Search results

So... Where's my cigar?

Adam Smith's giant invisible hand is giving us all the finger.:p

I would have to guess, because I don't have a Series 7 license and don't plan to get one. I believe the answer is "D". The broker has no risk, so no margin should be required.

Now I see what you are saying -- my apologies. If you sell a stock at a loss and re-purchase it within 30 days, that's a wash sale. A wash sale loss must be added to your cost basis. If you have a lot of money at stake, this is one area of tax law where you might want to check with a tax...

I don't understand the example from the Fidelity tax page. In general, short term equity gains and losses are netted, and you pay tax on the net (after commissions, fees, etc). Same for long term (held more than 1 year). Same for Section 1256 (futures and options). In your own example, you...

In the U.S., we have a pay-as-you-go tax system. That is why we have withholding for employment income and estimated taxes for all else. But paying estimated taxes is only required to the extent that there is a financial penalty for not doing so. Some people automatically accept the penalty...

If the OP has no tax liability in 2007, he should be able to claim safe harbor and pay no penalty. There is no benefit to paying before 4/15/09. Keep in mind that I am a trader, not an accountant.

To avoid a penalty, you must make quarterly estimated tax payments. The safe harbor provision is 100% of your 2007 tax paid in 4 equal installments. If you miss or underpay any of your installments, there is probably no reason to continue making estimated payments. Some people automatically...

I have been hearing about price action (PA) for more than 8 years now, and so far nobody has given an definition that makes sense. Is it a figment of their imagination? BTW, I make my living as a day trader. [rwk]

Think of it as a margin call.

WOW... What a fascinating article!

There is a ticktype that will show whether a stock is shortable, but it is not entirely reliable. See the Release Notes for more information. The only way I know of to distinguish a demo account is via the user id.

My bank requires that I visit a branch and pay $20 to initiate a wire transfer. So I used to use checks, as I am both a lazy pig and a cheapskate. Then I realized how inconvenient it would be to have a check misplaced, so now I use wire transfers for deposit and ACH for withdrawal. This is...

Links aren't too hard to find, if you use Google. This one is fairly typical: http://www.greenbaypressgazette.com/article/20081023/GPG0603/810230657/1271/GPG06

It might be a little early to start blaming Obama for all our economic woes, since he is still 9 days from being elected and 2 1/2 months from taking office. Most political analysts agree it's probably Clinton's fault, or if not, then Carter's for sure. Ya gotta blame somebody...

Combining the two agencies makes sense, but I agree that CFTC should take over SEC. I recall a former SEC chairman (don't recall who) saying he didn't see any reason futures should have more leverage than equities. Putting the SEC in charge would kill the futures market for sure.

IB also lists software and consultants on their website: http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?ib_entity=llc

I was a computer programmer before getting the MBA, and I stayed in infosys. I eventually drifted into contract programming (temp work), and that gave me the time and money to explore alternatives, mostly of the get-rich-quick variety. Now I make my living trading from home, but it hasn't been...

UCLA, 1976 -- I tried the corporate route for a while. There were plenty of jobs. The corporate life just didn't fit. Many people pursue a graduate degree to compensate for some shortcoming. It doesn't work for that. An MBA probably won't open any doors that you cannot get in without it...

My school was ranked #9 the year I graduated, and it was a wasted effort for me. I am grateful for the opportunity to have gone, but I am just not executive management material. I'm too much a free thinker and free spirit for that world. But how was I to know that back then?