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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (1826)	2/22/1999 9:56:00 AM
From: global	Read Replies (1) \| Respond to of 2120

Hi Ken! I enjoyed your chat room for several months this year. I think your chat room members will relate to this. Last tax year, I got a ghastly surprise when I discovered that most brokers provide only raw transaction, and gross money moved during the year on 1099b forms. This is BAD, because the IRS requires a LINE by LINE per trade P&L. I was required to go over and reconcile by "hand" several thousand transactions ( a typical transaction will have at least a buy and a sell, but it can be many more than this due to partial fills, and trades can cover several days, making it hard to put it all together. Eventually I gave up, and handed the whole thing over to my accountant who fortunately had already lost all his hair. Cost me well over $1,000 to get it done, not to mention the lost time. Anyway, I checked around, and so far I have not found a single broker that provides this important capability. So, I and a partner got mad, and built the software. It does the automatic report collation, calculation, and 1040-D ready layout. It even goes onto the net, logs onto each broker site, and pulls the trade data down automatically. So far, it works with DATEK, REALTICK III, QUICKEN. E*Trade, Waterhouse, Discover etc. If you get a chance, take a look at StockTax98 at www.obvioussoft.com and let me know what you think... cheers! dave

To: Ken Wolff who wrote (1826)	2/23/1999 8:39:00 PM
From: Ken Wolff	Read Replies (1) \| Respond to of 2120

(cont...) The bouncing ball or the "macro" momentum in which the market is making its moves each day is generally considered by looking at your fresh gainers and 2nd day gainers. I generally consider the present prices during the day in light of the low, high and middle ranges. Each stock will be averaged into the market by the prices they trade at during the day. If 80% of my fresh gainers are ending near the high I will consider the market to be going UP and so I expect good buying the following day. On the other hand, if the fresh gainers are ending mid range, the buying may be iffy and I will be a bit more cautious. If the fresh gainers are ending near the low then I will turn my attention to shorting the next day and look for larger than normal pullbacks. The real challenge to everyday trading is guessing the amount of selling at the open as this is usually the normal action 90% of the time. (cont..) Ken www.mtrader.com