I'd like to know from experienced Traders; does anyone have experience/opinions on using systems such as MYOB, Pronto or Xero, etc for keeping track of their trading profits & losses, assorted equipment/business assets?
i.e. is simply exporting your MT4/MT5 trading history into MS Excel enough to keep your accountant happy?
2) If you don't use them, what is your business process and why?
1) It all depends on what kind of trader you are.
Are you a scalper that holds their trades for seconds or minutes?
Or do you want to trade for longer periods? Hours? Days? Weeks? Months? Years?
There are numerous different strategies and systems.
There is no single system that works for everyone.
What works great for one trader, might not work for another trader due varying market conditions and different trading rules between two different brokers.
Perhaps you should try a few different strategies on a demo account and see what works best for you.
2) Since you are starting a finance related business you should hire an attorney who understands and specializes in the financial market regulations. They can assist you in establishing your licenses and certifications you're going to need.
Thanks Jack for the prompt reply and positive information.
2) Does anyone prefer to not use external accounting-related software with their Trading History and how do they prefer to maintain financial records and process their taxes, if applicable?
I think my best bet is to seek financial advice from an Accountancy Firm local to me who specialise in Forex & Stock Trading, I thought I'd also seek information from active Traders here on the Forums to hear about how others choose to operate.
In easy MT4/MT5 already maintaining your record with profit/loss history via history Tab. But when you asking how much tax payable on your profit it's topic after completing your financial year and that tax payable on your equity base not on balance if your trades still in progress. You can bring this profit/loss record in your balance sheet, where your all trading accounts results will come.
But if you looking every individual account's payable Tax, you can order to the freelance section for Tax calculating chart information regarding your tax and it will show you after a year and this info should be customizable because every country or state has own Tax rules.
Another option this Tax Calculation info panel can export via CSV file via Email or what other options you looking to connect this export direct into 3rd party software and it depends on what kind of file 3rd party tax calculating software adapts.