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I can't argue with that.

I do not believe that "paper" trading accurately reflects what would have happened had the trades actually been made. The market reflects the actions of its participants, and market makers and specialists routinely run and tank the market to try to squeeze out the small accounts. Anyway, to...

Easy to cheat -- no verification that you actually made the trade.

shortened name of my professional corporation.

Wow. That's pretty impressive. In fact 9% average per month for 20 years on starting capital of $1.00 equals $960 million bucks! Oh, I know, you had to live on lots of that lovely money, so you couldn't possibly just compound it all. But, I still think you're pretty much completely full of...

So Norm...what have you learned so far?

Questions: 1. How much risk capital do you use? 2. What security instruments do you trade? 3. Who's your broker? 4. What is your average commission cost, round trip. 5. What is your annual pretax net?

The big issue that you may confront is that the IRS could choose to treat one of your long term profitable investments as short term, so you would have taxable income even though you didn't sell the stock. However, as long as you accurately account for long term investments by indicating them as...

As for having to revoke the election, there's really no need. If you want to retain the benefits of long term investment, you need merely indicate in your accounting records that you are acquiring a security as a long-term investment, rather than a short term trade. (see 1040 instructions, page...

1. True, although, I'm pretty certain that IRS Ruling 99-17, which requires the election by 4/15, is an unlawful reg. But, that's another issue. 2. What evidence do you have to support this statement? The only requirement from the IRS is that the taxpayer request the accounting change. There...

Regarding IRS crackdowns, if you have specific evidence of this, I'd like to read it. Unsubstantiated rumors about IRS crackdowns are always floating and the IRS never comments, because this is part of the method by which the gov. obtains voluntary compliance. But, audits are completely...

OK, I've looked up the relevant law, and I have what I believe is a fair interpretation. 1. The MTM allows the taxpayer to treat all trading gains/losses as if the trader had liqudated all positions for cash at the end of every tax year. 2. Making the MTM is not required in order to use...

You are correct that trader status and the mark to market election are different issues. However, in order to deduct ordinary expenses on Sched C instead of on Sched A, miscellaneous deductions, which is subject to the 2% AGI floor, you must make the election. In order to be treated as a...

All you need to do in order to deduct your ordinary and necessary costs of doing business from your income as a trader, is to make the "mark to market election" by April 15, 2005. Then you deduct subscription costs, computer equipment, etc., on Schedule C of your tax return, and report your...

The price field peg is a nice feature, but that's not my complaint. We chatted at length on your support board about this issue, and it's been a while since I've tried to use the portfolio window to keep track of the intraday P&L -- but, as I recall, QT's portfolio window doesn't accurately...

Pros: Excellent program for tracking a diverse portfolio, especially if you have accounts with multiple brokerages. QT has an amazing array of technical indicators -- even one that Jerry instituted at my request. Good customer service. Cons: Not good (and not really designed) for...

The theoretical capitalism that you suggest as having positive attributes, doesn't exist, any more than does Marx's ideal of the perfect communist state. If either existed, then they would actually be present and functional. The real capitalism that exists, is, like the real communism that...

"Socialism" is the distribution of private property and its incidental ownership rights to members of society on the basis of need, rather than on the basis of ability, which is the method used in a "capitalist" system. "From each according to his ability, to each according to his need." --...

By the way, professor -- when will you grade our essays?

Please read your PM. Thanks!