[BetterEdit.com]

As the title says - how many entrepreneurs here are successful enough that they can honestly that their business pays the bills?

Are you close?

[ericesquire]

Count me in...

[bdevitt829]

thatz true. I cant do much with what i have in the bank right now.

[Karen]

Yes sir.

Karen

[teana]

slowly but surely getting there. all of us decided to forego salaries until we open our retail shop which will hopefully be soon. I want to go shopping!

[mpnetwork]

I do.

[waveformpc]

Well, I started day trading stocks, and I will probably sign up as a business, since they offer day traders pretty big tax cuts. Most of my days have been averaging $100 income, with a couple of losing days here and there. Of course, I have been saving all of the income and pool it back into the stock, so that my profit increase exponentially (i.e. if I were using $10K to start, I would be making 10 times the amount I am now, or roughly $1K/day).

Definately not for the faint of heart though, you can lose alot through day trading - 82% of people who start often fail in the first week

[Steve]

Originally posted by waveformpc
Well, I started day trading stocks, and I will probably sign up as a business, since they offer day traders pretty big tax cuts. Most of my days have been averaging $100 income, with a couple of losing days here and there. Of course, I have been saving all of the income and pool it back into the stock, so that my profit increase exponentially (i.e. if I were using $10K to start, I would be making 10 times the amount I am now, or roughly $1K/day).

Definately not for the faint of heart though, you can lose alot through day trading - 82% of people who start often fail in the first week

You're making 10% a day?

[waveformpc]

Originally posted by Steve
You're making 10% a day?

Well, averaging the numbers, it's more like 5%/day (which on $1,000 equity, would give me $50). Most days I do end up making closer to $100 - Which are good days. For my age, this is relatively good money (19 years old, living with parents, not really paying any bills). You can see how this money would add up if you were to start with $10,000 since its exponential.

Like I said though, it's not for the faint of heart - These 'wins' could just as easily be losses. I don't know if you recall, but there was a guy on 'The Average Joe' who day traded and made profits all the way into the millions, and then he bought several night clubs with part of his profit (I believe he bought on margins though, the same as a loan, which is really dangerous).

[jpomerenke]

Originally posted by waveformpc
Well, I started day trading stocks, and I will probably sign up as a business, since they offer day traders pretty big tax cuts. Most of my days have been averaging $100 income, with a couple of losing days here and there. Of course, I have been saving all of the income and pool it back into the stock, so that my profit increase exponentially (i.e. if I were using $10K to start, I would be making 10 times the amount I am now, or roughly $1K/day).

Definately not for the faint of heart though, you can lose alot through day trading - 82% of people who start often fail in the first week

If you want to trade for a living, trade as a proprietary trader with a firm. you need deep pockets to become succesful day trading, and in my personal opinion day trading stocks is dead.

[waveformpc]

Originally posted by jpomerenke
If you want to trade for a living, trade as a proprietary trader with a firm. you need deep pockets to become succesful day trading, and in my personal opinion day trading stocks is dead.

It's not near what it was back during the big 'e-commerce' boom (I was too young anyway to invest back then), but it certainly isn't really dead. There are many stocks (mostly underpriced companies between $2.00/share to $10.00/share) that rise a good 10%-20% per day (different stocks each day of course). The trick is finding these stocks - If you do, you will make a fortune... If you don't, you could lose a fortune.

Many compare trading to gambling (and it certainly has the 'feel' of gambling, emotion-wise), but the IRS views home day traders as a business (sole proprietor) and will give tax cuts to those who apply.

A firm doesn't sound like a bad idea though and I have thought about that (for the future). As of right now, I am happy with my profits since it doesn't really take too much money to make me happy, and by the time I build my base equity up to $5K, I should be making a bit more (hopefully).

To put it into perspective, about as many people succeed at day trading as they do trying to start a business (a profitable business mind you)... Lots of people risk it to take the chance, and sometimes it just happens to pay off (aprox. 18% of the time according to a BusinessWeek Online article - http://biz.yahoo.com/bizwk/040806/b3896131mz026_1.html)