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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Gary Payton who wrote (3173)	6/6/1998 6:19:00 PM
From: steve goldman	Respond to of 4969

There is a thread up here that is hosted by a number of accountants who can give you more etailed answers, but your profits are NET of commissions. As for other investment expenses, margin interest is deductible but there are always issues with SI memberships and computers expenses and internet charges.... Message 4572006 this is the URL for a reply in the tax thread...Colin and that guy green are pretty knowledgeable...they'll give you the ins and outs. -Steve@yamner.com

To: Gary Payton who wrote (3173)	6/6/1998 6:30:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

From another thread, i thought might be interesting given recent discussions up here... Also..did anyone see the article in Individual Investor about a daytrader who openly talked about his failures at daytrading and the 5% success rate he felt the practive offered...thought it was interesting. Lawrence, you are missing a point. If you put in a limit to buy xyz at 10 and you get a report at 10, you are probably saying "great, I got it at what I wanted it at.." The point is a market makers went into the open market, and got it at 9 7/8, booked it into their inventory a/c at 7/8 and filled you at 10....why didnt' they give it to you at 9 7/8 on a 10 limit? because they are market makers? Would you ever buy a house through an attorney that took both sides, that is bought it from the seller and was selling the house to you out of his own pocket? NOT A CHANCE! you'd never get a better price, and ifyou did, he got even better. That's what making a market is and yet individuals doing business with firms like DLJ, Schwab are trading in 'house'amounts of money every day with a market maker. Hey, but you got filled at your limit.... Understand how market makers make their money, understand and consider how anyone could offer to do trades for $5 bucks or OLDE's commissionless trading...they are business people..noone does business for free. .look at their balance sheets, they make tremendous money....on your 1000 shares you think you are paying $19...you are, for sure paying more... which do you think they want? 19 or the 1/8s on all the 1000 extra shares you trade because you can piggyback them on the $19 ticket? -Steve@yamner.com