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First I will be honest and admit that I am 100% short right now. The question I have to ask myself is if I were flat would I want to go long? If I did, I would keep a pretty tight leash on the longs. I'm sure alot of the fund managers and institutions are glad to be long but now what? They...

keep in mind that lots of gold mining companies hedge to try to maintain a more level target price for their short term reserves. Because of this reason gold stocks are a lot different than gold futures or actual gold.

Eldredge Thanks for your reply also. I Trade futures mostly but love to read the options forum. I need to add a few good options books to my library. Some day I will understand more about the complexities of options. A most fascinating world they are indeed!! :)

Maverick74 thanks for the fast answer. I figured that some of you guys would be awake. I have made some $ selling covered calls and it just seemed like having both positions on would have a better chance of making money than just the long stock and short call.

A few of us traders not very educated in options were wondering if this would work? Lets use QQQ for this example. if QQQ is currently @ 35 and I go long QQQ and sell a Dec 36 call then in another account I go short qqq at 35 and sell a Dec 34 put. Is this viable strategy? How much risk...

You guys ever trade the ER? I have just started trading it a bit. Wow .. it has some great ranges and trends compared to the ES. Love reading your posts guys. I would like to visit your live futures chat room some time. keep up the good work Mike

I could talk along time on this subject but I wont. I think paper trading with a "GOOD SIMULATOR" is a great thing for new futures traders. especially if you are trading very short term. I traded futures live for a year before I ever used a simulator. I have to say that the simulator gives...

I have been trading the YM every day for over a year. I do like it alot but it does have some teeth that you have to be aware of. Because of its lower liquidity you can get caught in some stop cascades alot easier than the ES. I once got a 9 point slippage on a stop loss trigger. Now that...

I have to laugh a bit when I read the description of a wash sale. Its usually something like 2 trades of the same stock over 2 months example. I always wanted to know what happens when you trade the qqq 10 times a day every day. I Thank the trading gods that I found futures. :)

I think the IRS is talking about moving the snake venom futures over to the section 1256 type so I can start trading those in 04 :cool:

As long as you trust your IB 1099 statement at the end of the year you can use that figure but you should still keep a log of all trades in case you get audited. The Brokers archive the data for a couple of years usually but it is good practice to keep good records even if you only download...

I finally got it all figured out today. I decided to spring for the commodities sample tax returns kit from the Green Trader Tax site and brought those in to my CPA to make sure we had it all straight. I sure see the simplicity if all I traded was futures. LOL It would cut my total return by...

Form 6781 is used for all traders even if they have not elected "Trader Tax status"?

The Tradekeeper software gives me my total futures P&L so that should work great. I guess I need to report my SSF trades along with my stock and option trades. I think trading only ES, YM and NQ would sure make my year end trade reporting alot easier. I noticed another freelance program on...

Are SSFs reported the same way??

Thanks market_man76 ...2002 was my first year trading futures and this is new to me. This trader tax thing sure adds adds to what is already a mess every April. Or October if you put it off like me. I spend more time screwing with my year end trading crap than I spend on my other...

So for futures the IRS does not need to see every trade? They only need net gain and losses and total contracts for each future traded. Thats sound great to me . My CPA is not very knowledgeable in the area of futures trading.

After playing with the Excel #s a bit it seems that it needs the larger amount or else it needs a multiplier (50) If i use the $1000. amt. it thinks I made $2.00 and not 2 Es points. How are other traders reporting their costs and sales values and what software do you use?

I am just putting the wraps on my 2002 taxes and have a question. yes I know, its a bit late ... Is there a standard method for reporting futures trades relating to the multiplier and total futures value ? Example Lets say you open and close a trade on the ES. Buy at 1000. sell at...

Ditch, Are you using a browser TWS or do you have TWS installed on your computer?