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How A Typical Trader Thinks:

Posted by timothysykes on Sun 24th of Aug, 2008 08:42:01 AM

Thanks to a reader for sending me this sad but funny/accurate pic:

investormind2 How A Typical Trader Thinks:

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  • Jewmongous
    Finally we get to see into the mind of Timothy
  • total_keops
    cash, no I dont. It's all info that I gathered throughout the years. But if you keep your trading simple (only stocks, no dividends, no interest) you dont need any overkill info. In fact, all that is in your taxes form you do it!
  • Don't they call this the "cup and handle" in some circles? Hilarious.
  • cash
    total_keops do you have any good suggestions on websites or books that talk about trading and taxes?
  • cash
    God I hope we all do not think like this.
  • couldn't have been more true, great find
  • total_keops
    Sonyhustler,
    you pay taxes on your net capital gain at the end of the year only (most of theses companies dont give dividends).
    You buy 50k of stocks, you win 1000$. Thats you capital gain. 1000 minus fees = net capital gain. You can use losses to offset gains. So if you gain 1000$, lose 500$, gain 2000$, you are net 2500$ capital gain. There is one trick here, it's called the no wash sale rule. You can't use you loses to offset gains if you rebuy the same stock in 30 days. Suppose you lose 2000$ and you rebuy the same stock 2 days later cuz you think it's going to reverse. Then you can't use that 2000$ lose to offset gains. The idea beind that is that people would sell/rebuy and use the losses only for tax purposes. This is totally retarded in day trading like we do but I think the rule hold.
    So this is the basic idea. Read books to get the details, or better, make money and pay an accountant.
  • Reaper
    Sonyhustler - get JK Lasser's income tax and read the parts on dividends and capital gains.
  • Sonyhustler
    To anyone,

    I have been thinking of buying holding these stocks on a short term bases, but my biggest fear is Uncle Sam. How adversely can buying and selling these stocks on the short term affect my profit or even my original investment?
  • marmaladeskies
    i'm long AAI right now actually (bought 2.44). i've been in AAI before (bought 2.88 sold 3.20) and i'm a fan because the stock lends itself to really predictable scalps. it looks about to REALLY jump tomorrow. everyone knows it's oversold.

    BORL could definitely run; thanks for the tip. i'd actually be looking at QI to short though, although it could gap higher/continue to run.
  • total_keops
    Here are some stocks worth having a look at for tomorow.
    Long: BORL, QI, AAI.
    Short: THRM, ENAB,CHTL,ILE,HDLM,PVCT.
    Long or short; KANA.
  • total_keops
    Good work on the A Jew in Japan picture Zach.
  • staycalm
    Thanks man that actualy hit home big time.
  • notesguy88
    Crap, need to spellcheck. Meant to say "it sure is accurate."
  • notesguy88
    Yup,it sure us accurate. It summarizes my trading career (if I really had any LOL).
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