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Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: allen menglin chen who wrote (5644)	1/25/2001 11:43:32 AM
From: Roger A. Babb	Read Replies (1) \| Respond to of 19633

Allen, the IRS is causing big problems for many traders. It always happens when a good year is followed by a bad year. The wins of the good year are fully taxed, but the losses of the bad year can only be written off slowly ($6000 per year) for the bad year against other income. Sure the trader could write the losses off against future year stock profits IF he has any portfolio left to generate profits! It is not a zero sum game on profits and losses with the IRS.

To: allen menglin chen who wrote (5644)	1/25/2001 11:44:13 AM
From: Pink Minion	Read Replies (1) \| Respond to of 19633

Downfall of a Day Trader Should be "Portrait of an Idiot". Putting everything on E-Trade, GMAFB.

To: allen menglin chen who wrote (5644)	1/25/2001 12:02:36 PM
From: Tom Hua	Read Replies (1) \| Respond to of 19633

Allen, one strategy I've employed is to withdraw profits periodically and put them safely in money market accounts. It's a one way street, under no circumstances will the money return to trading accounts. As a motivation, think about a specific goal such as down payment for a upgraded house, savings to pay the gas bills which will probably go up 10 times next year.... Needless to say, tax planning must always be considered at all times. Regards, Tom