Richard, Tony, David, Ed,
We need to do more to educate people on tax issies. I hope that thanks to you a few IOMG souls have been saved. Some people (Jim) do not know that there are rules for wash sales but NONE FOR "WASH PURCHASES." I.e. you cannot sell and buy again within 30 days and avoid short term capital gains!!! If it WERE true I would be trading stocks all the time and I would make billions. Our tax code does not allow such a thing, neither does any other country I know of.
Traders (day traders) exist. They help us, INVESTORS, get WEALTHY.
These are people who have a different agenda - buy, sell higher, pay your tax and go look for another ride/trade. Most of the time they MISS the BIG moves, because those happen over time through compounding.
Tomorrow, if (hopefully) IOMG moves above 42, day traders will say: big deal - a meager $3 move... For me it is another 65% on my initial investment back in November '95 (boy, was I late!?).
Most certainly I could have sold at 50+, but would IOMG drop to less than 33 to justify me being better off - more shares after taxes paid... (my cost is 5.7) I think NOT. The risk was and still is too big to take as IOMG will prove tomorrow.
Think about it this way: stock ran from 57 - 58 pre split to 54 - 55
post split in 9 days; IOMG had to deal with MAJOR hatchet jobs done by Barron's and WSJournal - the tribunes of the WISE (ha); bad influence from action in loser stocks like SYQT, and, and, and we had a 3 day weekend - we know that traders would soil themselves if something happened over theis period and they lost a couple of bucks - so they sold.
This weekend I was at several computer storec in my area. Zips and Dittos were flying off the shelves while EZs were untouched.
There you have it! I am adding to my IOMG soon!!!
Winner, Long on IOMG |
