USA Trading the Forex

[Matthew Tabone]

My apologies if this has been answered but I did not find it through several searches.

• I am a US citizen
• I am not here to sell my strategy
• I really do just want some real advice on any restrictions I would have being a US citizen

There are numerous reasons for me going with a broker outside the U.S. but I've heard so many opinions I just want the actual official answer. I'm not looking to do anything shady and these accounts would be in my name and the brokers verify my identity.

I am sure I'm forgetting something below so if you see a hole or a question I haven't asked please share. I thank everyone for their time in advance.

Also, I am not new to Forex. I've been out of it for a long time and things have certainly changed so I want to make sure I do things proper. I guess I never really thought about it in the past but the reality is that I lost more money than I ever made and it was never a large amount. Things are most certainly different now.

Forex Questions

Questions

• Company/Individual - Is it better to do this as a company or an individual?
  • Are there expenses I could take advantage of as a business that I could not as an individual?
  • What types of expenses can be deducted?
    • Computer for trading?
    • Internet?
    • Cell Phone?
    • Service fees that are 100% related to my trading.
    • Fees for transferring money anywhere it happens?
    • VPS (online server)
    • Fees paid to the strategy developer (trader who came up with the strategy)?
    • What else could be deductible?
• Brokers - Is there a limit on how much I can have, in my own account, if I open an account with a foreign broker that accepts U.S. Clients? U.S. brokers are more restrictive.
  • If yes then how much and as long as I keep it under that am I okay?
  • Is that on a per account basis, per broker, total amount invested in foreign brokers?
• Profits - How do I report profits I make doing my own trading?
  • Do I have to report at the end of each year?
  • Do I only report on what I withdraw?
• Signal Provider
  • I am thinking of registering with a few online sites that will allow users to subscribe to my trading.
  • I register my account, the site shows my results and users can choose to copy my trades for a fee.
  • The online site then gives me that subscription fee minus any commissions they charge.
  • Since the online service is the middle man between me and my subscribers am I able to do that without any certifications?