trading 'futures only' for living

[jamestmc]

what do u all think about this topic?

1) Anybody doing trading 'futures only' for living?
As we know, future trading is a zero sum game, unlike equities where you can get win-win situation (buy and hold) so in a long run, does it really work out to be your rice bowl? you win mean somebody has to lose and in a long run, who can gather the huge fortune since the longer you into the game, the higher chances you will encounter lost, at least statistically.

2) It seem like futures trading become a game of gambling, which the market is control by emotion and after all is human rather than luck. This again bring back the question of no. 1.

i am looking forward to hearing from you all soon on this topic...

i am personally feel this topic is worth for discussion and sharing base on personal experience in futures trading.

cheers

[Maxforce]

I m going towards that direction.
Having seen people who really trade only futures for a living, I know that it is possible.
Although, I must still stress the difference with pure gambling is that the study of charts will enable you - the trader to have better odds, unlike gambling where the odds are always with the house.

[trade4liv]

Actually my goal is to trade for living. Therefore, sharpening my skills through trading the FKLI. 

[jamestmc]

FKLI is a small pond of water compare to international market....but is a good learning curve! The next george soros may be from malaysia...who knows? MALAYSIA BOLEH!

[smallcap]

I don't like the slogan of "Malaysia Boleh", by right i hate it so much.
We should say "Saya Boleh!" or "Kami(investors) Boleh!"

[theng]

I don't like the slogan of "Malaysia Boleh", by right i hate it so much.
We should say "Saya Boleh!" or "Kami(investors) Boleh!"

I agree MALAYSIA BOELH  u can see our BIG man and officer CAN DO or SAID some thing that we think we
wont say or cannot say. telling the truth is wrong, take pictures of some 1, without his knowing is right etc
every thing also BOLEH.   

[jamestmc]

just imagine, if one day for those who wish to take 'future trading as living' form a company and do all the future trading in the market.

Anyhow, malaysia only limited to CPO and FKLI only for the active futures unlike foreign market where u can trade almost any commodities.

i think this idea has been raised up before and is quite interesting.

one aim, one goal.

cheers

[Maxforce]

Actually, that is what you should do if you want to trade for a living.
I mean, when you trade for a living, the income is actually considered as a business income - hence taxable under the Income Tax Act.
In addition, you d want to buy house or car or simply get a loan in the future, so you d probably like to declare your earnings.
By forming a company, there would be a clearer tax advantages too. 
Yeah, thats my plan 

[smallcap]

I don't like the slogan of "Malaysia Boleh", by right i hate it so much.
We should say "Saya Boleh!" or "Kami(investors) Boleh!"

I agree MALAYSIA BOELH  u can see our BIG man and officer CAN DO or SAID some thing that we think we
wont say or cannot say. telling the truth is wrong, take pictures of some 1, without his knowing is right etc
every thing also BOLEH.   

Yeah! 
But we better back to the topic 

[jamestmc]

as far as i know off, what ever we get in future is non-taxable. rite? i mean we need to declare in income tax but no tax on the income that we get from trading futures.

ya...if form a company then it is subjected to 26% tax.

the idea 'trading future for living' is not easy to apply as u need to really manage ur cash flow. anyhow thats how we can free ourself for other things rather than working for money.

cheers

[Maxforce]

Actually they can catch you under Income Tax Act wan... but we all too small fish... they wont bother..
It falls under the badges of trade - which under Section 4a, Business Income.
So even if you do not form a company, you should be assessed as a business income.

26% tax that wan is sdn bhd. loh.
But if partnership or sole - not 26%.
But if sdn bhd, then got more thiings to manipulate (err I mean manage) then will probably be less than the personal wan 

[jamestmc]

serious? Actually few remisers in future tell me that what we get in futures trading is non taxable. According to you, if you become too famous and successful in the line, then this may become a problem also. i think foreign country, hong kong is non taxable.

btw....may be i m too small for them to bother. 

cheers and happy trading

[Maxforce]

Next day I show you Income Tax Act lah... these income tax thing ar, don't ask remisier.
Ask accountants or better still - ask tax agents

[jamestmc]

thanks, maxforce. btw i did come across statement talking that 'future trading' is exmpted from tax due to it is capital gain...something like that.

anyhow, just doubts about it only.

normally i think if u r earning more than RM100k/annually, then may be u will be invited to drink coffee. rite?

cheers

[Maxforce]

You re right of coz.
Capital gain, Msia mana ada capital gain tax - except for RPGT - Real Property Gain Tax.

However, these IRB ppl ar... when u win so much and you trade frequently, they ll say
Hey it s not capital gain. Its trading. So trading means its business.
If business means must pay income tax.

Note - notice they ll say income tax, not capital gain tax.