Your Questions About Successful Trading Business

Mary asks…

How did you start your succsessful home business? Was it with little money?

I’m not interested that you are trying to sell me. Or join anything that is going to cost money? Thankyou. What type of home business did you start? Thank you for your time

John answers:

I did have some experience as an eBay trading assistant. I also have done some tax prep. Either one can be successful on a small scale, but they definitely require some knowledge and work.

James asks…

What is a good book to start with on learning the US, European and the Asian stock market?

I am a beginner and I really want to learn how business, in general and Stock Markets in particular work. Please suggest a really good, knowledgeable and interesting book.

John answers:

Far be it for me to tell you what you want, but having watched newbies appear for more than a decade, I think you want to learn how to invest. If you can learn how to make money, then “how the stock markets work” is immaterial. The back-office workings are only important if you want to work there.

It may seem like nit-picking, but a trader is very accurate and specific and an investor less so, but specifics and accuracy are the road to profits, not inaccurate generalities.

A newbie is interested in how much money they can make, in general. A trader/investor focuses on risk first. Specifics. A newbie opens an account and buys a stock on a hot tip without knowledge of what they’re doing, but a trader/investor develops a trade plan complete with entry triggers and profit targets and stops, and good money management, and tests their plan on a simulator first, while they learn more, before risking a penny. All of the specifics are nailed down with agonizing accuracy, or you’ll end up somewhere else, in general.

Learn first how to invest. If that works out, you may want to invest another two or three years learning how to become a trader and reading dozens more books.

One of the best starter books for investing is Investing For Dummies, available for free from your local library (if you’re in the USA).

Two really “good” books that are “interesting” are:
Schwager, Jack – Stock Market Wizards
Lefevre, Edwin – Reminiscences of a Stock Operator – (about Jesse Livermore)

“Which Is Better, Buy-and-Hold or Market Timing?”

“Do You Have What It Takes to Be a Market Timer

Droke, Clif – Technical Analysis Simplified

Kahn, Michael N. – Tech. Anal. Plain & Simple

Kamich, Bruce M. – How Technical Analysis Works

O’Neil, William J.- How to Make Money in Stocks

Oz, Tony – How to Make Money From Wall Street

Rotella, Robert P. – Elements of Successful Trading, The

Nassar, David – Rules of the Trade

Sperandeo, Victor – Trader Vic-Methods of a Wall Street Master

Wasendorf, Russell – All About Futures

Stocks for the Long Run, by Jeremy Siegel

Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea

You can get all of these books at your local library through the Interlibrary Loan system for free.

Use Investopedia to define financial terms as you go and learn more and use their simulator.

You can also type “how to invest” in the Search Y! Answers box at the top of this screen and get lots of answers. But you’ve got the right idea; the best way to learn is from a good book or three, not from a few sentences and paragraphs and snippets from the internet, or sound bites from jokers like Jim Cramer. Never take a hot tip without a track record. Watch CNBC for ideas and numbers, not opinions. Opinions are a dime a dozen and meaningless, because not one single person has ever predicted future price any better than a coin toss. There are dozens of predictions every day on TV, but don’t fall for it. Nobody can predict future price in one day, one week, or even one minute.

This is the challenge you face: dealing with and preparing for the risk and uncertainty of the future; not unlike life itself. You nor anyone else will ever “know” the future. Keep an open mind to both directions (not just one or your plan), because the future will always be uncertain. Learning to live with uncertainty and handle that is half the challenge. Having an alternative plan for the opposite of what you perceive will save your bacon.

Daniel asks…

How can my husband claim on taxes what he makes cash?

Aside from his regular job, my hubby started helping our neighbors keeping the lawn, trimming the trees, and all that landscaping stuff. He wants to start his landscaping business by next year. We live in Miami, Fl. How do we claim in our taxes that money he gets paid “on the side”. The customers give him personal checks and sometimes cash but we don’t want to do illegal stuff. He just started a week ago but it’s going really well and we’re going to the accountant tomorrow, but I’ll love to hear some answers today please. Thanks!

John answers:

Ok you can start learning today for your appointment tomorrow with the accountant.
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
The independent contractor self employment income will be reported on the schedule C of the 1040 tax form and you will be responsible for the 15.3% of the social security and medicare tax on your net profit from the business operation you also may need to make some quarterly estimated tax payments for the tax year 2010. The last payment would be January 18 2011.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
2 of the seven tax tips for starting a business enclosed below.
#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Starting A Business
*Operating A Business
*Closing A Business
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

David asks…

What sells on the internet?If I want to start selling on the internet,what items should I sell?

I want to start a small retail business on the internet?What should I sell?What kind of items sell on the internet?

John answers:

Try becoming an Amazon or Yahoo seller is one solution. Japanese do have a thriving internet sale market.

The key to become a power seller at Amazon or be successful in online selling is to know where to get genuine cheap products.

We can help you to become a music power seller at Amazon/Yahoo Japan. Check out the top music sellers at Amazon Japan, most sellers (they are not even Japanese residents)ship their CDs from overseas. If you have a
Japan based bank account and register yourself to become a seller and can start to sell all kinds of imported goods Japanese love.

We are a legal registered trading company in Hong Kong. We have been supplying genuine (not copies) popular muic CDs to our European clients for some time and now we are starting a new drop shipping service that you might find interested. No risk, no inventory, no shipping, no captial, no
membership fee required, only if you make a sale then place an order and buy from us and we ship directly to your customers.

Please visit my website ( and I am sure our service could be good for you become a volume seller in foreign music titles. If you are interested, then send me an email at ( to get the price quote.


Betty asks…

I need an idea for a school project about starting a business?

I have to start a make believe business for a school project. I have to have statements and al kinds of paperwork but i have no idea what my business should be about. I want a funky and original business fit for a teenager i appeal to all of you to help and i hope it would be challenging;)

John answers:

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