bmneveu's Account Talk

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Small caps are selling off a lot faster than large caps. Not good for someone in TNA, or S fund for that matter.
 
bmneveu said:
Bought TZA @ $18.49 just now. Maybe just an intraday play, we'll see
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After that huge gap up those TZA shares must be hurting... :(

If we can hold onto these gains I think I may be foolish not to sell my TNA at the close...who knows what the weekend can bring. Can there be more upside? Sure, but 8%+ in more than one day may be worth a sell IMO.
 
MaStA said:
After that huge gap up those TZA shares must be hurting... :(

If we can hold onto these gains I think I may be foolish not to sell my TNA at the close...who knows what the weekend can bring. Can there be more upside? Sure, but 8%+ in more than one day may be worth a sell IMO.
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I was working in the attic.. was it some news that made the gap up?

btw yea, that tza trade is down like 2.5% right now. should trickle back soon. was thinking about adding more but ill probably wait till near the close to see whats going on
 
Birchtree said:
Don't forget your friends at the IRS will come knocking next spring unless your account is tax deferred.
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yea we aren't doing our own taxes this time around. first year new home owners, first year profitable trading, first year in georgia, yada yada..
 
Birchtree said:
Don't forget your friends at the IRS will come knocking next spring unless your account is tax deferred.
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I will have to pay taxes on my ETF plays, but my individual account only started with $3,000 so I'm not making much. $150 here and there. Until I really know what I'm doing I'm not going to risk large amounts of money in 3x ETF's. I like having fun with a little bit though and seeing me making $150 in a day with a click of a button haha. This will be my first year paying taxes on an individual account so hopefully they send you a form and I can still do my taxes on my own easily through an online tax program.

I know there are people on base that will do your taxes for free (or at least it was like that before I spent four years as a recruiter off a base). I'm on leave in route to my new base right now and will be arriving there on August 1st. I'm going to Holloman AFB, NM...
 
The new schedule D form is a bear - it took me three weeks to complete mine last spring. Keep track of your short term gains because your broker is telling the IRS with a 1099B form everytime you trade. They know what you paid and how much you sold.
 
Birchtree said:
The new schedule D form is a bear - it took me three weeks to complete mine last spring. Keep track of your short term gains because your broker is telling the IRS with a 1099B form everytime you trade. They know what you paid and how much you sold.
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Well if my brokerage sends me a 1099 or something it will be easy to just go punch the numbers into tax slayer or one of those other tax sites online. My taxes are pretty simple since I don't own a home, etc.
 
MaStA said:
I will have to pay taxes on my ETF plays,...[SNIP]
I know there are people on base that will do your taxes for free (or at least it was like that before I spent four years as a recruiter off a base). I'm on leave in route to my new base right now and will be arriving there on August 1st. I'm going to Holloman AFB, NM...
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They are still there. They are volunteers and they do great work. If you have a schedule beyond A required, they may tell you to go somewhere else. Nothing against those good people.

As for the nationally known tax preparers-several years ago we went to one because we had to file a schedule E. We were told only one person in one office in the area could do that and that person only worked a few hours in an office 30 miles away.

I researched the formidable schedule E and found that it was pretty simple based on the information available to us.

That schedule D might be a bear if you have a bunch of transactions/earnings/losses during the year.

Birchtree can correct me if I am wrong but I believe that under a certain dollar amount a 1099B does not have to be issued. I have had that issue in the past with 1099I and 1099D. Though no 1099 was issued, you are supposed to declare that income. Just keep track of everything concerning your account.

Keep on doing what you are doing with the ETFs. Many of us are in total awe.

I just realized I am replying to MaStA in bmneveu's account talk. Sorry for the hi jack.
 
Honestly I probably won't start worrying about the tax mess until at least December. It's a headache to me and takes the joy out of this hobby of mine. Thanks for all the info ya'll have provided though! I'll surely come back to it later.

Itchin' to see what Monday brings! Currently short in the OH trading account and waiting for August to bring more IFTs.
 
bmneveu said:
Honestly I probably won't start worrying about the tax mess until at least December. It's a headache to me and takes the joy out of this hobby of mine. Thanks for all the info ya'll have provided though! I'll surely come back to it later.

Itchin' to see what Monday brings! Currently short in the OH trading account and waiting for August to bring more IFTs.
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Have you noticed when OH when you sell a positive it takes a few days to get that cash back in Stock Buying Power? They said for that to not happen you have to open a margin account and not a cash account.
 
MaStA said:
Have you noticed when OH when you sell a positive it takes a few days to get that cash back in Stock Buying Power? They said for that to not happen you have to open a margin account and not a cash account.
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Yea, its actually 3 or 4 days from the day you bought the position I believe. So if you bought TNA on Monday and sell on Thursday, you should be able to short with TZA on Friday. I don't know much about margin but I'm not really interested in paying interest on more buying power. I pay enough in fees and taxes!
 
bmneveu said:
Yea, its actually 3 or 4 days from the day you bought the position I believe. So if you bought TNA on Monday and sell on Thursday, you should be able to short with TZA on Friday. I don't know much about margin but I'm not really interested in paying interest on more buying power. I pay enough in fees and taxes!
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Right on. It just seems if I go 100% in on TNA and sell in a couple days with J's system going short I cannot buy into TZA for a couple days after I sell my TNA so I miss out on that trade. I've usually just been buying one or the other and missing the next signal because of it.
 
MaStA said:
Right on. It just seems if I go 100% in on TNA and sell in a couple days with J's system going short I cannot buy into TZA for a couple days after I sell my TNA so I miss out on that trade. I've usually just been buying one or the other and missing the next signal because of it.
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One way around that is to use half positions (or slightly less than half, to leave some buffer room). So if you're trading with $1k, buy into TNA with $500 or less. This will still leave you with $500 of buying power for the next signal. Sometimes doing that will give you the feeling that you're leaving profits on the table because J's system is so successful. But I think it's more important to have the ability to follow the signals consistently than maxing out on one trade then skipping the next. Either way though, I'm sure you'll do fine if you're following J!
 
bmneveu said:
One way around that is to use half positions (or slightly less than half, to leave some buffer room). So if you're trading with $1k, buy into TNA with $500 or less. This will still leave you with $500 of buying power for the next signal. Sometimes doing that will give you the feeling that you're leaving profits on the table because J's system is so successful. But I think it's more important to have the ability to follow the signals consistently than maxing out on one trade then skipping the next. Either way though, I'm sure you'll do fine if you're following J!
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Or I can just add another $3,000 to play with while the rest is stuck in lala land ;) lol
 
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