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/biz/ - Business & Finance

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17130550 No.17130550 [Reply] [Original]

I'm up 38% this month day trading and I just literally do the opposite of what I think i should do. Finally found a way to profit off being a midwit. Not even kidding.

>> No.17130588

this works for a while but then as you start to succeed you start to improve and your brain starts to fuck it up, good luck anon try and maintain your retardation

>> No.17130622

enjoy your 35% tax on each trade

>> No.17130641

>>17130550
Im up 56% by holding and doing nothing lol you fucking retard

>> No.17130672

>>17130622
cite a source. Ive never read this and cant find it.

>> No.17130685

>>17130641
Probably some alt coin that can easily bleed and long term too hold too. OP probably did it relatively quickly

>> No.17130713

>>17130550
good job but you're making gains on a bull cycle, so don't get too cocky. everyone is a genius during a bull. if you can make gains during a crab market then you're good

>> No.17130719
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17130719

>>17130550
b-but... doing the opposite of what you think you should do, is what you think you should do now

>> No.17130737

>>17130622
you're retarded. bernie will impose a 2% tax on every trade (thus make stock trading impossible and chase everyone into crypto), but right now nobody taxes every trade. they trade your gains at the end of the financial year regardless if you made 1 trade or 100,000

>> No.17130750

>>17130672
do you know what google is you fucking retard? Its called a short term capital gains tax.

"If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied, which is equal to the ordinary income tax rate for the individual. However, if the bitcoins were held for more than a year, long-term capital gains tax rates are applied."

Note that bitcoin here is FOR ANY CRYPTOCURRENCY, including tether. So get fucked and cucked. Try and evade the IRS at your own peril.

>> No.17130753

>>17130750
I was asking for the specific percents, down syndrome idiot

>> No.17130762

>>17130737
no they dont, they trade any exchange of currency. For example, Eth to Link is TAXED. dumb fuck

>> No.17130780

>>17130750
Like retard, who doesnt already know you get taxed for trades? Fucking kek.
You said 35%, you STUPID mother fucker

>> No.17130786

>>17130753
>which is equal to the ordinary income tax rate for the individual
do you know what the income tax rate is or should i spoon feed you more? State + federal is near 35% of your income unless you are a poor fuck living with mommy and daddy (which is obviously you).

>> No.17130800

>>17130762
no, you're retarded.
yeah you're technically supposed to pay cap gains on each trade you earn, but you also get tax deducation for each trade you lose out on. therefore in the end, you pay the tax on your final profits. in your profits are negative, you can actually deduct up to $3,000 per annum from taxes you'd have to pay after other sources of income.

>If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied

that just means you have to pay short-term cap gains tax, which is higher % than long-term cap gains tax. but it's still just a % after your overall profits.

>> No.17130803

>>17130750
Trade in an IRA, tax free

>> No.17130811

>>17130800
in your profits are negative = if your profits are negative (at the end of the tax year)

>> No.17130820

>>17130750
>>17130737

Everyone already knows all of your trades are taxed.

When you calculate your taxes at the end of the year, it takes in losses AND gains. Nigga do you even math?

>> No.17130914

>>17130550
Just hold dude, the market is on the move up. I'm up 95% this month by just holding 3 separate coins.

>> No.17130973
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17130973

>>17130914
not everyone is smart enough to have a big chunk of their portfolio in BSV. most people just don't have it in them to hold the coins that'll truly moon.