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The IRS knows everything, dont' bother sending anything if it aint required.

A gain is a gain. There are no wash sale rules for gains, only for losses. (As a side note, every time I point this out, I get irritated as hell. Uncle sam is always sharing with you for the gains, but you are totally alone when it comes to losses. GRRRRRR) You would then carry over the first...

Just write in "Expired" in column (d) for sales price. A wash sale is simply not being able to count a loss if you purchased the same stock within 30 days (before and after) of when you sold. So basically it's a 60-day window. So if you sold option ABCDE for a loss, but sometime within the...

Unfortunately you have to go through all your monthly statements. Find all instances of where you sold any options, and then backtrack to where you initially purchased them to get a cost basis. Wash sale rules still apply to options as well. As an example, this is what you would write on...

The reason why they are more profitable is because holding on throughout the entire 100% move gives them specific stop-loss and accumulation points, based on the charts. Unless you have specific predetermined profit targets where you exit no matter what, riding a move 100% and then giving...

I just did something similar except I'm not from the insurance field. Realistically, you should only consider this career path if you got a six-figure account AND six-figures in savings. Unfortunately I'm deadly serious..... there are SO many ways you can go bust in this business that you...

Ummm... why dont he use his CS degree to get a REAL job?

... a perfect example of so called "unconscious incompetence"

Sorry to hear that your trading career didn't work out. Hope you dont' mind if I ask for some advice since you've been at it for 4 long years. In your opinion, why do you think the trading career didnt work out? Was it due to irrecoverable blowups? Or was it just a slow grinding down of...

The gorgeous blonde? ....doesn't really matter at the end now does it :p

hey mike You the same mike that was talking bout tim at his rooftop party in that previous episode? What do you do exactly in NY, work at a big firm?

Theres supposed to be 8 episodes, at least based on the original show schedule i saw from INHD. Sykes couldnt get any funding during the recent episode #6. One of his investors pulled his 250k, and then couldnt get any funding from the guy he met with at the restaurant. So now he still...

I actually hope there's one more big drop in gold/silver prices. Want to accumulate a little more than initiallly planned. I love the fact everyone still doubts the precious metals sector, even outright dismisses it. I'm actually trying to barter my new PS3 for some gold/silver, lol. :p

Viewed in the context of the average household, not big corporations/companies. This is in conjunction with the amount of debt in the average household, which has been rising. People used up all their savings to carry those debts. It's gotten so bad that people are using debts to service...

If you're working up to 18hr workdays, where do you find the time to hone your trading craft? You're too busy working on things for someone else. I've heard both sides of the fence. Sure you might have tons in the bank, but at what cost in the longer term?? Usually your health. I refuse to...

When you work for any of the big name firms, it's not the money that's the issue,... it's the working hours. Everyone knows a six-figure salary is common around NY (except maybe for 1st year analysts), but do you really want to spend 14-18 hour workdays week after week, month after month...

Having that average six-figure salary is the advantage. On the other hand, successful traders working for themselves usually have much bigger savings accounts.

I used to do both as well, work as a corporate lackey and trade on the side. Being a longer term swing-type trader works best in that situation, so you're not a tick hound. But like someone said earlier, to be truly successful in almost anything, you have to give it your full attention and...

As the saying goes, never mistake a bull market for brains. Everything went up, no matter what it was. But you're right, I give him credit for knowing when to pull out before the correction turned ugly. So many others actually made more than 1.65mil on paper, but yet they held on and lost it...

Sure there was. We saw that good ole Mr. Sykes lives in a NY apt with a roomie, decked out with IKEA furnishings, and needs his mom to come by to clean up and take care of him. Gimme a break, the only thing she didn't do was breastfeed him. And I'm supposed to give someone like this my money...