Your Questions About Forex

Donna asks…

How can I find a programmer to write a program using real-time streaming prices for forex analysis?

I have designed a system for analysing and predicting the movements, under certain condictions, of forex prices of various currency pairs.

The programmer who was writing this program for me has totally let me down, after receiving a large part of the payment for this job.

I need a programmer who is very experienced in writing programs to interface with real-time forex price feeds.

kenspong answers:

I would chech out http://www.elance.com or the MetaTrader forum at http://www.forexfactory.com

Good luck

Lisa asks…

How to record Forex losses on Schedule D?

Do I need to itemize each and every Forex transaction? There are hundreds of them.

Or since I had a loss, can I just not list all the positive transactions and then also not list the same amount of negative transactions (leaving only the actual loss) ?

kenspong answers:

Call your broker to find out how you can download the information directly to your tax return software.

Jenny asks…

What place or country is best to trade forex, sorted by the lesser taxes you pay?

Which country or region taxation, is the best for forex traders?

kenspong answers:

Florida and new hampshire

Thomas asks…

How do you pay taxes on a foreign forex account?

I have a forex account but the brokerage is in another country. Do I pay taxes or what? And if I do how do I go about doing that?

kenspong answers:

US citizens and resident aliens pay tax on worldwide icnome, so of course you do.

Unless this is classified as a 1256 contract, you report it on line 21, other income. 1256 goes to form 6781.

And, if the account had more than $10,000 in it at *any* time during 2009, don’t forget to file form TDF 90-22.1

Robert asks…

What is the best place to trade the forex?

I am curious that with the spread and all incentives, what platform/site/company is the best bet for investing your money in the forex?

kenspong answers:

There are so many, try www.fxstreet.com and www.xpresstrade.com

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