minute bars are on your chart.

This dollar value will be your probable slippage. I say probable because in some market conditions, price can move very rapidly against your position and with no stop in the market, your trading account could suffer accordingly.

In any event, if the amount of slippage that occurs between the time you decide to make a trade, and the receipt of your flash fill is comfortable for you, then by all means use mental stops. However, if you are subject to interruptions during your trading, or if you are easily distracted, I advise against your using mental stops.

Obama Calls for Overhaul of Financial Regulations

According to an article on stocks and the economy, democrat Barack Obama said the government must overhaul the rules governing banks and other financial institutions in the wake of a collapse in the subprime mortgage market that has shaken confidence in the U.S. economy.

Saying the nation has lost a "sense of shared prosperity,'' the presidential candidate called for giving the Federal Reserve greater supervisory authority when it acts as a lender of last resort, strengthening the capital requirements for financial companies and streamlining the collection of overlapping regulatory agencies that oversee Wall Street.

"Our free market was never meant to be a free license to take whatever you can get, however you can get it,'' Obama said in an address at New York's Cooper Union for the Advancement of Science and Art. "The American economy does not stand still, and neither should the rules that govern it.''

A deepening slump in the housing market and declines in business investment, consumer spending and construction are prompting sparring among Obama, Hillary Clinton, his rival for the Democratic nomination, and Republican presidential candidate John McCain over how to pull the U.S. back from the brink of a recession and deal with the risks exposed by the credit crisis. All three have delivered speeches on the economy this week.

McCain spokesman Tucker Bounds said in a statement after Obama's speech that the Illinois senator is endorsing the "failed liberal policies of the past.'' In his own economic speech March 25, McCain, an Arizona senator, urged revisions focused "solely on preventing systemic risk'' and not assisting speculators.

Clinton, a New York senator, has called for spending more on job training and for a $30 billion program to help homeowners and communities hit by rising foreclosures to stimulate the economy. Neera Tanden, a Clinton spokeswoman, said Obama was offering "vague principles'' rather than "concrete solutions to provide Americans with greater confidence in the market or keep them in their homes.''

Campaigning today in North Carolina, Clinton added to her economic proposals with a plan for spending $12.5 billion over five years to help displaced workers with training programs and grants for education.

She and Obama criticized McCain, 71, saying he was offering an extension of the economic policies of Republican President George W. Bush.

"I don't think we can afford four more years of that kind of inaction,'' Clinton, 60, said in Raleigh.

To deal with the current slowdown in the economy, Obama urged passage of a second $30 billion stimulus plan, including $10 billion to help homeowners facing foreclosure either sell their homes or modify their loans, aid for state and local governments to prevent service cuts and expanding unemployment insurance to cover more workers. The plan is similar to one Clinton offered on March 20.

Addressing what he said was a flawed regulatory system, Obama blamed both Democratic and Republican administrations for peeling back rules put in place in reaction to the Depression of the 1930s without adapting to changes in the financial marketplace.

"The result has been a distorted market that creates bubbles instead of steady, sustainable growth; a market that favors Wall Street over Main Street, but ends up hurting both,'' Obama said.

He cited the repeal in 1999 of the Glass-Steagall Act, which separated commercial and investment banking and one of the hallmark laws of the late President Franklin Roosevelt's New Deal economic program. While that allowed banks and securities firms to compete more directly, the absence of a replacement reflecting changes in financial markets led to excesses.

"Instead of sensible reform that rewarded success and freed the creative forces of the market, too often we've excused and even embraced an ethic of greed, corner cutting and inside dealing that has always threatened the long-term stability of our economic system,'' he said.

Obama proposed six areas to revamp regulations.

The Federal Reserve should have basic supervisory authority over any institution to which it may make credit available as a lender of last resort, Obama said. "Taxpayers have every right to expect that these institutions are not taking excessive risks,'' he said.

Second, requirements for capital, liquidity and disclosure should be strengthened for all financial institutions, especially for "complex financial instruments like some of the mortgage securities that led to our current crisis,'' he said.

Obama said the government needs to restructure the overlapping and competing regulatory agencies because today's financial institutions no longer fit within specific categories created decades ago.

Related to that, regulations need to change to apply to what institutions do, not their title, he said. Homeowners weren't protected in part because commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies.

"It makes no sense for the Fed to tighten mortgage guidelines for banks when two-thirds of subprime mortgages don't originate from banks,'' Obama said. "When it comes to protecting the American people, it should make no difference what kind of institution they are dealing with.''

Obama said the Securities and Exchange Commission should crack down on trading activity that crosses the line to market manipulation. He cited reports that traders made market bets against Bear Stearns before its collapse this month, purposely spreading rumors that the institution was in financial distress. "The SEC should investigate and punish this kind of market manipulation,'' Obama said.

Lastly, Obama called for the creation of a financial market oversight commission to identify unanticipated systemic risks to the financial system. The commission, he said, would meet regularly with the president, Congress and regulators and brief them on the state of financial markets and risks.

Obama, 46, is offering a "credible approach,'' former Federal Reserve Chairman Paul Volcker, an Obama supporter who attended the speech, said in an interview. "You can't solve this problem overnight, but you've got to have a thoughtful review of it and accept the logic that regulatory authority has to be extended and strengthened.''

William Donaldson, former chairman of the U.S. Securities and Exchange Commission and an Obama supporter, said the economy needs "some 21st century reorganization'' to prevent future crises in housing and financial markets, "all of which were sort of driven through a hole in regulation.''

The Commerce Department reported today that the U.S. economy grew at an annual pace of 0.6 percent from October though December, another sign that the U.S. economy may be close to or already in a recession. Orders for durable goods unexpectedly fell in January as companies became more hesitant to invest, the Commerce Department said yesterday. Sales of new homes dropped to a 12-year low.

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Traders Accounting provides tax consulting, entity formation, tax preparation and 401(k) services that help you efficiently establish and maintain your trading business. Lower your taxes, save time, and maximize the benefits of your trading business. Visit our site for a FREE trader tax action plan.

Tax Advice For Day Traders

Traders Accounting has changed the free 45 page Tax Action Plan developed by top tax deduction consultants to help individual day traders and business owners. Each Tax Action Plan is customized based on people tax situations and helps prepare for the upcoming tax season.

The free Tax Action Plan offers advice for day traders saving time and money by using this in depth plan. Each report is customized and targeted to the individual’s objectives and accounting needs. To get started, please visit www. http://tradersaccounting.com/tax-plan.php.

Useful day trading website

If you’re a day trader, here’s a great website called TradeJuice you can use as a resource for all things related to day trading. It features useful articles on day trading, a long list of books you can buy and courses you can take, a section called ‘free trading stuff’ and much more. Check it out here.

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Traders Accounting provides tax consulting, entity formation, tax preparation and 401(k) services that help you efficiently establish and maintain your trading business. Lower your taxes, save time, and maximize the benefits of your trading business. Visit our site for a FREE trader tax action plan.

Here's an excerpt from an article on taxes on day trading from Smart Money magazine:

DO YOU TRADE STOCKS more often than most people change their socks? Then you need to understand how Uncle Sam views your habit. Otherwise, come April 15, you'll be suddenly confronted with a mountain of paperwork. And those profits? Well, they'll seem a lot smaller once the Internal Revenue Service has taken its share.

There are, however, some strategies that active investors can use to reduce their tax bills — and make life much more pleasant come tax season. Here's what you need to know about them.

Trader vs. Investor

In the world of taxes, "trader" and "investor" each has a special meaning that carries with it some pluses and minuses. Most individuals — even those who trade a few times a week — are, by the IRS's definition, investors. But if you spend your days buying and selling stocks like a hedge fund manager, then you are probably a trader, a title that can save you big bucks at tax time. How? By allowing you to fully deduct all your investing expenses, such as newsletter subscriptions, your home office and your computer equipment.

So what are you, you ask, a trader or an investor? This is one of the fuzziest areas of our fuzzy tax code. "The question is clear; the answer is not," says an IRS spokesman. The only way to define your status is to go by the guidelines laid out in several court cases that have addressed the question.

The courts say you are a trader if:

· You spend lots of time trading. Preferably, you don't have a regular full-time job. (My reading is, you can also be a part-time trader, but you had better be buying and selling a handful of stocks just about every day.)
· You have established a regular and continuous pattern of making lots of trades (several almost every day the markets are open).
· Your goal is to profit from short-term market swings rather than from long-term gains or dividend income.

If you think you qualify and want to know the nitty-gritty of the rules, see More Tax Tips for Day Traders. If you're not so sure, here's how I think these court cases apply to the real world. Say you spend 10 hours a week trading and total about 200 sales a year, all within a few days of your purchase. In my book, you're an investor, not a trader. You are not spending enough time or trading often enough to satisfy the IRS. How about 20 hours a week and 1,000 short-term trades? I think that amount of time and trading gets you there. If you spend 30 hours a week, make 5,000 short-term trades a year and don't have a full-time job, even the IRS should agree without a fight. If you choose, you can actually be both a trader and an investor. You must segregate your long-term holdings by identifying them as such in your records on the day you buy in. Then they won't "taint" your trader status.

For advice that pertains to your particular situation, and many more services exclusively for day traders, trust the day trading tax experts at tradersaccounting.com.

Trends and Successful Tips for Day Traders

Traders have very different styles as to how and when they make their trades. However, there are trends and patterns that day traders can find helping them become successful at day trading. According to 123 Sensex, they list 20 rules for day traders and explain what day traders should be on the look out for.

At Traders Accounting, we always want to help offer the best advice on tax planning, and with day trading. We will keep you up to date and informed on the best ways day traders can experience the maximum gains on their investments.

Day Trading Advice From The Experts

Traders Accounting introduced their new Tax Action Plan, to help day traders with advice on tax planning from professional tax deduction consultants. Each customized tax action plan outlines strategic planning for all those seeking expert day trading advice. To get started, please visit TradersAccounting.com.

“The best day trading advice we offer is to traders who have implemented a plan prior to tax time of the upcoming year, something so simple can save people time and money,” said Jim Crimmins, President of Traders Accounting. “Our clients look to our tax deduction consultants for the best strategy in tax preparation throughout the year, asking questions and helping with decisions.”