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It would be helpful to know what the best bid was at the time your order was submitted. Are you sure it was not $8.85? I see bids and offers like that all the time (that are 1 digit off the real last official price), trying to entice people into seeing what it is not really there. Why would your...

I'm just saying that every broker is different when it comes to setting up after hours orders. I've got accounts at Interactive Brokers, Schwab, and Merrill Edge and they all have their quirks. I know for a fact that IB would have prevented this order from ever happening. I'm not so sure about...

It could be the transition between regular hours trading and after hours trading is where the problem occurs, not when you try to modify an order that is already an after hours order.

Another thing I might do is try to reproduce what happened (but without submitting an order). I.e., wait for afterhours trading. Find a stock that has a lowball bid. Start to set up an afterhours order. Does the afterhours order price default to the lowball bid? If so, why does your broker do it...

I think a "review" in this case means that the brokerage has to come up with a borrow.

My thoughts: Sorry for your loss. After reading your story, here is what I am guessing happened (not that it helps): You cancelled your order. You then went to reactivate this order in afterhours trading. Because of the way your brokerage handles afterhours orders, it defaulted to pricing your...

Read a history book in regards to gold.

I think you can't trade forex on margin anymore (with IB) if you are a US resident.

The problem is, what if you are wrong on your number? What if the government decides to do a bail-in and 30% of your account goes up in smoke? There is so much debt all over the world that eventually everyone is going to get hurt. Maybe it won't happen before you die, maybe it will. But it...

You have a point, and I would have totally agreed with you fifteen years ago. But external factors force you into altering your decision making. Do you really trust that your "number" will hold up with the Federal Reserve actively crushing your purchasing power? Do you really know how much money...

I am almost positive that in the Fixed commission structure that IB now charges the SEC fee on sales. I am pretty sure that changed a year or two (or more) ago. Maybe they didn't bother to update their example.

Here's a thread from ET that talks about a BW code: https://www.elitetrader.com/et/threads/wash-sales-in-2012-trading-1-stock-only.260411/

Since your cost basis has changed, it could definitely take a transaction that was a gain into a loss and thus enter the realm of wash sale possibility. I.e., you can have a basis change (B) code and a wash sale (W) code in the same transaction (a BW code then). As for tracking wash sales, it is...

Doing some more research, if you look at the instructions for Form 8949, under "How To Complete Form 8949, Columns (f) and (g)," it appears that you put a "B" in column (f), a 0 in column (g), and you adjust your basis by modifying column (e). This is assuming that the basis was not reported to...

Looking at Form 8949, it appears you might have to use column (f) and column (g) in order to change the cost basis, not column (e).

I would also keep notes of why you adjusted the cost basis like you did, otherwise you might forget in the future why the numbers don't match up with your brokerage records for cost basis. I know I've saved myself confusion by writing down this stuff as I go and keeping personal records.

If your 1099-B says that the basis was not reported to the IRS, I would just modify your cost basis by adding it into Form 8949 column 1e (if the cost basis was reported, I would suggest something different). In your example, for that particular transaction, I would add $1380 into your cost...

The guy at ProShares should not be relied on. I have an SVXY K-1 in front of me from a previous year. I held some shares 1 day and in the (6) Cumulative Adjustment to Tax Basis, there is 1,926. You should have at least one entry (or multiple entries combined) in that Cumulative Adjustment column...

I did read your link. However, it does not apply to trading: https://www.irs.gov/taxtopics/tc429.html If the income is not subject to self-employment tax, then it is unearned income.

Clarification: if you are an individual trader (i.e., sole proprietor, no business entity), your trading income is considered unearned income. In order to "unlock earned income," you would need a business entity so that you can pay yourself a salary. Creating a business entity is a more...