Pikiaoboy
24-11-2009, 04:23 PM
Hi all,
Brand new to all this but I am very keen to learn!
I am looking at starting into the Forex trade and I have a few questions I'd like some help on (typically some extra info on what has already been asked here).
1. What platforms do you recommend? I see some are partial to LatitudeFX, Oanda, GoMarket, CMC etc. I am having fun using Oanda right now (losing a lot of pretend money!) but am concerned about setting up an account with them (is the Singapore Oanda just a seperate branch?).
2. What tax implications should I be concerned about? I currently have an LAQC set up as I have been contracting for the past few years, however I am moving back into permanent work and so will not have much income passing through the company. If I use the company for my trading is that worse than trading personally? My gross income from work (this permanent job as well as moonlighting) will be close to the $70k mark, but not sure when I need to worry about any cash that I will withdraw from my Forex accounts. Do I only worry about the tax implications when I make withdrawals into my personal NZ account? Is this a question I need to ask my accountant first?
3. Can anyone recommend some good online doco? I have found a whole bunch online (I like babypips.com at the mo) but if anyone can speak from experience for good doco on the basics that would be appreciated.
Oh, and in case you ask, why do I want to start with Forex? Mainly because I can put as much time into it as I want. And so if I don't have time for it I can have my money sitting there until I'm ready to trade again :) Plus, I'm having fun on the demo account, even though I know I am making the wrong analysis, its comforting to know that it is fake money I am losing, and so I can keep learning and analysing...until I can work out WHY I am losing money :)
Anyway, great to finally post on here, now I can go back to reading all the jokes in the Clean Jokes thread!
P
Brand new to all this but I am very keen to learn!
I am looking at starting into the Forex trade and I have a few questions I'd like some help on (typically some extra info on what has already been asked here).
1. What platforms do you recommend? I see some are partial to LatitudeFX, Oanda, GoMarket, CMC etc. I am having fun using Oanda right now (losing a lot of pretend money!) but am concerned about setting up an account with them (is the Singapore Oanda just a seperate branch?).
2. What tax implications should I be concerned about? I currently have an LAQC set up as I have been contracting for the past few years, however I am moving back into permanent work and so will not have much income passing through the company. If I use the company for my trading is that worse than trading personally? My gross income from work (this permanent job as well as moonlighting) will be close to the $70k mark, but not sure when I need to worry about any cash that I will withdraw from my Forex accounts. Do I only worry about the tax implications when I make withdrawals into my personal NZ account? Is this a question I need to ask my accountant first?
3. Can anyone recommend some good online doco? I have found a whole bunch online (I like babypips.com at the mo) but if anyone can speak from experience for good doco on the basics that would be appreciated.
Oh, and in case you ask, why do I want to start with Forex? Mainly because I can put as much time into it as I want. And so if I don't have time for it I can have my money sitting there until I'm ready to trade again :) Plus, I'm having fun on the demo account, even though I know I am making the wrong analysis, its comforting to know that it is fake money I am losing, and so I can keep learning and analysing...until I can work out WHY I am losing money :)
Anyway, great to finally post on here, now I can go back to reading all the jokes in the Clean Jokes thread!
P