That is correct. Given the new tax plan, anyone t

That is correct. Given the new tax plan, anyone trade (non qualified aka non retirement monies) should consider setting up an s-Corp as a trader. Utilizing this gives you the ability to be taxed at a corporate rate which for most is far less than ordinary income. In addition, if you show a profit from Your trading, you can fund a profit sharing plan within the corporation and eliminate lost if not all of your tax burden. FYI not an accountant, just something my cpa had me do.