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
@@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 🙏
i like the idea of having other income but if people were smart with there withdrawls pressure to make money shoudnt be a issue if your generating 5-10% a month on funded baring in mind a decent salary in the uk is 30k in your profitable months before you go spending use the profits to cover your yearly expenses and it will remove the feeling of needing to trade or fomo
Hi Will I have question, when it comes to trading multiple accounts simultaneously, do you place trades also with your phone? And are they copied anyway? Thanks!!
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
Well, what you said in the video about having part time job aside and not relaying on trading. That’s your personal opinion. But if you are really looking to grow and have financial freedom you will need sacrifice time and energy to achieve the goal. In forex you can’t focus in your job and trading same time. If you are planning to work and do forex at the same time you’re planning to fail. Choose one thing to work on, your job or forex
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.
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.
Man I believe it. About to get my first payout soon for FTMO. Having a reset after the payout and starting July off fresh is gonna feel good. I had a question too, are you looking to get the max allocation for FTMO at 400k? Combining two 200k accounts would be fire 🔥
Great information thank you. When they say you can't trade news, do they physically block you from placing trades just in case you accidentally place a trade during news... or can you actually still place the trade... then get hit with a breach? Also what is the timeframe of "Trading News"... are you allowed to place a trade say an hour or 2 after the news has been released? Many thanks to anyone who can answer these questions 👃
If one became funded, what happens if you finish the month in a loss, say, 2% drawdown. Will you still hold that account going forward in to the next month since the max drawdown limits have not been met?
I have question, you said that whenever after payout the account resets, can't i leave a 2% from my profit then let it compound? so i can have a buffer for the next month?
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.
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.
@@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?
I'm extremly lost when it comes to these challenges. For example, if i take up the $400,000 challenge with FTMO & they say i keep 75%. 1. Will they fund me the $400,000 to trade? 2. If so, what is my objective apart from growing my account? Like must i make $400, 000 on top of what they funded me with already? Or any amount is fine as long as i made some profit? 3. Lets say i do make $400, 000 on top of what they gave me. Is 75% of that money mine?
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.
A video about how you account your profits for tax on funded profits would be good
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 🙏
i like the idea of having other income but if people were smart with there withdrawls pressure to make money shoudnt be a issue if your generating 5-10% a month on funded baring in mind a decent salary in the uk is 30k in your profitable months before you go spending use the profits to cover your yearly expenses and it will remove the feeling of needing to trade or fomo
WOW, that's some great tip and advice, getting enough money aside before going for the prop firms. Thanks Bro
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
Hi Will I have question, when it comes to trading multiple accounts simultaneously, do you place trades also with your phone? And are they copied anyway? Thanks!!
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
Absolutely great advice. Thank you so much.
Well, what you said in the video about having part time job aside and not relaying on trading. That’s your personal opinion. But if you are really looking to grow and have financial freedom you will need sacrifice time and energy to achieve the goal. In forex you can’t focus in your job and trading same time. If you are planning to work and do forex at the same time you’re planning to fail. Choose one thing to work on, your job or forex
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
If working a full time job, how do you go around paying tax on trading profits ?
Which would you reckon is the best for much smaller timeframe trading?
Thanks for the content mate but what software do you use for tradecopier?
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
which trading platform do you suggest to connect with either FTMO or MyForexFunded
On personal accounts do you have to pay tax? I thought in the U.K. it was classed as spread betting?
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.
Good video, happy trading for this week 🤞🏾💯
Insane growth I hav been watching u since 3-4k subscribers
Man I believe it. About to get my first payout soon for FTMO. Having a reset after the payout and starting July off fresh is gonna feel good.
I had a question too, are you looking to get the max allocation for FTMO at 400k? Combining two 200k accounts would be fire 🔥
Yes max allocation is the goal
@@willssforex 🔥💯
Can you do a video on paying tax with the funded accounts please
Dude lovely video!!
Legend!
Great information thank you. When they say you can't trade news, do they physically block you from placing trades just in case you accidentally place a trade during news... or can you actually still place the trade... then get hit with a breach?
Also what is the timeframe of "Trading News"... are you allowed to place a trade say an hour or 2 after the news has been released? Many thanks to anyone who can answer these questions 👃
Great information. Thanks for the knowledge.
Glad it was helpful!
There is no tax on fired incomes
?
What’s some of your other incomes ?
UA-cam
Great video brother! Can you please talk about what businesses you have? Trying to learn from my mentor haha
I will soon
Oh my days Will, you saved my day. This is the best video I've seen so far this whole month
THANK YOU useful things said for sure
The Best and honest trader ☝️☝️
Say you had a 10k account, and made a loss that month of 1k. Would it get reset back to 10k? Or will it stay at 9k?
Thanks
Some props offer free retakes, however they all have a daily maximum loss like $500 and overall loss of $1000 total 👍🏻 (for 10k)
Please How to make the tax for FX profits from your personal account or prop firm account in UK?
If one became funded, what happens if you finish the month in a loss, say, 2% drawdown. Will you still hold that account going forward in to the next month since the max drawdown limits have not been met?
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
how many pairs do you trade?
hi will i have question about how many account i can trade at the same time in ftmo ?
As many accounts as you want but you can only have a max of 400k
hello is there any forum where i can meet other traders
This is is a great video Will.
Success in these markets doesn't happen overnight.
Enjoy the process.
Keep it up!
Hey, do you know any funded account fir crypto ?
Hello brother, I lose when ever I placed a trade, cos I misunderstand de candle stick and then
Do the rules remain the same after u pass the challenge? The thing with drawdown
Yea I just figured that out lol
@@ItsStaryy Did you breach the acc?
What the rules? When funded
What leverage they allow to trade on ftmo?
X100 max
I have question, you said that whenever after payout the account resets, can't i leave a 2% from my profit then let it compound? so i can have a buffer for the next month?
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 $200,000 by compounding… your daily loss limit would now only be 2.5% of your balance. This is another reason why compounding inside the prop account doesn’t make sense.
You may want to fact check me on this, but I’m pretty sure this is the case for all or most prop firms.
I can make 100% in one day
I was literally pondering this-this morning
Wait, so if you blow up the funded account, you’re not liable for it?
There’s a max daily loss. It includes closed and open trades. If you cross that your account is closed. This prevents you from blowing the account
@@redpillopps7923 ah okay, thanks.
Ok
Great video bro!
Appreciate it mate!
SO are you saying you will pay back funded when you loss
No
Thx for sharing your experience. im in that proccess too. greetings from Perú
Can you make a video about taxes with FTMO?
You pay taxes the same as any self-employed person would. You’ll write off your challenge fees, trading software, and probably a fair amount of your computer purchases, internet, phone, office furniture, etc… any expenses related to trading will be subtracted from your trading profits for the year.
God bless u chief..............
Once you pass phased 2 the money is all yours right?
No u get another account and then u go from there
No you get 80% of the profit you make
@@zone6ent.591 after I passed phase 2, i will get the lived account of 100k and if i get 80% of the profit i can withdraw 80k ?
@@inevitable8562 example if you pass a 10k account and you get 1000$ 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?
How much percentage do you withdraw from your personal account
I don’t withdraw from my personal account
@@willssforex any reason??
@@Xyztyusg compound effect
Can anyone get a funded account?
You have to be at least 18yo I believe
good video
Easiest way to get funded is take a quality trade in every two to three days with a stoploss of 0.25%.😇
Amazing!!!
I'm extremly lost when it comes to these challenges. For example, if i take up the $400,000 challenge with FTMO & they say i keep 75%.
1. Will they fund me the $400,000 to trade?
2. If so, what is my objective apart from growing my account? Like must i make $400, 000 on top of what they funded me with already? Or any amount is fine as long as i made some profit?
3. Lets say i do make $400, 000 on top of what they gave me. Is 75% of that money mine?
1. Yes
2. Not too sure
3. Yes
hey man do you use tax loopholes etc, as tax as in England is a sickening amount!
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 have 14 trading days with 58 trades and im $300 away from $10,000 😅
@_ 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
7:37
Prop firms use demo accounts
First
You doing well ?
I am doing good, how about you?
Will what happened looked like u lost alot of weight. Or is it ur lack of beard
how much tax do u pay woth FTMO?
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
I thought you didn’t have to pay tax as a day trader until you were doing 100k a day? And it’s also considered gambling
No
I don't believe you have the money you say you have.
👍🏻👌🏻
I dare say wel be seeing MFF videos soon ……600k extra incoming 🧐💰💰
Guy is great but never replies dms...good work tho
Probably bombarded with messages.
❤🤑🤑🤑❤❤❤👏👏👏👏
This guy is just full of himself
🥰🥰
@@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
Great information and insight, thanks much 👍