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Maybe he's educating them on what not to do (keep adding to losers until a margin call happens) :)

Does anyone know how well has he done with his daytrading after the blow-up? Even if he has managed to do well with his daytrading after the blow-up, I doubt that most people who join the room and try to shadow his trades will be making money over the long haul in his room. It's just too...

I believe my IB 1099 is wrong too, and wash sales are likely the culprit. The raw non-wash-adjusted trades in the Statement of Funds are correct, but I believe that something likely went wrong with the wash-sale calculations on both the 1099 and on the activity statements. Frankly, I have no...

FWIW, my broker got Penson to issue a corrected 1099, but I notice that my request for Penson to upwardly adjust the cost basis of "covered" replacement shares was completely ignored, so the 1099 still is problematic. The shares were replacements for uncovered shares sold at a loss less than...

"It's impossible to see a crime like MF Global before it happens." And even if you could see it, would the SEC ignore it like they ignored Madoff?

Here's a post by Tim Sykes that tries to refute JA's "8 Reason's Not to Daytrade. http://www.timothysykes.com/2010/11/how-the-rewards-of-day-trading-outweigh-the-risks-3-to-1/ Here's the 8 reason's not to daytrade: http://www.jamesaltucher.com/2010/11/8-reasons-not-to-daytrade/ I...

I don't think he's "very short". I do think he's "very bearish" but not necessarily "very short". He did admit to being short some equities but that doesn't necessarily mean that he is heavily short, or that he isn't hedged. He knows that the Fed is going to try and keep stocks propped up for...

If, by any chance, he decided to go long last fall (or at least held long), then he must have a 1MM+ account by now. :D

Call me crazy, but I think Vishnu (J.A.) is onto something. Day trading for a living will eventually result in failure and burnout, and it doesn't produce anything valuable to society. It is likely only a matter of time before a day trader ultimately fails over the long haul. Is it...

Even Robert Hoffman failed (blew up his account trading TF futures last year) but, ironically, he's still teaching peole how to "day trade for a living" for monthly subscriber fees.

In the case of a broker failing to cost-basis adjust replacement shares bought in 2011 that SHOULD BE adjusted (due to a wash sale from lots orignally purchased in 2010 but closed in 2011 as a loss), I wonder if it would make sense for me to add an adjustment to part B (uncovered) rather than...

I notice Pub-550 states that if a short position is held under 45 days, and the short-seller had to make a payment in lieu of a dividend, then the short-seller must increase the basis of the stock used to close the short-sale (instead of being able to deduct the payment as an investment expense)...

I'll definitely be filing for an extension. By the way, according to my calculations, the Penson error, in which they failed to adjust my cost basis as the result of wash sales, makes it appear that my capital gains for the year are around $1,830 greater than they should be.

I just got a Penson 1099-B, and shares bought in 2011 that were really REPLACEMENT SHARES for shares that were originally bought in 2010 (but which had been sold at a loss in 2011) were treated as there were NOT replacement shares. They were treated as brand-new purchases, even though bought...

I still don't understand why IB reported blank acquisition dates instead of "Various" on the 1099-B in the case of lots purchased on different days all sold at at the same time on a later date. It seems to me this could mean the IRS is being told the data is "unknown" rather than "various"...

This wash sale stuff is getting way too complicated. It turns out that my purchase on the 8th of March was actually in two lots. (8 shares and 12 shares.) The 1st lot was purchased with a cash amount $424.04 (including $1 commish) The 2nd lot was purchase with a cash amount of $635.80...

FWIW, There was another stock (ONNN) in which I bought 50 shares, took a loss, and then bought back a 2nd lot of 50 shares, and then later sold. In that case, IB did what I expected, which was to disallow the entire loss of the 1st lot, and add that to the cost basis of the 2nd lot. I don't...

Okay, I may have found what I believe to be a mistake in an IB worksheet (and the 1099 itself) On the 8th of March I bought 20 shares of NEM My actual total amount of cash paid was 1059.84 including $1 commish. On the 10th of March, I bought another 80 shares, with cash paid of...

No problem. Yeah, the wash sale rule is very confusing. It would be nice if multiple buys on same day could be treated as one big lot. I'm not using MTM, but I still have way too many transactions to report. I'm gonna trade less this year. :-) It seems to me that the blank...

I believe that it is possible that IB may be correct and you still actually may have a wash sale. Here's why: If you bought the stock in multiple buys on 11/3/2011 then, I hate to say it, but I believe you may still have a wash sale on one (or more) of the lots depending on whether you sold...