I just had a talk with my American-based accountant, who told me it was a mistake to open the account with Interactive Brokers and to close it and stay away from American banks, to go Singapore or Hong Kong.
I feel like I just got smacked win the face with a shovel.
Gotta pick myself up and move right along to the next task.
I really need a gumption-fix to keep going with this process.
Well, I don't have the LLP set up right, it's too complicated, it's going to end up costing me a lot more in taxes, etc., etc.
"Plus you will have to pay me a lot, and that's unnecessary if you are in Hong Kong or Singapore."
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Having slept on it, I think I will get a second opinion on the tax accounting, or just ignore this advice. I have a tendency to let the tax tail wag the dog in my life. I think it's a much better approach to just go all out to make the money and then deal with the taxes.
Investment capital -- trend trading with "adaptive hedging" of ETFs on monthly rotation aiming at max. volatility of 20, max drawdown of 20%, Sharpe ratio of 1.4 (90% of capital)
Trading capital -- educational/experimental $500 accounts in Forex, microcap, options, etc.
We are going to trade according to the trading plan and follow the rules strictly. Results will be logged and journaled (here). I tried to use the Excel journaling spreadsheet I found here on futures.io (formerly BMT), but I think it's too fancy for my needs (maybe someday I will figure out what it all means). So for the time being, I am using a Mac App I got in the Appstore called "Alesco Trade Journal." I don't like it all that much, but it's pretty simple.
The investment for this month I made at ILF at $43.07 and this is hedged 50/50 with EDV at $110.98. Both positions are losing, but I am going to follow the rules and hold until Oct 1, then follow what the algorithm tells me to do. I am mentally prepared for a 20% drawdown.
I am going to follow Big Mike's advice and just stick with this one approach for a period of time, a year, and not switch around to other strategies and approaches.
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So I have been stuck in a gumption trap with the journaling software here on futures.io (formerly BMT).
The first part was that I found myself stuck in a thread with about 1000 posts. I just wanted the software and for it to just work. But first I have to struggle with this monster thread.
I finally get the version 4.5, unpacked on my machine, and then Mac Excel chokes on it. Debugger is throwing up tons of little screens. I shrug it off. Then I get the spreadsheet itself open at last.
#1 Gumption trap: Except I cannot understand most of the Journal spreadsheet 4.5. Cannot figure out why the hell I would want to know all of this analytical information about my trades, even if I could understand what it's about.
#2 And then there's the further gumption trap that I cannot understand Excel well enough to understand what is going wrong, or why. Except that it's probably a version problem to begin with, and Mac-related.
#3 So there's a third gumption trap, that I need to be running this on Windows. And I need a decent working installation of Windows, anyway. Excel needs to run on Windows.
OK, I have identified these three issues. They are all doable if I break it down into small steps and just keep plugging away at it. Nothing outlandishly difficult here. It'll take no time at all if I just get my ass off Facebook, TV, and all my other time-wasting distractions and knuckle down with a little grit and determination. Sheesh, this is nothing.
And meanwhile I have found a couple of workarounds, including Panda Warrior's much simpler spreadsheet. All Praise Panda warrior!
Last edited by suko; September 15th, 2014 at 09:41 PM.