Stock Markets Exposed

I am doing "Day Trading" in stock market. Am I eligible to receive "Unemployment Benefit"?

I am currently receiving Unemployment Insurance Benefit and I am about to open an "Day Trading Stock Account"...that I buy and Sell stock several times per day. For some reason, I am expecting to earn some $$$ regulary...per month. Does it consider as an "Other Income"???? Some people say it's not because it's an investment. However, what i going to do is not a long term investment and there will be lot of buy, sell transactions per day. - I will be expecting some thousands of dollars per month. Am I still eligible to receive unemployment benefits???? I am in California and......to open an stock trading account, i will submit my Social Security # and all the information. Please advice. thank you.

Public Comments

1. It is income when you gain, and this should nullify the unemployment bennies, not sure, check with the GOV of your city. Also, this may fall under gambling for tax purposes, again, I'm not sure, just a thought.............
2. if your going to make thousands a month why would you want unemployment anyway?
3. 1. That is income. Any income you earn will offset your unemployment benefits. Income does not have to be classified as an investment to be income. If that were true, wages from a job would not be income. 2. Your chances of making "some thousands of dollars per month" as a day trader are near zero. The fact that you seem to think that this would not be classified as income leads me to believe that you are nowhere near sophisticated enough an investor to make a dime as a day trader. Good luck, you're going to need it. 3. As a day trader you are considered self-employed. If you are self-employed you have a job. If you have a job, you are ineligible for unemployment benefits.
4. It should be called "legal gambling" and shouldn't effect your unemployment benefits, but I dont know if it will or not.
5. There is no income eligibility for unemployment. Your additional unearned income does not reduce your unemployment benefits. Unemployment pays you when you are out of work through no fault of your own, and are available for and actively seeking employment. If you are establishing yourself as a daytrader, doing several trades a day, then you are not available for and actively seeking employment. This will disqualify you from unemployment compensation. If you were just investing and not making several trades a day, that alone would not disqualify you from unemployment compensation.
6. while I was day-trading and unemployed it did not affect the benefits. However, I was not a everyday trader, maybe weekly or so. I quickly found out that day-trading is not the way to go. and for you to be here and ask the question also leads me to believe you will lose a lot. day-trading is not mastered overnight, ( yeah, it's in the "day", I know..smart-alick ) or by software programs from weekend get rich seminars. look at the so- called analysts on TV, they don't know what is going to happen. They just make charts to say they saw this coming AFTER it happened. then they think they can predict market movements. Yes, you will learn some costly lessons by day-trading. UNLESS you are heavily connected with wall street big shots Good Luck.