Just commented this too💯 hopefully he does

Yes I've been trying to figure it out too before I start a funded account. I spreadbet in the UK so there is no tax issues, but I'm assuming you are taxed as it's US dollars. All I want to know is do you have to calculate the tax yourself or will they tell you what has been taxed on your invoice

@@wastedaudio4565 unfortunately when you have prop money you aint spread betting as your classed as someone with knowledge and an independent contractor. You will be liable for own tax in accordance to your country of residence so if your in the UK, get out the vaseline n pull ya pants down ready for hmrc if making over 50-80k p.a. especially if not in some sort of company ie LTD

@@bennelson5315 I'll stick to my spreadbet then, much less risk too

@@wastedaudio4565 if your making the profit/% on someone else's capital tho, paying taxes in a smart way is minor in comparison to the income potential a prop firm offers. I dont imagine the spreadbet way will make you a years salary or more in a 2 week cycle like a funded account should/would/could 😇🤑 either way all the best with your journey, may it be a prosperous one 🙏

get your trading plan first and THEN do what you got to do

@@OfficiallyWictor I feel good for u replying me Bro, will one day be more like you 😎 or more🌝 Thanks for the advise though

having a profitable strategy is more important in my opinion. you don't want to learn trading through funding challenges.

@@ToxxicMafia that’s what the trading plan is for. To be consistent

Not everyone can quit everything else to pursue trading as a career. Everyone has expenses, family etc. If you are a losing trader and have no other income then soon the money will run out…

@@willssforex yeah you’re right! Not everyone can do that! But the one’s that did” they are the ones succeed in forex. My advice is don’t jump into forex trading with ideas of making money instead learning the skills and also you will have to accept the lose. You can’t become a winner if you’re not willing to lose. If you don’t see yourself as a forex trader I suggest to focus on what you’re passion for.

U need to have a sense of security for your trading to be good is u just started,psychological in number one,learned this the hard way

trading for a living. god's gift

@@dreambig3663 completely agree with tbis

Following, I have the same question.

you only configure all the accounts on the platform with the desired parameters and only operate a single account so that it is copied to all the affiliates, yes from your phone

@@lucianofernandez3424 nice thanks

my aunt said no. Because forex and crypto trading is not protected by UK gov. So no tax will be charged

@@kjmchc1010 i think it is regulated by FCA, so i would triple check on that side jic

You pay income tax, that’s the only tax. If you in the higher tax brackets i would recommend getting an accountant as well as looking to start an PLC with a lawyer to help save on tax.

If you have Spread betting account its not Taxable if its not your main source of income. If its is your main source of income then you would be taxed Income Tax. But then if trading is your main source of income then you wouldn't use a Spread bet account as the spreads are wider. If your pro trader (main source of income) you would use a CFD account with tighter spreads and lower costs.

Yes max allocation is the goal

@@willssforex 🔥💯

thats correct you just dont get paid and you`ll be in dd of 2% of the total balance

@@lucianofernandez3424 Gotcha! Many thanks for that!

you still hold your account. As long as you don't let drawdown 10%, you can hold that account as long as you want

@@lucianofernandez3424 You hold that dd towards the next month? It doesn’t reset?

@@connormcchicken5915 No it doesnt reset, and you could loose 12% max DD

KZfaq

Social trader tools

@@willssforex Would you do a small video on this for people who are in a similar boat to you this would be very helpful

@@willssforex thanks man!! Would be a great if can make a video about it,but thanks for now

Glad it was helpful!

I will soon

Yes, you can do that

@@youraverageprogrammer7532 Thanks!

I would strongly encourage everyone to take their profit out every month. Let the account grow once you hit the scaling plan, and if you want to grow faster then do another challenge. Let’s say you have $10k profit… does it really make sense to risk YOUR $10k when you could pay $100 for a 10k challenge and cut your capital at risk by 99%? Not really. Even further, why leave your $10k profit in there and only keep 80% of the profit when you could put it in a personal account and keep 100% of the profit.

@@larsen7682 Thanks man! really appreciate your explanation. But i still have a question, let's say i left 2% of my profit split in the account. What would my Max Drawdown be for the next month? is it still 90,00 or will it be 91,800?

@@rohiespanto524 your drawdown limit stays at 10% below the initial balance the prop firm gives you. So it would stay at 90,000. But your daily loss limit also remains at 5% ($5000). So let’s say you double your account size to $200,000 by compounding… your daily loss limit would now only be 2.5% of your balance. This is another reason why compounding inside the prop account doesn’t make sense. You may want to fact check me on this, but I’m pretty sure this is the case for all or most prop firms.

Some props offer free retakes, however they all have a daily maximum loss like $500 and overall loss of $1000 total 👍🏻 (for 10k)

Legend!

Yea I just figured that out lol

@@ItsStaryy Did you breach the acc?

As many accounts as you want but you can only have a max of 400k

There’s a max daily loss. It includes closed and open trades. If you cross that your account is closed. This prevents you from blowing the account

@@redpillopps7923 ah okay, thanks.

X100 max

You have to be at least 18yo I believe

No

You pay taxes the same as any self-employed person would. You’ll write off your challenge fees, trading software, and probably a fair amount of your computer purchases, internet, phone, office furniture, etc… any expenses related to trading will be subtracted from your trading profits for the year.

I don’t withdraw from my personal account

@@willssforex any reason??

@@Xyztyusg compound effect

@_ yes hence the 😅 emoji lol i know 58 trades are massive but the statistics arent always right. i really took like 14 trades. canceled a lot of them

No u get another account and then u go from there

No you get 80% of the profit you make

@@zone6ent.591 after I passed phase 2, i will get the lived account of 100k and if i get 80% of the profit i can withdraw 80k ?

@@inevitable8562 example if you pass a 10k account and you get 1000$ in you first month and you can withdraw 800$ and 200$ is for the company

@@zone6ent.591 so if i pass a 100k account and after the 1 month of going live i can withdraw everything but 20k is going to the company and 80k for me?

1. Yes 2. Not too sure 3. Yes

Best thing to do is to get a good accountant, they know all the best ways of saving money and where to put it all for the best tax savings.

@@willssforex cool man thank you! do you have any specific recommendation on who?

I am doing good, how about you?

No

You would report what FTMO pays you to the government as income and how much you pay would be based on your total income if you have income from other sources. How much you pay depends on what tax bracket you end up in.

@@webventures thank you

Probably bombarded with messages.

🥰🥰

@@mohammedirshad728 lol nah

He is very humble idk what you mean

@@king_Joah jealousy is not a good look just because ur struggling

Like wtf...he is humble asf .....XD

Appreciate it mate!