aliassmith wrote:dojirock wrote:no its a personal account. I still have 2 licenses test to take before im fully licensed. As a financial advisor realm, its a completely different world. Long term, conservative compared to what we do here at Kreslik. What got me started on the equities bug was the comparison that can be made vs indices. Commissions free was the big lure for me. I know what I pay a year in commissions to trade futures.. that annual amount could help alot of people. To me the equities is not like scalping in my mind, its long term, lol even though in reality it boarders scalping and swing trading as you can see by the dates of the trades.
One last note, a self traded ROTH is my end goal. No commissions, no taxes! win win.
Im curious why you don't have it as an IRA already? Well for one I guess you can't short in an IRA. The thing about IRA is they have max contribution amounts. I believe its $6000 per year so every year you don't contribute you lose "time"
With your trading you can have a 7 figure nest egg in 10 years.
(I already have the wealth account at those levels I will need to convert my assets into a trust at some point to put a few layers of legal protection in there.)
If you aren't ready to retire keep going
If you are convert it to cashflow.
$700k a year is probably enough for most people.
As a business owner for 36 years I didn't have a 401k or IRA that an employer would match or even health benefits. Most business owners that I know that were my mentors, planned on using the sale of their business as their retirement or keeping it forever and handing it down to the family which would provide them a possible income for life. (Wow, its almost been 2 years since I sold my businesses already) Upon doing so it enabled my wife and I to clean up all our debt and have a small nest egg with the intent of me trading as the income we would need. What really took me by surprise trying to 'retire', was the amount of free time that all of a sudden became available to me and the stress free lifestyle. This may sound strange but in my mind, I was thinking that with all the free time, and no stress of the job, my trading would really reach insane levels. It only took me 6 months to realize that wasn't the case and I was absolutely going crazy with my self and all the 'free time' that had become available. My success and income from trading declined by almost 50%. Just because I had more time for the market with my strats didn't mean the market would give me more! Of course I know that now in hindsight. During that time I began to realize that if something were to happen to me, like, losing my eyesight or my intellectual ability to trade that our small nest egg may need some fluffing if we were to live into our 90's. I also realized that I need something to fill some of all of my new found recreational time. Hence why I decided to become a financial advisor, something in my area of interest, that ability to maintain schedule flexibility and feel my self worth again. In that total of 9 months off after I sold the businesses I found myself in a dark place. I didn't realize how much of my identity and who I am, (using my screen name) as doji, in a sense, was sold with the business. I had to find a new purpose. I thank God every day for helping me get out of that dark place. Whew, kind of got long winded there.
Anyways, I took a position in a firm, able to dress up if I want to and go talk with clients as Im learning the ropes, and I love it. My trading has rebounded, (trading at home). I have started a ROTH IRA and am contributing the $6000 a year along with an additional $1000 as the catch up provision allowed due to me being over the age of 50 with the part time income from the firm. That is why I said "my goal" is to trade my ROTH. Im not 59 1/2 yet and I haven't had it for 5 years, so the flexibility for me to trade it and take distributions tax free without penalty is not allowed yet. My ROTH will be frosting on the cake per say.