Many new and experienced day traders are probably unaware of a new tax that may be coming before congress. It is called the financial transaction tax. What this tax aims to do is draw revenue from both sides of a financial transaction. It would be anywhere from .25% to .50% on the buy and the sell. I believe this would put in jeopardy this industry if the tax becomes a law. Are the day traders thinking of this? I believe many chose this profession to work from home and build their own business.
Day traders in hopes of having financial freedom will be scrambling to replace their current income that will be lost in a blink of an eye. The meaning of financial freedom for most people lies on the idea of no longer having financial obligations or worries. You are debt free and you are able to buy what you want when you want. You no longer worry about paying bills or making ends-meet. For some this freedom may also mean being able to buy a home, a vehicle or luxury items. It can mean being secured now and in the future, by building investments and a nest egg for retirement.
What will be the stop loss mechanism for the day trader? It has to be learning and understanding multiple streams of income. Many are tied to the screen each day eking out their paycheck with no residual benefit. A bad economy makes us think exactly the same way you are probably thinking right now. You need to change your strategy and think outside of the box. You need to find and focus on another way of achieving your financial goals. You need a business idea with a system that works for you.
there is a new company that seems like a natural fit with the day trader out there. It is call Numis Network and it is in the marketing of numismatic silver and gold coins. Can you say hedge? Maybe. This is not an investment it is a method of diversifying your income that could come from outside forces not in your control. The day trader saying of picking up nickels and dimes can be changed to picking up silver and gold coins at a discount seem intriguing.
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