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24,846,811 Views | 233520 Replies | Last: 59 min ago by spud1910
Carlo4
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In reply to wjbrown88 • 9:30p, 3/31/21
AG
wjbrown88 said:
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax
This must be what happened.

Sounds like the article's author has no idea what they're talking about (pretty much a theme I see in 99% of media now), and/or wrote a clickbait article, and the trader has no idea what he's doing.


Article claims he was day trading up to $2 million daily and making hundreds of trades.
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$30,000 Millionaire
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9:30p, 3/31/21
AG
I had a 1% position in XL, now down to about 0.5% so if it goes to zero, eh.
You don’t trade for money, you trade for freedom.
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$30,000 Millionaire
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In reply to Carlo4 • 9:31p, 3/31/21
AG
Carlo4 said:
wjbrown88 said:
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax
This must be what happened.

Sounds like the article's author has no idea what they're talking about (pretty much a theme I see in 99% of media now), and/or wrote a clickbait article, and the trader has no idea what he's doing.


Article claims he was day trading up to $2 million daily and making hundreds of trades.


That still doesn't make sense unless certain losses were disallowed.
You don’t trade for money, you trade for freedom.
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McInnis 03
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In reply to FJ43 • 9:32p, 3/31/21
AG
I'm in them currently. I'll follow up with you. I'm off to sleep
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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FbgTxAg
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In reply to $30,000 Millionaire • 9:36p, 3/31/21
AG
$30,000 Millionaire said:
Also, I'm not totally negative on XL:

https://www.businesswire.com/news/home/20210331005957/en/XL-Fleet-Announces-Fourth-Quarter-and-Full-Year-2020-Financial-Results


I've got a shlt-ton of 8/20 puts sold at 12.50. I'm not worried at all.
The greatest argument ever made against democracy is a 5 minute conversation with the average voter.
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Brewmaster
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10:01p, 3/31/21
AG
I played XL from pre-merger, went net free on it and made good money selling cc's and puts. Got tired of it dumping, sold around $20 and put that money elsewhere.
Also SPAC's have been getting killed. Until the market decides to give a damn about them I'll just watch.
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KIA
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In reply to Mostly Foggy Recollection • 10:06p, 3/31/21
Mostly Foggy Recollection said:
There's another poster here that got the exact same letter. The letter stated he owed based of total sells and not profit.

Clown organization that needs to be ended.
I believe you are referring to me. TDA did the same thing to me calculating total value of trades made that year, not profit. They sent me a nice letter telling me that I owed $14K after I returned home from my wedding, which I quickly began panicking. After reviewing, I was so bad at trading that year that I only made a few bucks (literally) and owed them $14 dollars. I wrote a check for $14 dollars to those @sshoes and all was good.
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FbgTxAg
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10:08p, 3/31/21
AG
In case anyone has forgotten....

Taxation is theft.

Always.
The greatest argument ever made against democracy is a 5 minute conversation with the average voter.
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Jet Black
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In reply to FbgTxAg • 10:35p, 3/31/21
FbgTxAg said:
In case anyone has forgotten....

Taxation is theft.

Always.


Without extortion they don't exist. Kind of like the mafia.
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$30,000 Millionaire
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In reply to FbgTxAg • 10:46p, 3/31/21
AG
FbgTxAg said:
In case anyone has forgotten....

Taxation is theft.

Always.


I have rage over the Obama care surtax.
You don’t trade for money, you trade for freedom.
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Mostly Foggy Recollection
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10:48p, 3/31/21
As I always say, to view the world the way they do you have to be evil or incredibly stupid....pick one
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FbgTxAg
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In reply to Mostly Foggy Recollection • 10:56p, 3/31/21
AG
Mostly Foggy Recollection said:
As I always say, to view the world the way they do you have to be evil or incredibly stupid....pick one


The Evil use the incredibly stupid as foot-soldiers and pawns in the war against Goodness.

It's both. Puppets and Puppetmasters.
The greatest argument ever made against democracy is a 5 minute conversation with the average voter.
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spud1910
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In reply to FJ43 • 11:00p, 3/31/21
AG
FJ43 said:
Anyone use Elite Options Trader's monthly service with live and real time options trades/alerts?

Seems like a lot of provided info daily/weekly/monthly.
I do, though not as much lately. Pretty good info, but requires pretty constant attention to twitter updates. I like it when I am not doing my regular work, but not something I do if I can't give it my full attention.
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agdaddy04
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1:30a, 4/1/21
AG
Is BRQS showing it went to 0.00 for anyone else??
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FJ43
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In reply to McInnis 03 • 3:08a, 4/1/21
McInnis 03 said:
I'm in them currently. I'll follow up with you. I'm off to sleep
Thanks. Would love to hear about your experience with them.
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FJ43
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In reply to spud1910 • 3:11a, 4/1/21
spud1910 said:
FJ43 said:
Anyone use Elite Options Trader's monthly service with live and real time options trades/alerts?

Seems like a lot of provided info daily/weekly/monthly.
I do, though not as much lately. Pretty good info, but requires pretty constant attention to twitter updates. I like it when I am not doing my regular work, but not something I do if I can't give it my full attention.
Thanks. Many of these types of subscriptions out there but finding the right one or two that works for you can be pretty helpful. Appreciate the response.
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FJ43
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3:17a, 4/1/21
Morning!

Qs gapping up over 322.38 to start.
SPY gapping up over 397.75
IWM up at 221.90

SKEW lower than previous day down to 140.93


I think we may be in for an interesting day.



Trade wisely!
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FJ43
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3:33a, 4/1/21

SKEW view....

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FJ43
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3:48a, 4/1/21

BFLY

ARK bought a bunch of this yesterday.
Things tightening up and at a pretty solid support level.

May take a look at the May 20c today.



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FJ43
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4:48a, 4/1/21

REI

May be getting close to round 2.

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WhiskeyBusiness
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In reply to FJ43 • 4:51a, 4/1/21
AG
FJ43 said:

BFLY

May take a look at the May 20c today.
Grabbing these today.
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BrokeAssAggie
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5:31a, 4/1/21
Futures bright green this morning
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KT_Ag08
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5:43a, 4/1/21
AG
Everyone be cool
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Brian Earl Spilner
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5:53a, 4/1/21
AG
PRNT and ROKU
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zag213004
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In reply to KT_Ag08 • 6:02a, 4/1/21
AG
KT_Ag08 said:
Everyone be cool

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AgEng06
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6:19a, 4/1/21
AG
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BrokeAssAggie
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6:23a, 4/1/21
McGinnis, how you like the Redler all access? I'm thinking about giving it a go.
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LOYAL AG
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6:36a, 4/1/21
AG
Wash Sale Rule example that I think will help clear it up:

  • You purchase 100 shares of CLOV for $15 on 12/1/20
  • You sell your 100 shares of CLOV on 12/15/20 for $10 creating a loss of $5. (Too soon?)
  • If that's the end of the trade you have a $500 loss you can use to offset gains in other trades.
  • BUT...if you repurchase CLOV within 30 days of that sale that $500 loss is removed from consideration until you close the sale again and stay out for 30 days.

I used December specifically because that's what the rule is made for. Go back to the second bullet, you've sold on 12/15/20 for a $500 loss. If that's the end of your CLOV trade you have a $500 loss you can use on your 2020 tax return. However, if you repurchase on 1/10/2021 for any price they're saying that the $500 is deferred until you are out for at least 30 days. A turn around that fast makes that $500 effectively a paper loss in their eyes and they won't let you use a paper loss for tax purposes. They're stopping you from taking a loss on 12/31 for tax purposes then reentering at basically the same price on 1/1 only to sell later at a profit.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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cageybee77
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6:39a, 4/1/21
AG
I presume that trading within a 401k precludes you from any taxes including wash-rule type taxes.
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slacker00
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In reply to cageybee77 • 6:54a, 4/1/21
AG
Except if you are trading the same underlying in both you tax advantaged account and your regular account. If you do that the loss is permanently disallowed.
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cageybee77
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In reply to slacker00 • 7:04a, 4/1/21
AG
I don't have a regular account. Thanks!
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Charismatic Megafauna
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In reply to LOYAL AG • 7:06a, 4/1/21
AG
Awesome explanation, thanks. So for the $800,000 question: is there actually a way this dude could have come up with a tax liability 20x his net profits?
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BrokeAssAggie
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7:07a, 4/1/21
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bmks270
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In reply to slacker00 • 7:13a, 4/1/21
AG
slacker00 said:
Except if you are trading the same underlying in both you tax advantaged account and your regular account. If you do that the loss is permanently disallowed.

Explain more please?
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McInnis 03
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In reply to BrokeAssAggie • 7:14a, 4/1/21
AG
CrazyRichAggie said:
McGinnis, how you like the Redler all access? I'm thinking about giving it a go.


Honestly, it's a fantastic service. He gives a TON of charts each day with his own commentary on each and all his levels scribed on each. He gives comments via twitter throughout the day about how he's trading through the day and on the macros.

I think his service is great for competent traders who have a plan and an approach. It's GPS for a good driver IMO.

It's not hand holding and picks.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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