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nikke

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Posts posted by nikke

  3. Posted

    Thanks big Jon for posting.

     

    I tried BO trading at some point, not very far from what you are doing here, although not as sophisticated and had generally much less trading-experience. The experience was that BO trading worked well during volatile periods, or volatile instruments. But in slower periods one tended to get more easily chopped up. But maybe 6E and CL are such volatile instruments that it works more consistently in them.

  5. Posted

    I am a lawyer. I got into trading because a large area of my practice was setting up asset protection plans for traders from the Merc and CBOT.. Some of them taught me how to trade and now that's what I do and only do offshore work for a few on the side. Mainly old clients and their friends.

     

    Rule 1 A U.S. citizen must pay tax on income earned anywhere in the world. Trade station will supply the IRS at the end of the year with your trading information.

     

    Rule 1a. You are not required to pay more than your fair share. You are allowed to take any steps you deem necessary as long as they are with in the law to minimize your taxes.

     

    Ex US companies keep earnings earned outside the US in countries with no corporate taxes. They only pay tax if they return the earnings to the US. This is legal.

     

    Rule 2 Tax court does not work like regular court. You are guilty until you prove you are innocent. This means the IRS seizes first then it is up to you to prove they were wrong to do so.

     

    Rule 3 earnings through a US domiciled entity are deemed earned in the US. EX earn through trade station and get taxed by the US. It does not matter where you actually live.

     

    Use non US broker for trading. For example Saxo bank has good operations. I prefer Hong Kong brokers myself.

     

    Rule 4 For asset protection you must be set up and operating before something happens that makes you want the protection. For example to protect from a lawsuit your assets must have changed title before you received notice of a possible suit. To avoid government seizures the same. Once the IRS or Dept. of Labor knock on your door it is to late to legally transfer assets. The courts will hold you in contempt if they find out about it. Same for lawsuits. You will be held in contempt if you transfer after the cause of action arose.

     

    This means that while the government cannot get your money they can hold you until you bring your money back to the US so they can grab it.

     

    Rule 5 transfers can be on paper . Physical transfer out of US is not needed. Once title is transferred to a non US entity, a corp for example, the corp can move assets at anytime. ( To do this and avoid contempt you must use an attorney that really knows this stuff. It is highly specialized and most lawyers even at the biggest firms have no clue how to do this.

     

    Rule 5a You will be deposed. You do not want to lie. You must be set up in such a way that allows you to tell the truth.

     

    Rule 6 A Plan without the use of a trust some where in the mix can lead to problems.

     

    Hope this helps.

     

    Sounds like sound advice.

    But please dont mention "learned to trade" and a bucketshop like Saxobank in the same post. Makes the rest of the post smell snake.

  7. Posted · Edited by nikke

    Hi,

     

    Given the original stop is protected by PA, and possibly by some important level.

    Wouldnt you be better off in the long run taking the profit on the 1/3 and leaving original stop and targets in place?

     

    Regardless if the stop is moved or not, i guess with scaling win-% goes up and average RR down. Overall maybe a little reduced expectancy. But maybe give a smoother equity curve and allow for bigger bets and maybe calmer trading:)

  10. Posted · Edited by nikke

    [

     

    -1.5ES :(

    Hi,

    Been checking out your nice journal every now and then. Trade quite similar style to you.

    Level was right, u dont like wait for it to break the lows of the middle bar in the reversal to form sort of a 3BR?

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