Comments on: I am receiving Unemployment Insurance Benfit and I am about to open an Day Trading Stock Account. Am I still? http://www.shorttermtrading.org/stock-day-trading/i-am-receiving-unemployment-insurance-benfit-and-i-am-about-to-open-an-day-trading-stock-account-am-i-still Learn Short Term Trading Like the Pros Wed, 05 May 2010 02:49:31 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: walt17jr http://www.shorttermtrading.org/stock-day-trading/i-am-receiving-unemployment-insurance-benfit-and-i-am-about-to-open-an-day-trading-stock-account-am-i-still/comment-page-1#comment-1250 walt17jr Thu, 08 Apr 2010 01:23:59 +0000 http://www.shorttermtrading.org/stock-day-trading/i-am-receiving-unemployment-insurance-benfit-and-i-am-about-to-open-an-day-trading-stock-account-am-i-still#comment-1250 Your gains will be capital gains, filed on Schedule D. You should consult a tax professional. Early, not at the last minute. If you really make "thousands of dollars per month" that will probably disqualify you for unemployment benefits. Keep the unemployment office informed of your income. That way you will avoid an unpleasant surprise later. As a day trader you will need a margin account and $25,000.00 minimum balance. SEC rules! While you are on unemployment some (maybe all) of the mainline brokers will balk at giving you a margin account. Before jumping into this, you should realize that most day traders do not make money. The thousands of dollars per month you hope to make, is more likely to be a loss.<br><b>References : </b><br> Your gains will be capital gains, filed on Schedule D. You should consult a tax professional. Early, not at the last minute.

If you really make "thousands of dollars per month" that will probably disqualify you for unemployment benefits. Keep the unemployment office informed of your income. That way you will avoid an unpleasant surprise later.

As a day trader you will need a margin account and $25,000.00 minimum balance. SEC rules! While you are on unemployment some (maybe all) of the mainline brokers will balk at giving you a margin account.

Before jumping into this, you should realize that most day traders do not make money. The thousands of dollars per month you hope to make, is more likely to be a loss.
References :

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