Broker Account General Questions

[kimfarr83 0]

Hello BBT,

I have a question regarding broker options. Would like to create an account with IB. Is this possible for a European client? I am still in the simulator trading phase, so just asking to eliminate any surprises later on!!

Which type of account fits best for an individual who is not self employed but aspiring to be a full time trader in the near future, while taking advantage of any tax 'loop holes' please? Example I have read 'Rich Dad Poop Dad' and it mentions the advantages of creating a corporation and listing nearly every expense under this corporation as business needs and pay taxes on the remainder... But it is one thing to read it and a complete other to implement it. THough maybe I can get some pointers please...

Also, does anyone have any information regarding applying for a margin account that is not subject to Reg T rules, and if there are any repercussions please? This morning, after a profitable trading day on the simulator yesterday, I got a nice message on DAS saying that I went over my overnight buying power and that I am subject to a margin call and can only be rectified by adding more funds. What does that mean please? 

Apologies for the million questions, I am completely new to these subjects. Completely different from swing trading only CFDs!!!a

I thank you a lot in advance for any assistance you might provide.

Kim

[jonosg 11]

Right Click on your account no in the Accounts window and you can reset it. You probably left a large position open overnight. Also make sure you close all open positions each day.

 

'Rich Dad' was written in the 80's / 90's? I used to have a UK Limited Company back in the 1990's (sold up and moved to Asia in 1999) and I can't imagine it has gotten anything but more complex and expensive over the past 20 years. Unless / until you're making a lot of money its not worth considering IMHO, there are a lot of expenses and hassles associated with administering a ltd. Company - such as appointing a Company secretary , accounts and statutory filing, AGM's etc. Unless you know how to do this yourself and are willing to spend the time you're going to have to pay an accountant to do it all. I would focus on becoming a competent day trader first, investigate becoming incorporated later, the Tax bureaucrats are pretty switched on to this type of tax avoid, expenses and depreciation of assets have to be justified and in line with local tax rules - you can't just write your whole life off as an expense anymore.

Edited April 15, 2020 by jonosg

[kimfarr83 0]

Thanks jonosg