Question by daytraderbm: I’m about to start daytrading for a living – What do I need to do?
I’m about to start daytrading for a living. What all do I need to do? Do I need to get a business checking to keep things seperate from my regular checking account? What forms do I need to fill out for tax purposes? Do I need to send in money monthly or quarterly or just at tax time? Any help on this stuff would be greatly appreciated!
Answer by Bart M
You need to stop and consider how much you will likely lose. This is pure speculation and you will probably be hurt financially.
For example, will Citigroup go up or down on Monday? Why? What other stocks might follow C? Why or Why not?
Know better? Leave your own answer in the comments!