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  #1  
Old 09-27-2009, 02:42 AM
shishya shishya is offline
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Default Day trading while on H1B?

Folks,
Am on H1B and have already applied for 485 (EB2 I May 2006). I am not sure if I am allowed to day trade in the current status. By day trading I mean not just investing in stocks and not just buying and selling stocks in a single day -- I am asking about making perhaps 10 trades in a day (5 rounds of buy, sell)? I understand IRS can call you out to be a full-time trader but the rules for this are not laid out clearly, as far as I can understand. Anyone out there with relevant links/personal experience on this one? Would really appreciate your feedback.

Thanks!
Shishya
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  #2  
Old 09-27-2009, 02:43 AM
shishya shishya is offline
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Default Day trading while on H1B?

Folks,
Am on H1B and have already applied for 485 (EB2 I May 2006). I am not sure if I am allowed to day trade in the current status. By day trading I mean not just investing in stocks and not just buying and selling stocks in a single day -- I am asking about making perhaps 10 trades in a day (5 rounds of buy, sell)? I understand IRS can call you out to be a full-time trader but the rules for this are not laid out clearly, as far as I can understand. Anyone out there with relevant links/personal experience on this one? Would really appreciate your feedback.

Thanks!
Shishya
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  #3  
Old 09-27-2009, 02:51 AM
ronhira ronhira is offline
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y not ask SEC or NASDAQ to file for your h1..... that should take care of things..... if u r making 10 trades in a day ..... during day time..... then u r actually not working in u'r real job..... y not have h1 for the job that u r really doing...... just trying to help by suggesting a way out.....
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  #4  
Old 09-27-2009, 03:12 AM
shishya shishya is offline
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Quote:
Originally Posted by ronhira View Post
y not ask SEC or NASDAQ to file for your h1..... that should take care of things..... if u r making 10 trades in a day ..... during day time..... then u r actually not working in u'r real job..... y not have h1 for the job that u r really doing...... just trying to help by suggesting a way out.....
Helping by suggesting a way out? Wow, thanks! With all due respect, I'd request you to keep your opinion about who should file my H1B to yourself. I had a straightforward simple question, if you do not want to answer, so be it. And please mind your own business rather than judging if I am doing my job or not just coz I seem to be day trading. Think before you post crap. Thank you.

Last edited by shishya; 09-27-2009 at 03:12 AM. Reason: Punctuation correction.
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  #5  
Old 09-27-2009, 03:34 AM
yagw yagw is offline
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Quote:
Originally Posted by shishya View Post
Folks,
Am on H1B and have already applied for 485 (EB2 I May 2006). I am not sure if I am allowed to day trade in the current status. By day trading I mean not just investing in stocks and not just buying and selling stocks in a single day -- I am asking about making perhaps 10 trades in a day (5 rounds of buy, sell)? I understand IRS can call you out to be a full-time trader but the rules for this are not laid out clearly, as far as I can understand. Anyone out there with relevant links/personal experience on this one? Would really appreciate your feedback.

Thanks!
Shishya
AFAIK, your visa status will not affect day-trading. You just need to specify the gain/loss when you file taxes (like anyone).

That said, I believe you are aware of the requirement that you need to have a minimum of $25K in your account to do day-trading. And also the risks involved in it.

My 2c as some one who tried it, play only with money you can afford to loose (as you WILL most of the time) and get out if you have to, without emotional attachment.

Have fun and BE SAFE!!!
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  #6  
Old 09-27-2009, 04:19 AM
shishya shishya is offline
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Originally Posted by yagw View Post
AFAIK, your visa status will not affect day-trading. You just need to specify the gain/loss when you file taxes (like anyone).

That said, I believe you are aware of the requirement that you need to have a minimum of $25K in your account to do day-trading. And also the risks involved in it.

My 2c as some one who tried it, play only with money you can afford to loose (as you WILL most of the time) and get out if you have to, without emotional attachment.

Have fun and BE SAFE!!!
Thanks for the honest and to-the-point answer Yagw. Yes, I am aware of the risks involved and therefore never EVER exceed the threshold I set for myself. I am not new to stock market having been in it for the past four years -- not that that makes me ANY safer than a newbie though.

Appreciate your advise of caution, will definitely keep that in mind.

Thanks!
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  #7  
Old 09-27-2009, 01:01 PM
sundeep14 sundeep14 is offline
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this topic is interesting....i do buy/sell stocks usin zecco / BoA etc...which are sites where i can do day trade..im interested to venture into it...

suggestions??
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  #8  
Old 09-27-2009, 01:47 PM
chantu chantu is offline
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I don't think day trading affects your H1B. It will be shown under capital gain/loss on your tax return. We can have CDs then why not profit through stocks.

But still, I am not an expert! Please consult proper person.
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  #9  
Old 09-27-2009, 02:04 PM
Pagal Pagal is offline
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Hello,

I think you are fine to do day trading on any visa type.

Just because you conduct multiple transactions per day does not legally imply that you are paying any less attention to your regular job.

If you are called for an AOS interview, a curious IO may ask how did you manage both, but you can always show that you did your job well by providing copies of your performance evaluations and/or letters from your supervisors/HR.

In summary, good luck w day trading! Do donate part of the profits to IV...
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  #10  
Old 09-27-2009, 02:09 PM
sdrblr sdrblr is offline
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On a side note, what do you guys suggest to use for trading for someone like me who does it occasionally and very low volume both in terms of quantity and $. Currently I use share builder... is there anything cheaper and better than this.
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  #11  
Old 09-27-2009, 02:18 PM
stemcell stemcell is offline
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Quote:
Originally Posted by shishya View Post
Thanks for the honest and to-the-point answer Yagw. Yes, I am aware of the risks involved and therefore never EVER exceed the threshold I set for myself. I am not new to stock market having been in it for the past four years -- not that that makes me ANY safer than a newbie though.

Appreciate your advise of caution, will definitely keep that in mind.

Thanks!
Any tips as to how you pick a stock would be welcome.
Mostly for day trading do you do any technical analysis or is it mostly intuition?
BTW you can day trade, it should not matter your H1B status as some one else duly pointed out.
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  #12  
Old 09-27-2009, 03:19 PM
wahwah wahwah is offline
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what you're describing is day trading but you will only catch the eye of the IRS ONLY if you're making $50K of above in profits or you're buying and selling $100K of shares in short period of time....in other words, any amt that is more than your salary.

buying and selling shares 10 times a day in small cash amounts will not be an issue. if you get audited IRS may only wonder if you're really working for your employer becoz you can't have that much time in your hands if you're really working a full time H1b job.

i have traded stocks for several years regularly in large amounts - singular trades sizing up to $20k. Though i've been fined by the IRS in the amt. $11K for not paying enough taxes on capital gains but have never been audited. ..touch wood.

i guess the bottom line is that if you're trading well below your salary level and are not making obscene profits disproportionate to your salary...you should be fine.


Quote:
Originally Posted by shishya View Post
Folks,
Am on H1B and have already applied for 485 (EB2 I May 2006). I am not sure if I am allowed to day trade in the current status. By day trading I mean not just investing in stocks and not just buying and selling stocks in a single day -- I am asking about making perhaps 10 trades in a day (5 rounds of buy, sell)? I understand IRS can call you out to be a full-time trader but the rules for this are not laid out clearly, as far as I can understand. Anyone out there with relevant links/personal experience on this one? Would really appreciate your feedback.

Thanks!
Shishya
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  #13  
Old 09-27-2009, 06:41 PM
nocomment nocomment is offline
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Why would IRS care how you perform your full time job. IRS's responsibilty is to collect taxes on our earnings, and it doesnt matter you trade 100 or 1000 stocks per day as long as you file schedule D.

Short term trading is gambling, you wont come out of the game until you lose. Long term is the way to make money.
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  #14  
Old 09-27-2009, 07:56 PM
mps mps is offline
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Quote:
Originally Posted by sundeep14 View Post
this topic is interesting....i do buy/sell stocks usin zecco / BoA etc...which are sites where i can do day trade..im interested to venture into it...

suggestions??
If you are trying to trade based on last tick (as most of the day traders do) then online brokerage us useless for you ..consider direct access trading services ..Goodluck !

(Don't trade with money you need for housing, food, & clothing)
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  #15  
Old 09-27-2009, 08:29 PM
smisachu smisachu is offline
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He could have an algorithm trading for him while he is busy with his day job and that could make 10-20 trades a day

It dosent matter if you are on H1; because as long as you have your H1 job then it is just investments you are doing. Just out of curiosity; are you a technical/chart guy or do you use quantitative techniques?


Quote:
Originally Posted by ronhira View Post
y not ask SEC or NASDAQ to file for your h1..... that should take care of things..... if u r making 10 trades in a day ..... during day time..... then u r actually not working in u'r real job..... y not have h1 for the job that u r really doing...... just trying to help by suggesting a way out.....
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RD- Sep 4th 2007
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GREENED AUG 5th 2010

Last edited by smisachu; 09-27-2009 at 08:33 PM.
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