Exploiting private partnerships would necessitate that the trader understand tens of different asset classes better than the MPs that allow for the security to be traded at a discount.

If you are interested in more of the transactional type deal and market at hand (day trader), appreciation may not be a factor. 

Another example is how many BP'ers are among the top 200 note traders in the country?

You may also want a TIN for your Ira If you are doing wholesaling that would be considered a “trader business” and UBIT would apply.

I'm kind like making a comparison between the tax treatment of Real Estate Pro Status and Trader Status Pro:Stock/Futures Trader:- trader trading futures has a preferable tax rate instantly although one doesn't have trader status- For trader status, they could write down the unlimited number of losses instantly, it's not hard to attain trader status once the LLC is in place, one just need to display their trading logs.

While stock investments are also generally passive, you do have those that consider themselves active traders.

.- Better- Gambler- Speculator- Trader- InvestorThe gist that I got was the difference between investors and speculators are hold period and leverage. 

I have seen day traders make $50-$100 or even more in an hour. 

Interestingly enough I talked to one experienced trader that thought the rising interest rates would start putting pressure on the "big boys" using fed money to stop bidding so aggressively and we had hopefully reached the top of the pricing trend for NPN pools (a good thing for us small to mid size investors using higher cost private money).

Flat fee is the way to go, I wouldn't pay a skip trader a percentage of the deal.