I'm not a German tax law expert.... but we have a similar captial gain loss limit in USA. But, unlike the example you citied, it's not on a individual trade-by-trade basis - it's based on end of year totals. So, for example, in a given year if your stock & options trade result in a overall profit then those gains are taxed as ordinary income. However, if your stock & options trades show an overall loss you are only able to use a certain amout to offset other income with any additional losses carried forward to use in future years. So, I'd get some clarification to see if those loss limits apply to only the end of year totals or if they would apply to individual trades.